The Blackstone Group Inc
(NYSE:BX)

The Blackstone Group Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital...

Website: http://www.blackstone.com

Founded: 1985

Full Time Employees: 2,905

Sector: Financial Services

Industry: Asset Management

Financial Services

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At a glance:

Global Leader in Alternative Asset Management: Blackstone is one of the world's largest and most diversified alternative asset managers, overseeing a vast portfolio across private equity, real estate, credit, and hedge fund solutions.
Fee-Based Model with Performance Upside: The company generates substantial revenue from management fees on its massive assets under management (AUM) and significant performance fees from successful investment exits and appreciation.
Diverse Investment Strategies: Blackstone employs a wide range of strategies, including opportunistic and core-plus real estate, corporate private equity, infrastructure, life sciences, and various credit and insurance solutions.
Serving Institutional and Private Wealth Clients: Primarily serving institutional investors like pension funds and endowments, Blackstone is increasingly expanding its reach into the private wealth channel, offering access to alternative investments for high-net-worth individuals.

Bull Thesis:

Consistent AUM Growth Driving Fee-Related Earnings: Blackstone has a proven track record of attracting and retaining capital across its diverse investment strategies, leading to robust growth in Assets Under Management (AUM). This expanding AUM base directly translates into higher recurring management fees and a strong foundation for performance fees, bolstering its predictable Fee-Related Earnings (FRE).
Diversified Global Platform and Resilience: Blackstone's extensive diversification across asset classes (private equity, real estate, credit, infrastructure) and its significant global footprint provide inherent resilience against market fluctuations. This broad platform allows it to identify and capitalize on investment opportunities in different economic environments and geographies, reducing reliance on any single sector or region.
Robust Fundraising Environment and Investor Trust: Despite economic uncertainties, there remains strong institutional and high-net-worth investor demand for alternative assets, particularly those managed by top-tier firms like Blackstone. Its strong brand, long-term performance, and innovative product offerings continue to attract significant capital commitments, ensuring a healthy pipeline for new fundraises and future AUM growth.
Strategic Shift Towards Permanent Capital and Retail Expansion: Blackstone's strategic pivot towards permanent capital vehicles, such as its real estate and credit REITs (BREIT, BXMT), provides a more stable and less cyclical source of AUM. Furthermore, its successful expansion into the retail investor market opens up a vast new pool of capital, diversifying its investor base and offering significant long-term growth potential.

Bear Thesis:

Sensitivity to Higher Interest Rates and Valuation Pressures: Elevated interest rates increase the cost of capital for Blackstone's portfolio companies and real estate holdings, potentially compressing investment returns and making new acquisitions more expensive. Higher rates can also lead to downward pressure on asset valuations, making it challenging to achieve desired exit multiples and realize performance fees.
Intense Competition for Deals and Capital: The alternative asset management industry is increasingly crowded and competitive. Blackstone faces fierce competition from other large private equity firms, sovereign wealth funds, and institutional investors for attractive investment opportunities, potentially driving up asset prices. Competition for investor capital can also put pressure on management fees and performance fee structures.
Volatility of Performance Fees and Market Dependence: While AUM growth provides stable management fees, a substantial portion of Blackstone's profitability is derived from performance fees (carried interest). These fees are highly dependent on successful investment exits, favorable market conditions, and the realization of gains, making them inherently volatile and susceptible to market downturns or prolonged periods of illiquidity.
Increasing Regulatory Scrutiny and Fee Pressure: The private equity and alternative asset management industry is facing growing regulatory scrutiny globally regarding fee structures, transparency, and potential systemic risks. This could lead to increased compliance costs, limitations on certain investment strategies, or pressure from limited partners and regulators to reduce fees, potentially impacting Blackstone's profitability.

Main Competitors:

KKR & Co. Inc. ($KKR) (Private Equity, Credit, Infrastructure), KKR is a direct and formidable competitor to Blackstone across many alternative asset classes, particularly in private equity, credit, and infrastructure. They compete for institutional capital, proprietary deal flow, and top talent globally.
Apollo Global Management, Inc. ($APO) (Private Equity, Credit, Real Estate), Apollo is another major global alternative asset manager that competes directly with Blackstone in private equity, credit, and real estate investments, vying for limited partner commitments and attractive investment opportunities across various sectors.
The Carlyle Group Inc. ($CG) (Private Equity, Global Credit, Investment Solutions), Carlyle competes with Blackstone for capital allocation from institutional investors and for acquiring companies and assets across its private equity, credit, and investment solutions platforms, often targeting similar types of transactions.
Brookfield Asset Management Ltd. ($BAM) (Real Estate, Infrastructure, Private Equity, Credit), Brookfield is a significant competitor, especially in real estate and infrastructure, but also increasingly in private equity and credit. They compete for large-scale asset acquisitions, development projects, and institutional capital globally, often with a focus on long-term, tangible assets.
Ares Management Corporation ($ARES) (Credit, Private Equity, Real Estate), Ares Management is a rapidly growing global alternative asset manager with strong capabilities in credit, private equity, and real estate. They compete with Blackstone for capital, deal flow, and talent, particularly in the private credit and middle-market private equity spaces.

Moat:

The Blackstone Group's moat is primarily built on its immense scale, diversified global platform, long-standing track record of strong returns, deep industry expertise, and extensive network. This allows them to access proprietary deal flow, attract significant institutional capital, and command premium fees. Competition is intense and comes from other large, diversified alternative asset managers (like those listed), as well as more specialized firms in specific asset classes (e.g., dedicated real estate funds, credit funds, infrastructure funds, hedge funds). The ability to consistently innovate new investment strategies, effectively raise capital across market cycles, and deliver superior risk-adjusted returns are key battlegrounds in maintaining and expanding its market leadership.

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

revenues
management and advisory fees	2,056,248,000	2,035,495,000	1,904,317,000	1,879,581,000	1,794,894,000	1,787,313,000	1,727,148,000	1,648,132,000	1,655,443,000	1,709,370,000	1,658,315,000	1,648,438,000	1,617,754,000	1,561,187,000	1,475,936,000	1,459,548,000	1,320,795,000	1,212,549,000	1,177,815,000	1,134,138,000	1,053,851,000	969,728,000	934,832,000	943,900,000	878,151,000	840,378,000	809,726,000	797,554,000	780,009,000	721,384,000	728,849,000	719,687,000	680,641,000	686,586,000	642,142,000	630,092,000	596,154,000	607,823,000	608,906,000	648,009,000	703,596,000	574,132,000	603,498,000	663,620,000	640,949,000	619,523,000	573,160,000	602,034,000	531,095,000	578,723,000	482,133,000	601,860,000	469,109,000	488,048,000	471,676,000	475,779,000	425,193,000	498,040,000	412,738,000	461,345,000	362,521,000	406,062,000	354,820,000	432,620,000	367,605,000	340,829,000	341,172,000	381,416,000	447,373,000	338,159,000	309,409,000	447,506,000	329,445,000	341,695,000
incentive fees	200,675,000	195,414,000	191,825,000	404,744,000	191,794,000	188,299,000	179,341,000	240,417,000	158,801,000	153,077,000	142,876,000	210,264,000	110,776,000	99,598,000	104,489,000	136,454,000	48,206,000	33,207,000	36,124,000	97,702,000	13,498,000	15,300,000	12,161,000	87,610,000	8,254,000	21,915,000	12,132,000	15,797,000	9,799,000	19,378,000	12,566,000	185,420,000	101,186,000	40,805,000	47,160,000	82,382,000	30,295,000	29,441,000	28,419,000	82,463,000	33,455,000	47,682,000	27,992,000	130,262,000	35,445,000	39,504,000	43,794,000	334,109,000	30,884,000	76,104,000	23,741,000	273,304,000	11,588,000	11,631,000
investment income																																																																-7,148,250	64,809,000	-10,949,000
performance allocations
realized	997,296,000	829,820,000	562,050,000	1,858,833,000	414,755,000	531,641,000	652,517,000	621,173,000	453,690,000	502,084,000	646,894,000	435,597,000	725,888,000	2,453,769,000	1,766,386,000	2,787,970,000	1,522,495,000	808,620,000	534,367,000	1,465,154,000	371,406,000	101,910,000	167,530,000	717,555,000	446,550,000	332,520,000	242,375,000	511,388,000	592,103,000	503,376,000	269,640,000	184,562,000	74,805,000	125,058,000	251,344,000	106,350,000	119,351,000	65,037,000	-12,001,000	109,466,000	99,952,000	157,823,000	187,710,000	63,857,000	91,142,000	215,710,000	153,026,000	51,294,000	19,507,000	75,490,000	42,353,000	53,311,000	18,559,000	5,758,000	18,839,000	64,435,000	6,605,000	61,763,000	96,203,000	194,780,000	66,142,000	51,750,000	54,049,000
unrealized	-215,818,000	313,283,000	263,201,000	-1,351,683,000	1,154,918,000	122,229,000	445,943,000	-983,647,000	-63,204,000	114,395,000	-759,212,000	-488,801,000	-771,637,000	-3,467,668,000	1,293,050,000	789,213,000	2,724,366,000	2,697,170,000	2,464,497,000	597,285,000	1,403,480,000	1,067,923,000	-3,453,081,000	128,231,000	176,370,000	157,732,000	663,999,000	-806,305,000	299,238,000	440,351,000	628,089,000	-20,567,000	96,085,000	7,275,000	-40,188,000	9,967,000	23,752,000	40,102,000	3,493,000	-88,505,000	-179,298,000	-100,999,000	15,771,000	-52,489,000	38,445,000	10,809,000	13,500,000	348,523,000	100,341,000	56,570,000	106,230,000	74,325,000	119,599,000	-10,519,000	365,931,000	293,667,000	-462,902,000	610,488,000	512,401,000	258,809,000	199,824,000	-19,299,000	131,779,000
principal investments
total investment income	695,472,000	1,605,665,000	1,169,506,000	544,139,000	1,663,044,000	696,139,000	1,638,680,000	-661,023,000	554,139,000	835,403,000	-495,677,000	-13,993,000	-922,218,000	-1,249,228,000	3,418,501,000	4,052,790,000	4,756,029,000	3,986,685,000	3,993,217,000	2,500,941,000	2,131,211,000	1,562,697,000	-4,196,221,000	1,014,234,000	712,953,000	597,947,000	1,148,679,000	-403,181,000	1,078,800,000	1,176,392,000	1,051,648,000	163,995,000	170,890,000	132,333,000	211,156,000	116,317,000	143,103,000	105,139,000	-8,508,000	20,961,000	-79,346,000	56,824,000	203,481,000	11,368,000	129,587,000	226,519,000	166,526,000	399,817,000	119,848,000	132,060,000	148,583,000	127,636,000	138,158,000	-4,761,000	89,161,000	65,525,000	-100,394,000	128,014,000	120,178,000	159,977,000	140,970,000	105,268,000	154,946,000
interest and dividend revenue	107,538,000	100,389,000	97,420,000	98,547,000	109,774,000	104,999,000	97,839,000	168,374,000	109,133,000	148,505,000	90,485,000	102,632,000	52,420,000	62,075,000	54,485,000	63,166,000	35,048,000	31,017,000	31,412,000	39,726,000	26,497,000	23,924,000	35,084,000	52,146,000	42,482,000	43,686,000	44,084,000	47,885,000	48,604,000	40,073,000	35,385,000	40,524,000	36,974,000	33,703,000	28,495,000	28,544,000	21,819,000	22,286,000	23,075,000	24,828,000	26,244,000	21,965,000	21,499,000	22,293,000	18,107,000	15,340,000	14,069,000	18,248,000	19,892,000	13,814,000	12,557,000	13,173,000	10,278,000	9,267,000	7,636,000	10,004,000	9,085,000	8,848,000	9,490,000	10,296,000	10,075,000	6,952,000	8,895,000
other	28,702,000	-225,063,000	-73,610,000	155,554,000	-96,312,000	19,631,000	44,820,000	-110,880,000	63,769,000	-31,664,000	-14,154,000	-243,282,000	199,382,000	155,588,000	72,869,000	50,699,000	64,187,000	27,896,000	60,304,000	-143,583,000	-192,159,000	-55,580,000	138,180,000	-6,410,000	93,273,000	-17,120,000	10,250,000	46,923,000	9,368,000	675,343,000	-59,317,000	-33,781,000	-35,572,000	-59,664,000	-4,212,000	52,853,000	-423,000	7,935,000	-5,612,000	10,260,000	-813,000	3,976,000	-5,656,000	7,822,000	720,000	-6,000	869,000	4,619,000	4,707,000	-1,163,000	2,144,000	4,705,000	2,415,000	-765,000	-1,207,000	5,695,000	-1,666,000	1,128,000	2,259,000	-1,192,000	4,468,000	-645,000	-3,250,000
total revenues	3,088,635,000	3,711,900,000	3,289,458,000	3,082,565,000	3,663,194,000	2,796,381,000	3,687,828,000	1,285,020,000	2,541,285,000	2,814,691,000	1,381,845,000	1,704,059,000	1,058,114,000	629,220,000	5,126,280,000	5,762,657,000	6,224,265,000	5,291,354,000	5,298,872,000	3,628,924,000	3,032,898,000	2,516,069,000	-3,075,964,000	2,091,480,000	1,735,113,000	1,486,806,000	2,024,871,000	504,978,000	1,926,580,000	2,632,570,000	1,769,131,000	1,882,198,000	1,746,777,000	1,549,355,000	1,940,723,000	1,569,369,000	1,431,685,000	1,192,426,000	932,354,000	897,419,000	11,573,000	1,225,202,000	2,493,580,000	2,020,774,000	1,679,426,000	2,257,860,000	1,526,668,000	2,709,380,000	1,216,845,000	1,440,470,000	1,246,473,000	1,217,113,000	1,223,090,000	627,203,000	952,036,000	915,105,000	-124,079,000	1,308,281,000	1,153,269,000	1,084,015,000	784,000,000	550,088,000	701,239,000	725,346,000	597,023,000	406,416,000	47,131,000	-611,282,000	-160,254,000	353,652,000	68,523,000	344,966,000	526,686,000	975,320,000
yoy	-15.68%	32.74%	-10.80%	139.88%	44.15%	-0.65%	166.88%	-24.59%	140.17%	347.33%	-73.04%	-70.43%	-83.00%	-88.11%	-3.26%	58.80%	105.23%	110.30%	-272.27%	73.51%	74.80%	69.23%	-251.91%	314.17%	-9.94%	-43.52%	14.46%	-73.17%	10.29%	69.91%	-8.84%	19.93%	22.01%	29.93%	108.15%	74.88%	12270.91%	-2.68%	-62.61%	-55.59%	-99.31%	-45.74%	63.33%	-25.42%	38.01%	56.74%	22.48%	122.61%	-0.51%	129.67%	30.93%	33.00%	-1085.73%	-52.06%	-17.45%	-15.58%	-115.83%	137.83%	64.46%	49.45%	31.32%	35.35%	1387.85%	-218.66%	-472.55%	14.92%	-31.22%	-277.20%	-130.43%	-63.74%
qoq	-16.79%	12.84%	6.71%	-15.85%	31.00%	-24.17%	186.99%	-49.43%	-9.71%	103.69%	-18.91%	61.05%	68.16%	-87.73%	-11.04%	-7.42%	17.63%	-0.14%	46.02%	19.65%	20.54%	-181.80%	-247.07%	20.54%	16.70%	-26.57%	300.98%	-73.79%	-26.82%	48.81%	-6.01%	7.75%	12.74%	-20.17%	23.66%	9.62%	20.06%	27.89%	3.89%	7654.42%	-99.06%	-50.87%	23.40%	20.33%	-25.62%	47.89%	-43.65%	122.66%	-15.52%	15.56%	2.41%	-0.49%	95.01%	-34.12%	4.04%	-837.52%	-109.48%	13.44%	6.39%	38.27%	42.52%	-21.55%	-3.32%	21.49%	46.90%	762.31%	-107.71%	281.45%	-145.31%	416.11%	-80.14%	-34.50%	-46.00%
expenses
compensation and benefits																																																																682,681,500	980,628,000	937,751,000	812,347,000	862,311,000	991,521,000	1,028,808,000	977,147,000	902,175,000	929,721,000	345,545,000
compensation	845,659,000	870,358,000	1,029,362,000	754,738,000	732,041,000	766,647,000	794,803,000	631,877,000	700,268,000	737,017,000	716,285,000	626,990,000	600,273,000	686,012,000	656,505,000	576,032,000	536,199,000	507,104,000	542,638,000	459,636,000	460,983,000	458,457,000	476,543,000	447,646,000	462,766,000	438,521,000	471,397,000	373,790,000	419,285,000	427,479,000	389,403,000	364,484,000	359,209,000	367,203,000	351,589,000	304,347,000	329,634,000	355,424,000	346,003,000	299,958,000	393,655,000	473,019,000	559,559,000	357,783,000	525,093,000	500,641,000	485,351,000	448,443,000	465,631,000		451,430,000	559,781,000	503,295,000		495,255,000	568,319,000	494,478,000	699,432,000	659,483,000
incentive fee compensation	61,882,000	67,363,000	57,029,000	149,276,000	73,464,000	77,139,000	73,707,000	88,127,000	65,432,000	64,227,000	63,281,000	71,261,000	50,355,000	45,363,000	41,019,000	49,349,000	21,007,000	14,431,000	13,325,000	22,086,000	7,385,000	8,432,000	6,522,000	24,589,000	5,419,000	8,886,000	5,406,000	10,260,000	7,251,000	9,743,000	6,662,000
performance allocations compensation
total compensation and benefits	1,230,759,000	1,421,530,000	1,431,840,000	1,039,203,000	1,440,344,000	1,206,202,000	1,308,304,000	543,078,000	946,186,000	1,060,595,000	763,111,000	659,329,000	604,968,000	380,748,000	1,887,409,000	2,129,299,000	2,382,691,000	2,019,177,000	1,818,959,000	1,350,386,000	1,119,991,000	960,271,000	-841,890,000	861,139,000	718,755,000	637,750,000	850,213,000	293,356,000	805,162,000	813,611,000	762,562,000	772,348,000	720,110,000	679,073,000	759,284,000	618,156,000	597,049,000	536,145,000	452,080,000	375,739,000	263,177,000	688,460,000	963,375,000	628,032,000	885,255,000	918,439,000	722,645,000	1,166,505,000	634,024,000	765,813,000	691,325,000	723,525,000	702,892,000	574,061,000	604,767,000	663,047,000	393,585,000	845,242,000	836,551,000	839,910,000	793,290,000	989,698,000	987,291,000
general, administrative and other	383,580,000	360,817,000	332,373,000	339,086,000	340,945,000	311,928,000	369,950,000	289,691,000	279,186,000	275,034,000	273,394,000	292,340,000	270,369,000	289,288,000	240,674,000	309,673,000	217,995,000	205,057,000	185,122,000	214,124,000	171,041,000	169,051,000	157,566,000	186,971,000	171,067,000	175,308,000	146,062,000	153,519,000	168,813,000	145,828,000	126,713,000	129,236,000	115,755,000	115,281,000	106,044,000	141,954,000	124,322,000	130,988,000	123,045,000	139,607,000	158,664,000	146,859,000	130,973,000	149,402,000	128,015,000	136,492,000	135,554,000	128,336,000	119,435,000	117,365,000	109,306,000	131,063,000	139,172,000	135,737,000	142,766,000	185,880,000	124,929,000	126,118,000	129,386,000	124,505,000	114,291,000	121,183,000	106,379,000	115,056,000	110,641,000	112,276,000	107,817,000	116,196,000	121,842,000	107,517,000	95,221,000	133,567,000	111,814,000	50,687,000
interest expense	126,288,000	135,822,000	118,115,000	115,532,000	111,337,000	108,616,000	108,203,000	108,732,000	110,599,000	108,096,000	104,441,000	100,329,000	80,507,000	69,642,000	66,747,000	56,550,000	52,413,000	44,322,000	44,983,000	45,702,000	39,540,000	39,276,000	41,644,000	60,688,000	53,362,000	43,596,000	42,002,000	44,644,000	41,355,000	39,320,000	38,671,000	74,606,000	41,545,000	41,089,000	40,246,000	41,142,000	37,278,000	36,878,000	37,356,000	38,878,000	36,860,000	37,414,000	31,370,000	35,395,000	31,615,000	29,847,000	24,667,000	27,687,000	26,268,000	26,956,000	27,062,000	25,505,000	19,074,000	13,773,000	14,518,000	16,051,000	13,785,000	14,185,000	13,803,000	14,596,000	11,766,000	7,682,000	7,185,000
fund expenses	10,060,000	14,434,000	12,104,000	6,296,000	3,470,000	5,960,000	3,950,000	69,000	38,934,000	31,585,000	48,399,000	18,531,000	5,517,000	4,435,000	2,192,000	2,959,000	1,260,000	3,774,000	2,383,000	1,902,000	2,274,000	4,083,000	4,605,000	5,229,000	4,036,000	5,586,000	2,887,000	3,577,000	2,302,000	17,622,000	54,985,000	32,692,000	26,350,000	49,669,000	24,076,000	23,232,000	15,128,000	8,592,000	5,229,000	2,654,000	18,296,000	41,699,000	23,232,000	10,257,000	10,253,000	5,003,000	4,985,000	7,944,000	6,678,000	4,628,000	7,408,000	5,586,000	-9,747,000	16,248,000	21,742,000	6,462,000	8,635,000	-714,000	11,124,000	10,730,000	6,422,000	9,203,000	-141,000	1,425,000	1,267,000	1,592,000	3,012,000	4,844,000	13,442,000	21,793,000	22,952,000	25,469,000	7,202,000	19,531,000
total expenses	1,750,687,000	1,932,603,000	1,894,432,000	1,500,117,000	1,896,096,000	1,632,706,000	1,790,407,000	941,570,000	1,374,905,000	1,475,310,000	1,189,345,000	1,070,529,000	961,361,000	744,113,000	2,197,022,000	2,498,481,000	2,654,359,000	2,272,330,000	2,051,447,000	1,612,114,000	1,332,846,000	1,172,681,000	-638,075,000	1,114,027,000	947,220,000	862,240,000	1,041,164,000	495,096,000	1,017,632,000	1,016,381,000	982,931,000	1,008,882,000	903,760,000	885,112,000	929,650,000	824,484,000	773,777,000	712,603,000	617,710,000	556,878,000	476,997,000	914,432,000	1,148,950,000	823,086,000	1,055,138,000	1,089,781,000	887,851,000	1,330,472,000	786,405,000	914,762,000	835,101,000	885,679,000	851,391,000	739,819,000	783,793,000	871,440,000	540,934,000	984,831,000	990,864,000	989,741,000	925,769,000	1,127,766,000	1,100,714,000	1,170,001,000	1,097,794,000	1,051,706,000	924,575,000	992,033,000	1,132,698,000	1,163,808,000	1,098,063,000	1,064,731,000	1,050,995,000	430,943,000
other income
net gains from fund investment activities	108,634,000	136,330,000	57,575,000	20,075,000	42,842,000	44,934,000	-17,767,000	-159,287,000	-49,078,000	80,500,000	71,064,000	-52,870,000	1,178,000	-104,326,000	50,876,000	81,843,000	132,312,000	127,116,000	120,353,000	90,867,000	108,752,000	158,297,000	-327,374,000	42,923,000	48,450,000	61,131,000	130,325,000	-59,234,000	66,838,000	73,519,000	110,599,000	81,963,000	63,448,000	110,054,000	66,132,000	73,510,000	61,395,000	30,703,000	19,142,000	17,661,000	-16,867,000	82,015,000	238,972,000	140,432,000	8,682,000	138,585,000	70,155,000	185,536,000	87,952,000	40,966,000	67,210,000	-144,267,000	-135,960,000	248,230,000	288,142,000	464,179,000	-329,399,000	-74,654,000	-45,191,000	104,369,000	285,071,000	-59,250,000	171,804,000	79,341,000	73,812,000	58,304,000	-34,763,000	-295,623,000	-550,755,000	189,678,000	-215,636,000	16,423,000	9,884,000	601,682,000
total other income	108,634,000	136,330,000	57,575,000	-21,171,000	42,842,000	44,934,000	-17,767,000	-188,370,000	-49,078,000	87,595,000	65,856,000	-31,335,000	1,178,000	-104,339,000	51,637,000	113,887,000	94,991,000	126,724,000	123,263,000	63,696,000	101,059,000	158,373,000	-327,969,000	29,884,000	223,056,000
income before benefit from taxes	1,446,582,000	1,915,627,000		1,561,277,000	1,809,940,000	1,208,609,000	1,879,654,000	155,080,000	1,117,302,000	1,426,976,000	258,356,000			-219,232,000		2,545,333,250	3,664,897,000							702,669,500	1,010,949,000	685,697,000	1,114,032,000			1,689,708,000		689,491,750	906,465,000		1,077,205,000					343,459,750	-482,291,000	392,785,000		1,338,120,000	632,970,000						478,582,000											-636,928,000	-227,671,000				-912,207,000				-246,719,000	-161,424,000	-107,349,000
benefit from taxes	209,657,000	289,494,000		232,451,000	245,303,000	260,246,000	283,671,000	45,957,000	196,560,000	223,269,000	47,675,000			36,514,000		186,676,750	458,904,000									38,736,000	41,155,000			138,731,000		36,639,250	59,512,000		57,437,000					36,042,000	1,573,000	43,251,000		74,686,000	79,108,000						50,993,000							64,199,000	38,850,000			19,392,000	9,635,000				17,731,000				4,274,000	8,576,000	5,841,000
net income	1,236,925,000	1,626,133,000	1,208,774,000	1,328,826,000	1,564,637,000	948,363,000	1,595,983,000	109,123,000	920,742,000	1,203,707,000	210,681,000	743,341,000	3,700,000	-255,746,000	2,497,614,000	2,940,369,000	3,205,993,000	2,857,498,000	3,371,135,000	1,814,164,000	1,700,151,000	1,354,346,000	-2,607,155,000	978,394,000	1,167,735,000	646,961,000	1,072,877,000	-78,718,000	948,988,000	1,550,977,000	842,304,000	762,544,000	846,953,000	744,689,000	1,019,768,000	770,308,000	691,589,000	463,111,000	314,920,000	394,679,000	-483,864,000	349,534,000	1,484,258,000	1,263,434,000	553,862,000	1,223,382,000	654,875,000	1,493,823,000	460,915,000	510,592,000	427,589,000	121,471,000	196,502,000	94,277,000	417,632,000	455,361,000	-986,775,000	184,597,000	78,364,000	138,776,000	147,527,000	-656,320,000	-237,306,000	-383,377,000	-479,510,000	-597,871,000	-929,938,000	-415,177,000	-340,331,000	-156,531,000	-250,993,000	-170,000,000	-113,190,000	774,351,000
yoy	-20.94%	71.47%	-24.26%	1117.73%	69.93%	-21.21%	657.54%	-85.32%	24784.92%	-570.67%	-91.56%	-74.72%	-99.88%	-108.95%	-25.91%	62.08%	88.57%	110.99%	-229.30%	85.42%	45.59%	109.34%	-343.01%	-1342.91%	23.05%	-58.29%	27.37%	-110.32%	12.05%	108.27%	-17.40%	-1.01%	22.46%	60.80%	223.82%	95.17%	-242.93%	32.49%	-78.78%	-68.76%	-187.36%	-71.43%	126.65%	-15.42%	20.17%	139.60%	53.16%	1129.78%	134.56%	441.59%	2.38%	-73.32%	-119.91%	-48.93%	432.94%	228.13%	-768.88%	-128.13%	-133.02%	-136.20%	-130.77%	9.78%	-74.48%	-7.66%	40.90%	281.95%	270.50%	144.22%	200.67%	-120.21%
qoq	-23.93%	34.53%	-9.03%	-15.07%	64.98%	-40.58%	1362.55%	-88.15%	-23.51%	471.34%	-71.66%	19990.30%	-101.45%	-110.24%	-15.06%	-8.29%	12.20%	-15.24%	85.82%	6.71%	25.53%	-151.95%	-366.47%	-16.21%	80.50%	-39.70%	-1462.94%	-108.29%	-38.81%	84.14%	10.46%	-9.97%	13.73%	-26.97%	32.38%	11.38%	49.34%	47.06%	-20.21%	-181.57%	-238.43%	-76.45%	17.48%	128.11%	-54.73%	86.81%	-56.16%	224.10%	-9.73%	19.41%	252.01%	-38.18%	108.43%	-77.43%	-8.29%	-146.15%	-634.56%	135.56%	-43.53%	-5.93%	-122.48%	176.57%	-38.10%	-20.05%	-19.80%	-35.71%	123.99%	21.99%	117.42%	-37.64%	47.64%	50.19%	-114.62%
net income margin %	40.05%	43.81%	36.75%	43.11%	42.71%	33.91%	43.28%	8.49%	36.23%	42.77%	15.25%	43.62%	0.35%	-40.64%	48.72%	51.02%	51.51%	54.00%	63.62%	49.99%	56.06%	53.83%	84.76%	46.78%	67.30%	43.51%	52.98%	-15.59%	49.26%	58.91%	47.61%	40.51%	48.49%	48.06%	52.55%	49.08%	48.31%	38.84%	33.78%	43.98%	-4180.97%	28.53%	59.52%	62.52%	32.98%	54.18%	42.90%	55.14%	37.88%	35.45%	34.30%	9.98%	16.07%	15.03%	43.87%	49.76%	795.28%	14.11%	6.79%	12.80%	18.82%	-119.31%	-33.84%	-52.85%	-80.32%	-147.11%	-1973.09%	67.92%	212.37%	-44.26%	-366.29%	-49.28%	-21.49%	79.39%
net income attributable to redeemable non-controlling interests in consolidated entities	29,008,000	18,209,000	7,900,000	306,000	-22,184,000	258,000	-39,669,000	-163,929,000	-92,577,000	17,688,000	-6,700,000	-199,590,000	25,773,000	25,875,000	5,052,000	2,924,000	1,550,000	637,000	629,000	-1,871,000	6,868,000	-3,426,000	-15,469,000	-3,688,000	-8,000	1,095,000	2,480,000	-4,303,000	2,569,000	905,000	-1,275,000							-2,049,000	-6,401,000				56,358,000				45,792,000	47,445,000	51,188,000	22,366,000	62,316,000	25,151,000	41,854,000	-17,666,000	39,609,000	-9,635,000	-44,776,000			37,666,000	23,623,000	-421,000	23,969,000	40,582,000	50,281,000	37,638,000	2,596,000
net income attributable to non-controlling interests in consolidated entities	125,890,000	240,836,000	100,547,000	67,487,000	202,929,000	100,583,000	102,827,000	39,134,000	20,716,000	89,436,000	74,869,000	170,191,000	-62,093,000	-216,707,000	216,375,000	320,033,000	486,907,000	431,516,000	386,850,000	308,055,000	259,761,000	294,378,000	-645,077,000	120,796,000	88,406,000	80,744,000	186,833,000	-68,800,000	143,101,000	129,078,000	155,499,000							64,729,000	40,086,000	40,717,000	30,671,000		153,222,000	95,557,000	55,491,000	140,061,000	43,961,000	149,834,000	30,231,000	27,944,000	-9,452,000	-180,011,000	-157,607,000	239,934,000	212,293,000			-92,408,000	-93,081,000	25,496,000	242,723,000	-57,873,000	135,966,000	19,122,000	3,622,000	3,959,000	-41,031,000
net income attributable to non-controlling interests in blackstone holdings	457,110,000	602,844,000	485,475,000	557,160,000	603,057,000	403,108,000	685,439,000	82,118,000	440,609,000	495,309,000	56,700,000	214,886,000	37,724,000	-35,521,000	1,059,313,000	1,218,934,000	1,315,641,000	1,116,193,000	1,235,784,000	759,110,000	638,803,000	495,128,000	-880,117,000	378,137,000	299,900,000	259,330,000	402,260,000	5,253,000	360,576,000	678,952,000	320,208,000							201,805,000	131,202,000	150,734,000	-247,318,000	134,870,000	645,230,000	586,582,000	271,194,000	543,819,000	299,505,000	675,289,000	208,332,000	249,134,000	207,090,000	169,918,000	183,431,000	-53,027,000	107,405,000	-26,113,750	-402,079,000	190,908,000	106,716,000	86,587,000	-74,461,000	-404,706,000	-275,864,000	-299,831,000	-357,230,000	-475,184,000	-659,929,000
net income attributable to blackstone inc.	624,917,000	764,244,000	614,852,000	703,873,000	780,835,000	444,414,000	847,386,000	151,800,000	551,994,000	601,274,000	85,812,000	557,854,000	2,296,000	-29,393,000	1,216,874,000	1,398,478,000	1,401,895,000
net income per share
basic	0.8	0.98	0.8	0.91	1.02	0.58	1.12	0.2	0.73	0.79	0.12	0.75		-0.04	1.66	1.93	1.94	1.82	2.47	1.07	1.14	0.81	-1.58	0.71	1.15																																													-600	-970	-640	-440
diluted	0.8	0.98	0.8	0.91	1.02	0.58	1.11	0.2	0.73	0.79	0.11	0.75		-0.04	1.66	1.92	1.94	1.82	2.46	1.07	1.13	0.81	-1.58	0.71	1.15																																													-600	-970	-640	-440
weighted-average shares of common stock outstanding
basic	782,633,394	782,386,121	771,796,385	766,487,450	768,230,595	769,187,351	759,798,537	755,204,556	757,958,602	758,479,943	746,064,922	740,664,038	742,345,646	707,382,293	734,327,015	719,766,879	722,229,117	721,141,954	709,033,212	696,933,548	700,184,580	698,534,168	676,305,359	675,900,466	675,963,129																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000
diluted	782,681,135	782,401,237	772,434,602	766,646,508	768,280,366	769,234,677	760,257,644	755,419,936	758,046,096	758,548,248	746,643,929	740,942,399	742,495,532	707,382,293	734,966,915	720,125,043	722,433,099	721,265,180	709,912,344	697,258,296	700,527,966	1,204,411,957	676,305,359	676,167,851	676,219,758																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000
income before provision for taxes			1,452,601,000									714,898,500	97,931,000															890,573,250	975,786,000		896,799,000			774,297,000		390,903,750	719,303,000	510,526,000	333,786,000				1,583,602,000			1,306,664,000	708,972,000	1,584,913,000	518,392,000	566,674,000		187,167,000	235,739,000	135,614,000	456,385,000
provision for taxes			243,827,000									153,506,500	94,231,000															55,006,000	26,798,000		54,495,000			29,608,000		21,068,750	27,714,000	47,415,000	18,866,000				99,344,000			83,282,000	54,097,000	91,090,000	57,477,000	56,082,000		65,696,000	39,237,000	41,337,000	38,753,000
change in tax receivable agreement liability								-29,083,000		7,095,000	-5,208,000	21,535,000		-13,000	761,000	32,044,000	-37,321,000	-392,000	2,910,000	-27,171,000	-7,693,000	76,000	-595,000
income before benefit for taxes															2,980,895,000			3,145,748,000	3,370,688,000	2,080,506,000	1,801,111,000	1,501,761,000	-2,765,858,000																																	-157,100,500	-994,412,000	248,796,000	117,214,000	198,643,000	143,302,000			-365,314,000	-426,959,000	-586,986,000		-406,294,000	-365,499,000	-185,509,000				771,942,000
benefit for taxes															483,281,000			288,250,000	-447,000	266,342,000	100,960,000	147,415,000	-158,703,000	28,943,000	-156,786,000																															23,853,000	-7,637,000			59,867,000	-4,225,000			18,063,000	52,551,000	10,885,000		8,883,000	-25,168,000	-28,978,000				-2,409,000
net income attributable to the blackstone group inc.																		1,309,152,000	1,747,872,000	748,870,000	794,719,000	568,266,000	-1,066,492,000	483,149,000	779,437,000
weighted-average shares of class a common stock outstanding
basic	782,633,394	782,386,121	771,796,385	766,487,450	768,230,595	769,187,351	759,798,537	755,204,556	757,958,602	758,479,943	746,064,922	740,664,038	742,345,646	707,382,293	734,327,015	719,766,879	722,229,117	721,141,954	709,033,212	696,933,548	700,184,580	698,534,168	676,305,359	675,900,466	675,963,129																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000
diluted	782,681,135	782,401,237	772,434,602	766,646,508	768,280,366	769,234,677	760,257,644	755,419,936	758,046,096	758,548,248	746,643,929	740,942,399	742,495,532	707,382,293	734,966,915	720,125,043	722,433,099	721,265,180	709,912,344	697,258,296	700,527,966	1,204,411,957	676,305,359	676,167,851	676,219,758																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000
reduction of tax receivable agreement liability																								43,651,500	174,606,000
net income attributable to the blackstone group l.p.																										305,792,000	481,304,000	-10,868,000	442,742,000	742,042,000	367,872,000	281,588,000	384,642,000	342,775,000	461,825,000	367,951,000	312,905,000	198,626,000	150,033,000	200,870,000	-254,697,000	134,168,000	629,448,000	551,451,000	250,505,000	517,016,000	265,617,000	621,255,000	171,164,000	211,148,000	167,635,000	106,413,000	128,824,000	-74,964,000	58,325,000	-36,406,500	-274,567,000	86,237,000	42,704,000	-10,973,000	-44,358,000	-193,320,000	-121,377,000	-143,250,000	-176,183,000	-164,284,000	-231,574,000
net income per common unit
common units, basic																										450	710	-10	650	1,090	550	420	580	520	700	560	480	310	230	310	-400	210	1,010	900	410	850	601,527,299,000	1,060	290	583,843,094,000	582,322,183,000
common units, diluted																										450	710	-10	640	1,090	530	450	560	510	690	550	470	300	230	240	-400	210	1,000	890	410	850	605,669,164,000	1,050	290	586,763,053,000	585,699,899,000
weighted-average common units outstanding
distributions declared per common unit																														350	850	470	540	870	470	312.5	360	280	610	602.5	740	890	780	370	550	350	580	237.5	230	300	420
performance fees
carried interest																																1,357,029,000	369,309,000	602,160,000	1,111,256,000	416,197,000	503,990,000	323,734,000	230,909,000	625,024,000	435,189,000	937,483,000	1,206,425,000	836,124,000	638,676,000	641,659,000	333,623,000	283,846,000	182,654,000	183,288,000	294,170,000	174,168,000	83,765,000	55,929,000
total performance fees																																991,773,000	893,844,000	756,397,000	1,063,142,000	741,563,000	671,032,000	449,243,000	314,493,000	193,361,000	-638,108,000	568,305,000	1,670,758,000	1,315,671,000	890,063,000	1,396,484,000	772,044,000	1,684,662,000	541,303,000	717,036,000	601,056,000	469,739,000	603,130,000	135,414,000	384,770,000	358,102,000	-456,297,000	672,251,000	608,604,000
performance fee compensation
net income attributable to redeemable
non-controlling interests in consolidated entities																																1,551,500	3,215,000	991,000	2,000,000	578,500	10,764,000			2,196,750	-12,520,000	13,780,000		11,237,500	-23,328,000	22,486,000
net income attributable to non-controlling
interests in consolidated entities																																91,268,750	113,446,000	112,944,000	138,685,000	46,867,000	82,653,000
interests in blackstone holdings																																262,721,750	345,650,000	287,979,000	417,258,000	154,568,500	285,267,000
revenues earned from affiliates
net income attributable to non-controlling interests in consolidated entities interests in consolidated entities																																										66,716,000
net income per common unit — basic and diluted																																															440					52.5	240	-140		-77.5	-560	180
compensation and benefits compensation																																																		478,981,000				533,367,000
net income per common unit—basic and diluted																																																		360
net income per common unit — basic																																																			290
net income per common unit — diluted																																																			290
weighted-average common units outstanding — basic																																																					544,716,399,000	528,778,977,000	506,985,529,000			476,289,647,000	447,742,389,000
weighted-average common units outstanding — diluted																																																					546,923,603,000	528,778,977,000	517,389,558,000			483,643,646,000	457,652,916,000
net income per common unit, basic																																																							120				100
net income per common unit, diluted																																																							110				90
net income attributable to non- controlling interests in consolidated entities																																																								-112,710,500	-265,353,000
weighted-average common units outstanding — basic and diluted																																																									487,189,657,000
net income attributable to redeemable non- controlling interests in consolidated entities																																																										-140,000	22,025,000
net income per common unit, basic and diluted
performance fees and allocations																																																																2,734,000	154,013,000	71,171,000	-214,248,000	-628,835,000	-416,076,000	-13,722,000	-188,687,000	-141,780,000	150,586,000	453,750,000
total performance fees and allocations																																																												121,061,250	265,966,000	32,451,000	185,828,000
base compensation																																																												639,166,250	664,004,000	967,711,000	924,950,000
performance fee related
common units																																																													-120	-550	-360
common units entitled to priority distributions																																																																-410	-610	-600	-840	-1,520	-1,270
common units not entitled to priority distributions																																																																-760	-910	-900	-1,140	-1,520	-1,570
net income attributable to the blackstone group l.p. per common unit — basic and diluted
per common unit — basic and diluted
interest income and other																																																																4,101,000	10,596,000	5,365,000
interest																																																																1,686,000	5,258,000	87,000	1,399,000	8,682,000	5,893,000	5,690,000	2,743,000	3,520,000	2,258,000	15,180,000
investment income and other																																																																			-79,793,000	-363,863,000	-191,551,000	29,215,000	-52,199,000	39,240,000	46,655,000	179,875,000
income before non-controlling interests in income of consolidated entities and benefit for taxes																																																																				-1,898,938,000	-1,843,707,000	-620,478,000				1,146,059,000
non-controlling interests in income of consolidated entities																																																																				-1,492,644,000	-1,478,208,000	-434,969,000	-998,457,000	-541,918,000	-407,076,000	374,117,000
net income per common unit - basic and diluted
weighted-average common units outstanding - basic and diluted
net income per common unit
basic	0.8	0.98	0.8	0.91	1.02	0.58	1.12	0.2	0.73	0.79	0.12	0.75		-0.04	1.66	1.93	1.94	1.82	2.47	1.07	1.14	0.81	-1.58	0.71	1.15																																													-600	-970	-640	-440
diluted	0.8	0.98	0.8	0.91	1.02	0.58	1.11	0.2	0.73	0.79	0.11	0.75		-0.04	1.66	1.92	1.94	1.82	2.46	1.07	1.13	0.81	-1.58	0.71	1.15																																													-600	-970	-640	-440
weighted-average common units outstanding
basic	782,633,394	782,386,121	771,796,385	766,487,450	768,230,595	769,187,351	759,798,537	755,204,556	757,958,602	758,479,943	746,064,922	740,664,038	742,345,646	707,382,293	734,327,015	719,766,879	722,229,117	721,141,954	709,033,212	696,933,548	700,184,580	698,534,168	676,305,359	675,900,466	675,963,129																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000
diluted	782,681,135	782,401,237	772,434,602	766,646,508	768,280,366	769,234,677	760,257,644	755,419,936	758,046,096	758,548,248	746,643,929	740,942,399	742,495,532	707,382,293	734,966,915	720,125,043	722,433,099	721,265,180	709,912,344	697,258,296	700,527,966	1,204,411,957	676,305,359	676,167,851	676,219,758																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000
income before non-controlling interests in income of consolidated entities and benefit from taxes																																																																							-1,245,176,000	-703,342,000	-514,425,000
weighted-average common units
basic	782,633,394	782,386,121	771,796,385	766,487,450	768,230,595	769,187,351	759,798,537	755,204,556	757,958,602	758,479,943	746,064,922	740,664,038	742,345,646	707,382,293	734,327,015	719,766,879	722,229,117	721,141,954	709,033,212	696,933,548	700,184,580	698,534,168	676,305,359	675,900,466	675,963,129																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000
diluted	782,681,135	782,401,237	772,434,602	766,646,508	768,280,366	769,234,677	760,257,644	755,419,936	758,046,096	758,548,248	746,643,929	740,942,399	742,495,532	707,382,293	734,966,915	720,125,043	722,433,099	721,265,180	709,912,344	697,258,296	700,527,966	1,204,411,957	676,305,359	676,167,851	676,219,758																																													260,394,534,000	259,860,669,000	259,979,606,000	254,390,192,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

assets
cash and cash equivalents	2,430,690,000	2,235,499,000	2,386,979,000	1,972,140,000	2,353,332,000	2,381,436,000	2,504,471,000	2,955,866,000	2,971,614,000	3,280,204,000	2,830,971,000	4,252,003,000	3,480,003,000	4,183,380,000	3,868,567,000	2,119,738,000	5,011,433,000	2,467,444,000	2,862,422,000	1,999,484,000	2,628,895,000	1,976,512,000	2,068,326,000	2,172,441,000	2,468,563,000	1,484,444,000	1,570,741,000	2,207,841,000	1,937,963,000	1,710,251,000	1,746,948,000	1,992,497,000	1,315,687,000	1,745,547,000	2,303,680,000	1,837,253,000	1,781,882,000	1,495,466,000	1,372,552,000	1,837,324,000	1,380,404,000	2,164,640,000	1,135,472,000	1,412,472,000	943,519,000	1,223,073,000	787,521,000	831,998,000	888,938,000	660,977,000	815,266,000	709,502,000	833,515,000	412,545,000	391,304,000	754,744,000	592,982,000	434,803,000	455,811,000	588,621,000	1,016,229,000	506,739,000	627,257,000	952,096,000	486,470,000	784,579,000	776,303,000	503,737,000	1,134,954,000	217,660,000	672,669,000	868,629,000	610,193,000	1,433,363,000
cash held by blackstone funds and other	401,558,000	313,950,000	1,012,958,000		180,545,000	219,393,000	167,711,000		138,181,000	215,444,000	190,322,000		94,358,000	129,276,000	110,648,000		113,731,000	109,676,000	109,285,000		85,218,000	343,201,000	318,003,000	351,210,000	375,981,000	324,609,000	217,625,000	3,456,681,583,863,000	408,561,000	288,675,000	703,182,000	3,456,681,583,863,000	1,665,730,000	1,526,033,000	1,416,904,000	261,909,743,252,000	1,108,967,000	736,261,000	548,591,000	148,660,438,472,000	854,417,000	774,740,000	1,969,621,000	3,489,571,459,135,000	1,517,951,000	1,260,909,000	1,210,586,000	251,554,794,328,000	1,123,530,000	1,176,875,000	1,241,376,000	1,545,551,249,856,000	802,415,000	858,607,000	784,086,000	46,282,678,480,000	1,066,613,000	996,666,000	648,612,000	790,399,000	391,691,000	390,176,000	276,540,000	57,536,849,788,000	73,724,000	70,914,000	67,505,000	57,536,849,788,000
investments	31,528,443,000	31,135,504,000	30,259,429,000	26,791,383,000	28,322,715,000	26,426,289,000	25,922,290,000	22,595,236,000	27,339,857,000	27,048,621,000	26,985,951,000	23,236,603,000	26,256,148,000	27,323,758,000	30,068,474,000	270,412,252,018,829,000	25,104,195,000	22,163,322,000	17,943,309,000	144,250,351,455,008,000	14,423,456,000	18,973,373,000	16,430,701,000	22,281,682,000	22,204,460,000	22,242,040,000	21,180,950,000	125,961,388,376,338,000	22,094,920,000	22,008,182,000	19,763,563,000	1,208,752,513,093,670,000	22,385,192,000	20,549,367,000	18,138,258,000	116,187,296,474,168,000	15,957,934,000	15,136,500,000	14,625,032,000	101,864,194,591,465,000	15,298,755,000	15,919,810,000	22,896,254,000	1,212,370,811,835,242,000	22,121,153,000	21,627,145,000	21,905,850,000	973,914,012,493,961,000	20,151,386,000	19,897,566,000	19,954,586,000	732,453,814,004,268,000	20,766,700,000	19,351,458,000	19,748,524,000		14,848,396,000	15,319,002,000	12,676,464,000	11,974,472,000	11,026,730,000	10,501,480,000	7,671,574,000	2,772,489,999,792,000	3,812,208,000	2,527,339,000	2,397,134,000	16,500,711,385,132,000	5,468,327,000	7,195,586,000	7,058,802,000
accounts receivable	543,209,000	357,858,000	221,200,000	191,937,000	300,004,000	247,538,000	199,302,000	186,370,000	693,786,000	664,028,000	924,934,000	407,681,000	835,529,000	774,137,000	517,465,000	57,193,664,680,000	496,265,000	582,542,000	975,610,000	746,059,120,099,000	477,601,000	498,600,000	696,729,000	975,075,000	755,777,000	802,066,000	711,889,000	455,308,180,930,000	875,647,000	917,717,000	738,912,000	416,215,470,947,000	906,315,000	1,109,316,000	1,274,154,000	404,843,367,852,000	506,892,000	690,006,000	660,853,000	461,610,151,543,000	879,262,000	661,580,000	1,259,037,000	364,927,194,394,000	936,548,000	1,082,495,000	1,108,848,000	507,612,380,744,000	854,607,000	936,240,000	706,624,000	402,395,235,769,000	498,543,000	586,416,000	576,566,000	34,724,158,899,000	441,671,000	528,960,000	379,827,000	495,893,000	424,931,000	411,316,000	377,936,000	305,846,461,000	243,111,000	245,392,000	248,689,000	3,092,012,866,000	297,385,000	243,865,000	224,439,000	213,086,000	352,766,000	294,124,000
due from affiliates	5,845,843,000	5,516,820,000	5,434,078,000	5,436,866,000	5,163,883,000	4,868,069,000	4,695,224,000	4,498,250,000	4,398,333,000	4,294,437,000	4,099,765,000	4,185,982,000	4,029,490,000	3,891,958,000	4,004,359,000	465,229,515,031,000	3,718,119,000	3,159,829,000	3,015,318,000	322,452,210,001,000	2,817,304,000	2,431,512,000	2,706,112,000	2,594,873,000	2,464,163,000	2,211,737,000	2,320,291,000	20,113,247,405,000	2,017,637,000	2,015,949,000	1,852,396,000	201,071,347,325,000	2,026,751,000	1,711,574,000	1,669,124,000	143,361,227,473,000	1,310,412,000	1,292,306,000	1,139,526,000	122,469,225,722,000	1,210,658,000	1,257,311,000	1,146,008,000	1,060,831,723,285,000	1,047,473,000	1,049,224,000	956,449,000	1,138,002,108,131,000	954,733,000	997,055,000	1,058,687,000	111,483,542,683,000	877,131,000	800,063,000	822,495,000	784,095,107,042,000	743,618,000	756,056,000	768,749,000	795,395,000	657,342,000	753,229,000	740,074,000	73,547,164,384,000	353,480,000	361,161,000	429,869,000	1,057,362,216,000	387,585,000	1,249,954,000	695,179,000	855,854,000	596,126,000	373,011,000
intangible assets	140,458,000	147,294,000	156,269,000	165,243,000	174,265,000	183,246,000	192,227,000	201,208,000	210,210,000	219,221,000	230,295,000	217,287,000	232,096,000	246,988,000	265,686,000	284,384,000	303,082,000	321,780,000	340,478,000	347,955,000	344,258,000	362,008,000	379,758,000	397,508,000	415,257,000	433,007,000	450,757,000	468,507,000	366,368,000	380,844,000	395,336,000	409,828,000	229,713,000	240,677,000	251,640,000	262,604,000	278,219,000	299,892,000	322,719,000	345,547,000	380,303,000	409,828,000	434,033,000	458,833,000	483,839,000	508,924,000	534,490,000	560,748,000	587,144,000	554,043,000	575,622,000	598,535,000	622,280,000	652,874,000	689,565,000	595,488,000	678,291,000	720,134,000	738,465,000	779,311,000	820,169,000	860,634,000	879,965,000	919,477,000	958,989,000	998,500,000	1,038,013,000	1,077,526,000	1,117,038,000	1,206,450,000	1,247,135,000	604,681,000	659,884,000	715,088,000
goodwill	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,202,000	1,890,185,000	1,901,485,000	1,869,860,000	1,869,860,000	1,869,860,000	1,869,860,000	1,869,860,000	1,869,860,000	1,869,860,000	1,869,860,000	1,778,192,000	1,778,192,000	1,778,192,000	1,778,192,000	1,718,519,000	1,718,519,000	1,718,519,000	1,718,519,000	1,718,519,000	1,718,519,000	1,718,519,000	1,718,519,000	1,787,392,000	1,787,392,000	1,787,392,000	1,787,392,000	1,787,392,000	1,787,392,000	1,787,392,000	1,787,392,000	1,787,392,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,703,602,000	1,695,848,000	1,689,976,000	1,689,976,000	1,597,474,000	1,606,514,000	1,551,175,000
other assets	900,582,000	877,000,000	929,107,000	938,052,000	933,990,000	1,083,400,000	1,072,627,000	944,078,000	972,069,000	905,454,000	833,232,000	798,299,000	785,794,000	658,298,000	422,786,000	492,685,251,000	538,567,000	556,714,000	434,475,000	480,760,262,000	544,905,000	501,351,000	541,896,000	382,493,000	402,670,000	354,253,000	302,033,000	2,903,663,882,000	269,470,000	252,936,000	236,406,000	2,346,038,094,000	253,173,000	234,175,000	257,102,000	2,596,955,093,000	373,479,000	343,561,000	316,196,000	3,742,702,919,000	369,081,000	338,277,000	458,044,000	29,027,348,284,000	360,936,000	303,219,000	348,375,000	25,488,429,588,000	312,395,000	347,921,000	343,085,000	31,388,863,618,000	375,418,000	458,646,000	455,888,000	32,526,912,127,000	330,975,000	339,986,000	253,356,000	293,194,000	295,436,000	259,965,000	184,193,000	1,714,631,141,000	160,306,000	157,759,000	167,098,000	165,212,222,000	160,596,000	148,100,000	174,499,000	99,366,000	99,161,000	93,258,000
right-of-use assets	773,030,000	793,690,000	807,487,000	838,620,000	978,699,000	995,524,000	805,454,000	841,307,000	864,691,000	888,190,000	894,067,000	896,981,000	887,832,000	886,911,000	868,437,000	788,991,000	745,886,000	723,539,000	736,633,000	526,943,000	544,361,000	568,663,000	542,757,000	471,059,000	490,882,000	507,065,000	521,932,000
deferred tax assets	2,100,275,000	2,105,277,000	2,157,920,000	2,003,948,000	2,277,807,000	2,289,932,000	2,256,794,000	2,331,394,000	2,184,880,000	2,176,983,000	2,206,700,000	2,062,722,000	1,767,869,000	1,646,400,000	1,327,454,000	1,581,637,000	1,116,612,000	1,322,144,000	1,402,271,000	1,242,576,000	1,305,707,000	1,319,301,000	1,392,352,000	1,089,305,000	938,158,000	743,132,000	728,873,000	739,482,000	711,599,000	722,551,000	718,440,000	725,970,000	1,260,907,000	1,292,723,000	1,263,148,000	1,286,469,000	1,287,890,000	1,285,262,000	1,301,615,000	1,277,429,000	1,373,149,000	1,308,547,000	1,241,112,000	1,252,230,000	1,221,507,000	1,186,207,000	1,226,326,000	1,209,207,000	1,278,780,000	1,292,326,000	1,321,108,000	1,285,611,000	1,215,254,000	1,229,835,000	1,290,570,000	1,258,699,000	1,467,717,000	1,437,947,000	1,394,158,000	1,242,293,000	1,117,316,000	1,086,168,000	1,025,176,000	943,512,000	937,048,000	848,772,000	845,326,000	845,423,000	739,542,000	745,008,000	763,056,000	777,310,000	793,213,000	1,589,296,000
total assets	46,554,290,000	45,373,094,000	45,255,629,000	40,228,391,000	42,575,442,000	40,585,029,000	39,706,302,000	36,443,911,000	41,663,823,000	41,582,784,000	41,086,439,000	37,947,760,000	40,259,321,000	41,631,308,000	43,344,078,000	394,230,932,178,785,000	39,038,092,000	33,297,192,000	29,709,986,000	248,948,191,650,342,000	25,041,565,000	28,844,381,000	26,946,494,000	32,585,506,000	32,385,771,000	30,972,213,000	29,874,951,000	206,388,268,905,875,000	30,460,357,000	30,075,297,000	27,933,375,000	2,000,121,115,203,899,000	31,761,987,000	30,127,931,000	28,337,164,000	192,021,287,617,838,000	24,413,520,000	23,041,658,000	22,050,904,000	177,793,635,210,121,000	23,618,703,000	24,683,501,000	32,406,601,000	1,909,962,314,260,340,000	30,513,856,000	30,059,309,000	30,028,545,000	1,642,952,113,806,752,000	28,034,882,000	27,742,878,000	27,977,999,000	1,385,547,915,596,194,000	27,800,439,000	26,142,570,000	26,546,361,000	1,124,403,011,138,632,000	22,068,796,000	22,331,131,000	19,248,767,000	18,844,605,000	17,740,891,000	16,473,309,000	13,486,317,000	85,039,561,151,862,000	8,729,981,000	7,698,732,000	7,674,509,000	73,763,672,286,730,000	11,949,257,000	13,489,918,000	13,216,384,000	13,174,200,000	12,970,014,000	18,779,891,000
liabilities and equity
loans payable	12,002,650,000	12,008,870,000	12,454,559,000	11,233,468,000	10,752,246,000	10,688,193,000	10,740,171,000	10,616,937,000	12,111,377,000	12,299,855,000	12,311,469,000	10,899,584,000	9,263,080,000	9,365,274,000	8,937,456,000	7,748,062,101,000	7,527,576,000	5,594,648,000	5,573,965,000	564,455,499,000	5,570,888,000	10,839,568,000	10,392,903,000	11,080,723,000	11,270,245,000	10,676,138,000	10,011,155,000	34,711,516,480,711,000	10,161,886,000	10,195,403,000	9,307,266,000	351,481,511,300,621,000	12,581,638,000	11,188,779,000	9,796,933,000	33,999,225,466,444,000	7,244,634,000	6,741,728,000	6,357,782,000	27,970,603,319,687,000	6,158,702,000	5,836,622,000	9,063,490,000	21,505,036,787,135,000	7,814,377,000	8,989,184,000	9,987,304,000	16,643,058,802,199,000	10,801,714,000	11,363,892,000	11,904,958,000	167,708,111,374,323,000	12,875,686,000	12,110,532,000	12,693,529,000	10,664,327,801,136,000	9,412,191,000	9,300,142,000	7,325,138,000	7,198,898,000	6,735,736,000	6,352,671,000	3,973,091,000	6,519,935,630,000	673,386,000	78,048,000	81,874,000	387,000,000	986,021,000	378,056,000	451,653,000	130,389,000	144,507,000	176,930,000
due to affiliates	3,000,083,000	2,802,514,000	3,361,900,000	2,582,178,000	2,620,530,000	2,364,099,000	2,135,478,000	2,273,008,000	2,188,224,000	2,092,837,000	1,974,182,000	2,039,549,000	2,060,891,000	2,001,391,000	1,881,054,000	1,812,223,104,334,000	1,426,209,000	1,226,504,000	1,161,775,000	107,095,577,095,000	1,064,336,000	1,268,571,000	1,247,098,000	1,026,871,000	984,969,000	1,081,899,000	1,045,452,000	907,748,470,780,000	981,980,000	967,250,000	930,350,000	852,123,339,138,000	1,319,679,000	1,296,896,000	1,236,067,000	125,379,186,688,000	1,309,901,000	1,265,863,000	1,219,184,000	124,474,850,892,000	1,387,170,000	1,376,466,000	1,460,362,000	12,895,521,350,911,000	1,327,231,000	1,346,903,000	1,366,052,000	1,261,562,249,702,000	1,810,168,000	1,824,009,000	1,882,827,000	1,711,003,358,448,000	1,787,656,000	1,763,742,000	1,723,993,000	1,425,558,437,520,000	1,944,273,000	1,881,290,000	1,939,129,000	1,762,287,000	1,701,434,000	1,748,093,000	1,645,573,000	136,278,165,776,000	1,405,464,000	1,305,537,000	1,273,422,000	1,064,980,362,526,000	1,008,896,000	1,040,911,000	1,123,832,000	831,609,000	1,119,271,000	2,092,719,000
accrued compensation and benefits	6,385,958,000	6,065,974,000	6,164,503,000	6,087,700,000	6,398,365,000	5,703,156,000	5,378,212,000	5,247,766,000	5,983,137,000	5,685,879,000	5,470,773,000	6,101,801,000	6,732,507,000	6,765,492,000	8,140,773,000	7,905,070,000	7,399,559,000	5,789,662,000	4,376,226,000	3,433,260,000	3,349,418,000	2,551,056,000	1,965,237,000	3,796,044,000	3,623,258,000	3,308,595,000	3,001,597,000	2,942,128,000	3,414,215,000	2,987,977,000	2,608,743,000	2,630,019,000	2,823,773,000	2,441,469,000	2,221,161,000	2,327,762,000	2,292,718,000	2,091,699,000	1,846,059,000	202,990,018,000	2,364,880,000	2,441,232,000	2,432,830,000	2,439,257,000	2,621,595,000	2,349,374,000	1,971,434,000	2,132,939,000	1,633,184,000	1,380,546,000	1,121,947,000	1,254,978,000	1,295,598,000	977,003,000	820,683,000	903,260,000	1,035,342,000	980,558,000	685,080,000	821,568,000	760,160,000	574,665,000	423,403,000	4,869,511,994,000	463,744,000	321,409,000	265,419,000	4,105,932,866,000	424,686,000	291,443,000	207,000,000	188,997,000	118,976,000	108,891,000
operating lease liabilities	886,135,000	918,887,000	937,369,000	965,742,000	1,136,671,000	1,142,317,000	951,648,000	989,823,000	981,616,000	1,013,813,000	1,016,808,000	1,021,454,000	985,632,000	993,875,000	986,073,000	908,033,000	863,020,000	841,152,000	842,692,000	620,844,000	621,408,000	637,946,000	605,809,000	542,994,000	558,253,000	574,619,000	587,408,000
accounts payable, accrued expenses and other liabilities	2,918,023,000	2,497,969,000	2,472,395,000	2,723,551,000	2,202,689,000	2,012,969,000	2,023,359,000	1,886,086,000	1,588,748,000	1,377,838,000	1,575,938,000	926,749,000	1,141,905,000	991,620,000	1,053,128,000	92,674,910,420,000	871,661,000	1,205,182,000	838,930,000	67,988,337,221,000	804,009,000	919,195,000	1,000,708,000	806,159,000	1,069,475,000	929,688,000	735,667,000	622,490,253,489,000	829,496,000	950,802,000	1,252,231,000	4,776,151,565,907,000	1,395,030,000	1,739,358,000	1,707,050,000	533,101,548,681,000	973,919,000	654,799,000	561,402,000	422,905,225,757,000	821,871,000	936,976,000	1,246,739,000	430,712,763,867,000	2,048,754,000	1,390,617,000	1,418,699,000	299,813,572,273,000	1,115,206,000	1,096,167,000	1,386,791,000	365,005,674,454,000	825,153,000	823,413,000	1,011,428,000	414,080,414,866,000	698,583,000	735,814,000	658,939,000	691,807,000	623,730,000	671,300,000	448,329,000	23,567,394,688,000	139,743,000	163,451,000	208,681,000	169,595,112,699,000	170,498,000	175,150,000	210,987,000	250,445,000	164,899,000	149,874,000
total liabilities	25,192,849,000	24,294,214,000	25,390,726,000	23,592,639,000	23,110,501,000	21,910,734,000	21,228,868,000	21,013,620,000	22,853,102,000	22,492,305,000	22,372,614,000	21,288,370,000	20,523,936,000	20,297,210,000	21,103,051,000	19,346,429,154,392,000	18,160,227,000	14,750,178,000	12,884,798,000	11,458,820,232,932,000	11,541,887,000	16,348,351,000	15,368,386,000	17,482,454,000	17,756,310,000	16,907,127,000	15,728,250,000	79,935,317,519,785,000	15,753,374,000	15,439,701,000	14,408,566,000	753,904,513,414,413,000	18,300,365,000	16,870,932,000	15,234,305,000	76,493,206,257,791,000	12,059,485,000	10,926,238,000	10,139,824,000	65,949,753,713,588,000	10,948,432,000	10,771,733,000	14,452,617,000	63,100,249,017,698,000	14,122,669,000	14,248,604,000	15,256,784,000	57,511,669,624,174,000	15,530,358,000	15,742,167,000	16,611,765,000	537,675,812,407,225,000	16,958,709,000	15,878,830,000	16,521,512,000	40,550,048,653,522,000	13,496,537,000	13,049,899,000	10,817,952,000	10,591,248,000	10,085,097,000	9,346,729,000	6,490,396,000	2,737,398,168,088,000	2,845,764,000	2,048,864,000	2,077,965,000	21,381,101,488,765,000	3,299,272,000	3,682,503,000	3,184,821,000	2,868,199,000	2,841,794,000	3,460,706,000
commitments and contingencies
redeemable non-controlling interests in consolidated entities	1,476,212,000	1,487,129,000	1,382,374,000	1,000	892,846,000	888,868,000	935,005,000	9,000	1,349,060,000	1,626,349,000	1,644,697,000	3,000	1,344,188,000	1,275,491,000	41,430,000	2,200,246,026,000	66,824,000	65,568,000	65,546,000	2,199,943,162,000	63,384,000	68,564,000	72,066,000	87,651,000	93,667,000	101,310,000	136,941,000	22,000,119,779,000	153,504,000	158,799,000	209,010,000	22,000,188,944,000	201,377,000	190,700,000	188,658,000		194,150,000	174,005,000	177,054,000		183,161,000	196,600,000	2,510,047,000		2,443,479,000	2,284,169,000	2,176,354,000		2,117,602,000	1,978,286,000	1,639,127,000		1,450,970,000	1,258,295,000	618,417,000		723,948,000	775,185,000	671,164,000	600,836,000	587,399,000	542,487,000	545,348,000		466,056,000	454,823,000	432,585,000
equity
stockholders’ equity of blackstone inc.
common stock, 0.00001 par value...	7,000	7,000	7,000		7,000	7,000	7,000		7,000	7,000	7,000		7,000	7,000	7,000		7,000	7,000	7,000
series i preferred stock, 0.00001 par value...
series ii preferred stock, 0.00001 par value...
additional paid-in-capital	8,214,078,000	7,988,663,000	7,686,980,000	7,444,561,000	6,257,788,000	6,260,619,000	6,190,142,000	6,175,190,000	6,057,065,000	6,076,367,000	5,957,054,000	5,935,273,000	5,791,006,000	5,870,285,000	5,879,796,000	5,794,727,349,822,000	6,037,628,000	6,282,600,000	6,446,829,000	6,332,105,269,235,000	6,243,722,000	6,272,040,000	6,298,093,000	6,428,647,000	6,292,765,000
retained earnings	184,040,000	362,614,000	320,160,000	808,079,000	760,471,000	607,564,000	796,201,000	660,734,000	1,114,009,000	1,160,278,000	1,156,109,000	1,748,106,000	1,869,463,000	2,803,100,000	3,805,918,000	364,778,545,189,000	3,031,765,000	2,133,794,000	1,408,768,000	335,762,000	-36,432,000	-574,295,000	-871,948,000	609,625,000	456,814,000
accumulated other comprehensive loss	-5,602,000		-29,027,000	-20,590,000	-10,609,000	-34,617,000	-31,282,000		-38,258,000	-17,205,000	-22,333,000	-19,626,000	-74,800,000	-42,225,000	-25,754,000	-19,626,000	-15,357,000	-10,245,000	-11,454,000	-15,831,000	-27,407,000	-36,758,000	-41,533,000	-28,495,000	-35,173,000	-27,542,000	-32,430,000		-36,562,000	-57,876,000	-27,203,000		-34,421,000	-47,479,000	-55,201,000		-47,470,000	-45,887,000	-46,064,000		-49,890,000	-36,122,000	-42,014,000																								-2,906,000
total stockholders’ equity of blackstone inc.	8,392,523,000	8,352,339,000	7,978,120,000		7,007,657,000	6,833,573,000	6,955,068,000		7,132,823,000	7,219,447,000	7,090,837,000		7,585,676,000	8,631,167,000	9,659,967,000		9,054,043,000
non-controlling interests in consolidated entities	7,162,957,000	6,847,785,000	6,400,585,000	4,077,342,000	6,015,967,000	5,682,606,000	5,381,678,000	3,728,438,000	5,174,473,000	5,174,961,000	5,058,090,000	3,757,677,000	5,357,148,000	5,281,244,000	5,747,698,000	40,172,971,583,356,000	5,638,612,000	4,860,442,000	4,390,594,000	29,308,091,111,348,000	3,946,190,000	3,900,429,000	3,591,160,000	4,186,069,000	4,035,513,000	3,869,303,000	3,852,346,000	2,659,754,989,012,000	3,673,135,000	3,492,621,000	3,333,954,000	21,747,051,222,512,000	3,174,680,000	3,123,171,000	2,650,789,000	1,652,308,776,656,000	2,519,718,000	2,538,559,000	2,480,358,000	1,546,044,862,657,000	2,369,183,000	2,314,390,000	3,404,810,000	13,956,312,019,725,000	3,158,183,000	2,692,608,000	2,563,146,000	10,181,171,433,963,120,000,000,000,000	1,676,552,000	1,560,344,000	1,483,112,000	77,366,966,732,425,655,000,000,000	1,321,964,000	1,143,290,000	1,738,063,000	4,453,931,090,056,481,400,000,000	1,337,180,000	1,175,984,000	893,290,000	870,908,000	693,300,000	608,010,000	571,958,000	289,619,250,664,000	182,507,000	73,294,000	84,683,000	17,291,002,934,033,624,000,000,000,000	4,836,128,000	5,806,592,000	5,886,187,000	6,079,156,000	5,808,854,000	10,760,330,000
non-controlling interests in blackstone holdings	4,329,749,000	4,391,627,000	4,103,824,000	4,326,352,000	5,548,471,000	5,269,248,000	5,205,683,000	4,902,088,000	5,154,365,000	5,069,722,000	4,920,201,000	5,253,670,000	5,448,373,000	6,146,196,000	6,791,932,000	6,614,472,000	6,118,386,000	5,214,848,000	4,524,898,000	3,831,148,000	3,310,214,000	2,866,043,000	2,530,263,000	3,819,548,000	3,785,868,000	3,786,118,000	3,688,772,000	3,584,317,000	3,892,827,000	3,936,827,000	3,467,639,000	3,629,116,000	3,499,552,000	3,432,448,000	3,604,991,000	3,439,537,000	3,342,845,000	3,240,356,000	3,163,257,000	3,368,509,000	3,600,827,000	4,260,449,000	4,580,341,000	4,416,070,000	4,086,795,000	4,089,612,000	3,686,809,000	3,656,416,000	3,038,806,000	2,923,181,000	2,767,736,000	2,748,356,000	2,702,209,000	2,479,970,000	2,519,587,000	2,460,520,000	2,378,029,000	2,724,276,000	2,444,875,000	2,418,517,000	2,236,871,000	2,135,454,000	2,140,395,000	2,097,812,000	1,895,403,000	1,769,998,000	1,648,430,000
total equity	19,885,229,000	19,591,751,000	18,482,529,000	16,635,751,000	18,572,095,000	17,785,427,000	17,542,429,000	15,430,282,000	17,461,661,000	17,464,130,000	17,069,128,000	16,659,387,000	18,391,197,000	20,058,607,000	22,199,597,000	200,546,621,978,367,000	20,811,041,000	18,481,446,000	16,759,642,000	134,140,001,374,248,000	13,436,294,000	12,427,466,000	11,506,042,000	15,015,401,000	14,535,794,000
total liabilities and equity	46,554,290,000	45,373,094,000	45,255,629,000	40,228,391,000	42,575,442,000	40,585,029,000	39,706,302,000	36,443,911,000	41,663,823,000	41,582,784,000	41,086,439,000	37,947,760,000	40,259,321,000	41,631,308,000	43,344,078,000	394,230,932,178,785,000	39,038,092,000	33,297,192,000	29,709,986,000	248,948,191,650,342,000	25,041,565,000	28,844,381,000	26,946,494,000	32,585,506,000	32,385,771,000
accumulated other comprehensive income		1,055,000						-36,175,000				-35,346,000																																12,302,236,000	-9,407,000	5,749,000	2,418,000	12,302,236,000	1,634,000	1,154,000	-1,952,000	10,471,123,000	1,403,000	1,932,000	3,297,000	1,272,686,000	1,845,000	2,630,000	3,101,000	4,302,000	5,999,000	1,610,000	1,709,000	2,420,000	-177,000	576,000		345,000	-285,000	1,059,000	857,000	345,000	393,000	350,000
common stock				7,000				7,000				7,000				7,000
series i preferred stock
series ii preferred stock
securities sold, not yet purchased										3,821,000	3,881,000	3,825,000	26,783,000	27,029,000	27,278,000	429,223,557,000	35,657,000	35,783,000	33,160,000	932,441,709,000	51,231,000	51,395,000	51,498,000	75,545,000	87,051,000	128,512,000	128,106,000	5,001,492,603,000	166,309,000	155,780,000	167,457,000	6,447,389,907,000	105,517,000	143,819,000	178,448,000	12,771,087,688,000	176,218,000	115,796,000	105,857,000	9,939,277,275,000	173,707,000	138,783,000	162,111,000	76,195,000	188,363,000	130,754,000	296,434,000	76,195,000	101,581,000	77,553,000	212,870,000	226,425,000	105,164,000	88,153,000	82,733,000	143,825,000	195,557,000	74,897,000	209,666,000	116,688,000	264,037,000				418,000	310,000	690,000		590,437,000	1,062,141,000	1,084,235,000	1,196,858,000	1,084,803,000	638,982,000
repurchase agreements										18,262,000	19,563,000	89,944,000	313,138,000	152,529,000	77,289,000	4,200,015,980,000	36,545,000	57,247,000	58,050,000		80,597,000	80,620,000	105,133,000	154,118,000	163,059,000	207,676,000	218,865,000		199,488,000	182,489,000	142,519,000	703,468,290,000	74,728,000	60,611,000	94,646,000	703,468,290,000	62,095,000	56,353,000	49,540,000	97,039,959,000	42,102,000	41,654,000	87,085,000	316,352,000	122,349,000	41,772,000	216,861,000	316,352,000	68,505,000		102,372,000	142,266,000	69,452,000	115,987,000	189,146,000	101,849,000	210,591,000	77,198,000
accounts payable, accrued expenses and other																																							267,262,000		428,401,000	534,105,000	705,041,000		1,482,626,000	804,051,000	975,074,000		382,261,000	454,301,000	657,104,000		308,476,000	311,964,000	483,695,000		252,666,000	388,909,000	266,423,000
liabilities												1,132,213,000
the consolidated blackstone funds consisted of the following:
stockholders’ equity of the blackstone group inc.
total stockholders’ equity of the blackstone group inc.																		8,406,156,000	7,844,150,000		6,179,890,000	5,660,994,000	5,384,619,000	7,009,784,000	6,714,413,000
class a common stock																				7,000
class b common stock
class c common stock
class a common stock, 0.00001 par value...																					7,000	7,000	7,000	7,000	7,000
class b common stock, 0.00001 par value...
class c common stock, 0.00001 par value...
the blackstone group l.p. partners’ capital
liabilities and partners’ capital
partners’ capital																										6,335,897,000	6,501,072,000	6,415,700,277,299,000	7,024,079,000	7,105,225,000	6,541,409,000	6,671,181,378,030,000	6,620,434,000	6,558,159,000	6,713,622,000	6,524,607,398,001,000	6,344,792,000	6,208,387,000	6,136,475,000	6,323,025,450,417,000	6,566,990,000	7,176,451,000	7,396,962,000	6,999,830,698,694,000	6,588,059,000	6,520,288,000	6,108,525,000	6,002,592,495,229,000	5,373,626,000	5,202,090,000	5,068,041,000	4,955,649,455,309,000	4,628,105,000	4,413,322,000	4,380,744,000	4,281,841,421,898,000	4,181,368,000	4,391,399,000	4,122,841,000	3,888,211,000	3,580,488,000	3,465,288,000	3,438,347,000	3,376,707,733,110,000	3,340,428,000	3,351,177,000	3,433,752,000	3,509,448,504,562,000	3,814,142,000	3,999,764,000	4,144,519,000	4,226,500,000	4,318,973,000	4,558,505,000
total the blackstone group l.p. partners’ capital																										6,308,355,000	6,468,642,000		6,987,517,000	7,047,349,000	6,514,206,000		6,586,013,000	6,510,680,000	6,658,421,000		6,297,322,000	6,162,500,000	6,090,411,000		6,517,100,000	7,140,329,000	7,458,786,000
total partners’ capital																										13,963,776,000	14,009,760,000	126,232,951,266,311,000	14,553,479,000	14,476,797,000	13,315,799,000	124,401,661,600,542,000	13,260,245,000	13,066,299,000	12,914,201,000	115,528,081,174,657,000	12,159,885,000	11,941,415,000	11,734,026,000	111,843,881,313,074,000	12,487,110,000	13,715,168,000	15,443,937,000	127,895,992,800,788,000	13,947,708,000	13,526,536,000	12,595,407,000	106,783,552,232,136,000	10,386,922,000	10,022,425,000	9,727,107,000	84,787,211,632,784,000	9,390,760,000	9,005,445,000	9,406,432,000	71,890,261,899,504,000	7,848,311,000	8,506,047,000	7,759,651,000	7,652,521,000	7,068,395,000	6,584,093,000	6,450,573,000	5,766,558,983,774,000	5,418,161,000	5,195,045,000	5,163,959,000	3,509,157,504,562,000	3,813,857,000	4,000,823,000	4,145,376,000	4,226,845,000	4,319,366,000	4,558,855,000
total liabilities and partners’ capital																										30,972,213,000	29,874,951,000	206,388,268,905,875,000	30,460,357,000	30,075,297,000	27,933,375,000	2,000,121,115,203,899,000	31,761,987,000	30,127,931,000	28,337,164,000	192,021,287,617,838,000	24,413,520,000	23,041,658,000	22,050,904,000	177,793,635,210,121,000	23,618,703,000	24,683,501,000	32,406,601,000	1,909,962,314,260,340,000	30,513,856,000	30,059,309,000	30,028,545,000	1,642,952,113,806,752,000	28,034,882,000	27,742,878,000	27,977,999,000	1,385,547,915,596,194,000	27,800,439,000	26,142,570,000	26,546,361,000	1,124,403,011,138,632,000	22,068,796,000	22,331,131,000	19,248,767,000	18,844,605,000	17,740,891,000	16,473,309,000	13,486,317,000	85,039,561,151,862,000	8,729,981,000	7,698,732,000	7,674,509,000	73,763,672,286,730,000	11,949,257,000	13,489,918,000	13,216,384,000	13,174,200,000	12,970,014,000	18,779,891,000
cash held by blackstone funds																													408,278,000	286,045,000	700,567,000																																						143,681,000	79,426,000	117,514,000	163,696,000	312,865,000	467,766,000
reverse repurchase agreements																																118,495,000			44,635,000	118,495,000	89,326,000	43,885,000	45,301,000	204,893,000	85,282,000	61,376,000	79,628,000	148,984,000	93,538,000	30,721,000	162,708,000	148,984,000	95,977,000	176,273,000	258,043,000	248,018,000	105,581,000	88,524,000	83,761,000	139,485,000	194,931,000	93,975,000	229,723,000	181,425,000	287,445,000
appropriated partners’ capital																																											103,838,000		124,078,000	218,279,000	234,509,000		296,304,000	335,656,000	410,170,000		737,079,000	966,931,000	764,741,000		-50,111,000	211,758,000	295,544,000	470,583,000	551,737,000	373,731,000	298,164,000
investments †																																																								528,912,510,282,084,000
†
revenues
management and advisory fees																																																												1,584,748,000	362,521,000	406,062,000	354,820,000		367,605,000	340,829,000	341,172,000		447,373,000	338,159,000	309,409,000	1,566,047,000	329,445,000	341,695,000
performance fees
realized																																																												366,721,000	66,142,000	51,750,000	54,049,000
unrealized																																																												571,113,000	199,824,000	-19,299,000	131,779,000
total performance fees																																																												937,834,000
investment income																																																																	64,809,000	-10,949,000
total investment income																																																												561,161,000	140,970,000	105,268,000	154,946,000
interest and dividend revenue																																																												36,218,000	10,075,000	6,952,000	8,895,000
other																																																												-619,000	4,468,000	-645,000	-3,250,000
total revenues																																																												3,119,342,000	784,000,000	550,088,000	701,239,000		597,023,000	406,416,000	47,131,000		-160,254,000	353,652,000	68,523,000	3,050,148,000	526,686,000	975,320,000
expenses
compensation and benefits																																																																	980,628,000	937,751,000	812,347,000		991,521,000	1,028,808,000	977,147,000	2,256,647,000	929,721,000	345,545,000
compensation																																																												3,253,226,000
performance fee compensation
total compensation and benefits																																																												3,610,189,000	793,290,000	989,698,000	987,291,000
general, administrative and other																																																												466,358,000	114,291,000	121,183,000	106,379,000		110,641,000	112,276,000	107,817,000		121,842,000	107,517,000	95,221,000	324,200,000	111,814,000	50,687,000
interest expense																																																												41,229,000	11,766,000	7,682,000	7,185,000
fund expenses																																																												26,214,000	6,422,000	9,203,000	-141,000		1,267,000	1,592,000	3,012,000		13,442,000	21,793,000	22,952,000	151,917,000	7,202,000	19,531,000
total expenses																																																												4,143,990,000	925,769,000	1,127,766,000	1,100,714,000		1,097,794,000	1,051,706,000	924,575,000		1,132,698,000	1,163,808,000	1,098,063,000	2,764,844,000	1,050,995,000	430,943,000
other income
net gains from fund investment activities																																																												501,994,000	285,071,000	-59,250,000	171,804,000		73,812,000	58,304,000	-34,763,000		-550,755,000	189,678,000	-215,636,000	5,423,132,000	9,884,000	601,682,000
income before benefit for taxes																																																												-522,654,000	143,302,000				-426,959,000	-586,986,000			-365,499,000	-185,509,000				771,942,000
benefit for taxes																																																												84,669,000	-4,225,000				52,551,000	10,885,000			-25,168,000	-28,978,000				-2,409,000
net income																																																												-607,323,000	147,527,000	-656,320,000	-237,306,000		-479,510,000	-597,871,000	-929,938,000		-340,331,000	-156,531,000	-250,993,000	1,623,237,000	-113,190,000	774,351,000
net income attributable to redeemable non-controlling interests in consolidated entities																																																												84,837,000	23,623,000	-421,000	23,969,000		50,281,000	37,638,000	2,596,000
net income attributable to non-controlling interests in consolidated entities																																																												346,312,000	242,723,000	-57,873,000	135,966,000		3,622,000	3,959,000	-41,031,000
net income attributable to non-controlling interests in blackstone holdings																																																												-668,444,000	-74,461,000	-404,706,000	-275,864,000		-357,230,000	-475,184,000	-659,929,000
net income attributable to the blackstone group l.p.																																																												-370,028,000	-44,358,000	-193,320,000	-121,377,000		-176,183,000	-164,284,000	-231,574,000
net income per common unit, basic and diluted
common units																																																												-1,020	-120	-550	-360
common units entitled to priority distributions																																																																	-610	-600	-840		-1,270
common units not entitled to priority distributions																																																																	-910	-900	-1,140		-1,570
weighted-average common units outstanding – basic and diluted
revenues earned from affiliates
performance fees and allocations																																																																	154,013,000	71,171,000	-214,248,000		-416,076,000	-13,722,000	-188,687,000	1,125,053,000	150,586,000	453,750,000
total performance fees and allocations																																																													265,966,000	32,451,000	185,828,000
base compensation																																																													664,004,000	967,711,000	924,950,000
performance fee related
weighted-average common units outstanding — basic and diluted
income before benefit from taxes																																																														-636,928,000	-227,671,000				-912,207,000				-246,719,000	1,649,215,000	-107,349,000
benefit from taxes																																																														19,392,000	9,635,000				17,731,000				4,274,000	25,978,000	5,841,000
net income attributable to the blackstone group l.p. per common unit — basic and diluted
per common unit — basic and diluted
due from brokers																																																																	805,000	714,000	970,000		804,301,000	658,894,000	564,945,000	812,250,000	1,231,497,000	604,312,000
investment subscriptions paid in advance																																																																	238,000			6,697,000		54,999,000	8,170,000	36,698,000	4,295,000	879,073,000
amounts due to non-controlling interest holders																																																																	163,009,000	180,109,000	247,879,000	1,059,421,009,780,000	118,734,000	734,802,000	107,114,000	269,901,000	209,338,000	293,310,000
interest income and other																																																																	10,596,000	5,365,000
interest																																																																	5,258,000	87,000	1,399,000		5,893,000	5,690,000	2,743,000	32,080,000	2,258,000	15,180,000
investment income and other																																																																			-79,793,000		-191,551,000	29,215,000	-52,199,000	359,048,000	46,655,000	179,875,000
income before non-controlling interests in income of consolidated entities and benefit for taxes																																																																					-1,843,707,000	-620,478,000				1,146,059,000
non-controlling interests in income of consolidated entities																																																																					-1,478,208,000	-434,969,000	-998,457,000	4,059,221,000	-407,076,000	374,117,000
net income per common unit - basic and diluted
weighted-average common units outstanding - basic and diluted
net income per common unit
basic																																																																						-600	-970	-1,290	-440
diluted																																																																						-600	-970	-1,290	-440
weighted-average common units outstanding
income before non-controlling interests in income of consolidated entities and benefit from taxes																																																																							-1,245,176,000	5,708,436,000	-514,425,000
investments, at fair value																																																																								7,145,156,000	6,703,500,000	10,779,425,000
weighted-average common units

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30

operating activities
net income	1,236,925,000	1,626,133,000	1,208,774,000	1,328,826,000	1,564,637,000	948,363,000	1,595,983,000	109,123,000	920,742,000	1,203,707,000	210,681,000	743,341,000	3,700,000	-255,746,000	2,497,614,000	2,940,369,000	3,205,993,000	2,857,498,000	3,371,135,000	1,814,164,000	1,700,151,000	1,354,346,000	-2,607,155,000	978,394,000	1,167,735,000	646,961,000	1,072,877,000	-78,718,000	948,988,000	1,550,977,000	842,304,000	762,544,000	846,953,000	744,689,000	1,019,768,000	770,308,000	691,589,000	472,831,000	314,920,000	394,679,000	-483,864,000	229,277,000	1,484,258,000	1,263,434,000	553,862,000	1,223,382,000	654,875,000	1,493,823,000	460,915,000	510,592,000	427,589,000	121,471,000	196,502,000	94,277,000	417,632,000	455,361,000	-986,775,000	184,597,000	78,364,000	138,776,000	147,527,000	-656,320,000	-237,306,000	-383,377,000	-479,510,000	-597,871,000	-929,938,000	-415,177,000	-340,331,000	-156,531,000	-250,993,000	-170,000,000	-113,190,000
adjustments to reconcile net income to net cash from operating activities
net realized gains on investments	-1,158,754,000	-943,754,000	-962,050,000	-2,156,661,000	-534,497,000	-632,708,000	-849,072,000	-818,475,000	-675,417,000	-571,101,000	-924,643,000	-604,154,000	-886,799,000	-2,828,599,000	-2,154,499,000	-3,097,788,000	-1,902,589,000	-1,006,760,000	-942,407,000	-1,772,348,000	-434,583,000	-105,462,000	-156,408,000	-901,313,000	-523,155,000	-493,619,000	-324,140,000	-641,583,000	-744,108,000	-689,552,000	-306,440,000	-1,780,323,000	-548,778,000	-820,304,000	-1,464,126,000	-654,912,000	-698,434,000	-416,300,000	-253,857,000	-840,040,000	-591,114,000	-1,214,420,000	-1,475,429,000	-1,102,393,000	-783,465,000	-914,410,000	-543,367,000	-774,625,000	-228,838,000	-362,676,000	-425,967,000	-495,044,000	-118,358,000	-18,179,000	-79,174,000		-172,155,000															25,467,000	-2,647,561,000
changes in unrealized gains on investments	169,964,000	-444,354,000	-188,532,000												-101,802,000										-13,248,000	31,088,000	-275,047,000				-209,015,000
non-cash performance allocations	215,818,000	-313,283,000	-263,201,000	1,351,683,000	-1,154,918,000	-122,107,000	-446,065,000	983,647,000	63,194,000	-114,385,000	759,212,000	488,800,000	771,637,000	3,467,668,000	-1,293,050,000	-789,213,000	-2,724,366,000	-2,697,170,000	-2,464,497,000	-597,285,000	-1,403,480,000	-1,067,923,000	3,453,081,000	-128,231,000	-176,370,000	-157,732,000	-663,999,000	806,305,000	-299,238,000	-440,351,000	-628,089,000
non-cash performance allocations and incentive fee compensation	384,861,000	550,757,000	402,478,000	285,526,000	708,245,000	434,923,000	513,205,000	-138,733,000	241,912,000	323,358,000	46,827,000	16,323,000	-8,118,000	-307,821,000	1,230,904,000	1,540,313,000	1,838,655,000	1,504,240,000	1,276,321,000	884,158,000	653,227,000	496,635,000	-1,318,433,000	407,754,000	252,071,000	195,814,000	378,816,000	-83,462,000	380,088,000	383,905,000	373,159,000
equity-based compensation expense	303,317,000	312,356,000	471,089,000	282,573,000	264,181,000	301,028,000	320,653,000	189,787,000	259,981,000	260,350,000	277,431,000	209,895,000	206,586,000	210,785,000	219,083,000	183,331,000	148,688,000	141,555,000	163,867,000	88,869,000	110,751,000	119,909,000	118,812,000	85,266,000	107,847,000	102,800,000	121,179,000	84,195,000	73,739,000	116,771,000	92,223,000	75,914,000	83,044,000	88,460,000	91,269,000	81,447,000	78,080,000	84,284,000	79,840,000	68,188,000	78,771,000	210,348,000	272,335,000	150,380,000	202,800,000	186,908,000	194,645,000	282,953,000	193,547,000	183,244,000	195,343,000	259,016,000	223,612,000	244,561,000	222,444,000	321,050,000	240,089,000	408,643,000	426,280,000	515,790,000	457,379,000	743,834,000	723,145,000	809,138,000	738,404,000	762,521,000	738,045,000	807,918,000	774,431,000	805,597,000	914,671,000	781,554,000
amortization of intangibles	8,975,000	8,974,000	8,975,000	9,021,000	8,981,000	8,982,000	8,981,000	9,002,000	9,011,000	9,066,000	12,996,000	14,809,000	14,892,000	18,698,000	18,698,000	18,697,000	18,698,000	18,698,000	18,778,000	17,803,000	17,750,000	17,750,000	17,750,000	17,749,000	17,750,000	17,750,000	17,750,000	15,561,000	14,476,000	14,492,000	14,492,000	13,885,000	10,964,000	10,963,000	10,964,000	15,615,000	21,673,000	22,827,000	22,828,000	23,490,000	29,525,000	23,622,000	24,800,000	25,006,000	25,085,000	25,566,000	26,258,000	26,396,000	24,783,000	21,579,000	22,913,000	23,742,000	30,597,000	36,693,000	48,142,000	82,827,000	42,339,000	41,579,000	40,846,000	40,845,000	40,872,000	40,822,000	39,512,000
other non-cash amounts included in net income	-104,139,000	151,923,000	-15,888,000	-303,006,000	51,811,000	-72,125,000	-121,452,000	-143,815,000	-261,473,000	-81,739,000	-348,203,000	-417,381,000	-405,699,000	-302,226,000	-215,753,000	-140,579,000	216,080,000	50,814,000	-204,164,000	136,667,000	97,864,000	61,409,000	-237,086,000	3,653,000	-454,226,000	8,614,000	-6,282,000	-64,817,000	-62,332,000	86,103,000	86,332,000	153,260,000	77,670,000	79,812,000	52,123,000	-37,209,000	20,406,000	16,142,000	17,372,000	-2,979,000	-19,476,000	59,645,000	107,467,000	-3,794,000	12,539,000	59,124,000	53,939,000	57,703,000	46,981,000	50,160,000	51,607,000	261,440,000	67,233,000	-9,755,000	34,134,000	168,918,000	-44,366,000	25,001,000	14,806,000	1,242,000	6,671,000	6,175,000	6,503,000	7,266,000	5,945,000	6,026,000	6,006,000	6,271,000	4,470,000	5,102,000	3,845,000	5,733,000	713,000
cash flows due to changes in operating assets and liabilities
cash acquired with consolidation of fund entities					15,256,000								0
cash relinquished with deconsolidation of fund entities	0	0	-65,803,000	0	0	0	-113,224,000	-1,000	0	0	-113,588,000									0								0	0	0	-899,959,000
accounts receivable	-260,369,000	-78,496,000	-38,821,000	55,616,000	-45,943,000	-69,860,000	-18,097,000	474,076,000	80,694,000	153,544,000	-470,691,000	368,618,000	-72,635,000	-287,795,000	169,644,000	-148,724,000	90,525,000			-394,944,000	-97,126,000	65,775,000	496,348,000	-228,778,000	14,539,000	-130,327,000	106,815,000	161,262,000	-110,195,000	-140,741,000	132,711,000	140,714,000	-50,142,000	-161,334,000	352,788,000	-58,057,000	71,672,000	94,522,000	-21,063,000	32,370,000	-274,992,000	215,426,000	-186,510,000	129,170,000	-180,425,000	-84,402,000	364,988,000	48,911,000	-51,419,000	-222,488,000	178,416,000	-62,806,000	133,061,000	1,168,000	-131,943,000	29,059,000	84,596,000	-127,861,000	130,920,000	-28,540,000	-33,739,000	-33,771,000	-12,112,000	-33,887,000	2,175,000	-16,843,000	83,605,000	-18,087,000	-302,865,000	375,372,000	-9,139,000	88,602,000	-175,935,000
due from affiliates	-253,154,000	-67,857,000	309,497,000	58,633,000	-261,398,000	-110,101,000	-73,889,000	230,466,000	32,353,000	-82,831,000	151,635,000	-7,644,000	-182,460,000	121,615,000	722,779,000	-705,098,000	-528,732,000	-156,818,000	265,981,000	-224,638,000	-381,548,000	258,488,000	-54,790,000	-2,340,000	-250,798,000	111,752,000	-309,916,000	63,022,000	-13,228,000	-143,755,000	-186,713,000	87,536,000	-254,616,000	15,329,000	-146,750,000	-79,391,000	7,060,000	-110,095,000	124,519,000	-32,120,000	20,249,000	-157,818,000	72,202,000	-33,894,000	18,928,000	-30,747,000	275,550,000	54,797,000	56,130,000	81,804,000	44,438,000	13,011,000	-66,294,000	-15,736,000	-4,466,000	-55,762,000	-36,303,000	61,646,000	-984,000	-81,868,000	142,538,000	-76,633,000	-52,798,000	-126,772,000	12,607,000	68,794,000	431,312,000	-478,288,000	377,861,000	-297,179,000	212,292,000	-563,630,000	-387,096,000
other assets	-37,570,000	72,045,000	46,638,000	41,386,000	101,795,000	-8,875,000	-134,866,000	-2,571,000	-22,730,000	-34,282,000	12,284,000	115,557,000	-58,818,000	-202,537,000	118,945,000	49,348,000	1,085,000	-125,564,000	70,339,000	102,738,000	-4,763,000	48,286,000	-168,965,000	35,395,000	-47,451,000	-44,538,000	6,577,000	-22,907,000	-24,049,000	-23,722,000	-5,918,000	17,140,000	-9,535,000	7,437,000	2,335,000	115,065,000	-34,840,000	-33,498,000	52,381,000	-61,893,000	-507,000	33,614,000	-120,946,000	13,925,000	-66,526,000	51,356,000	-81,645,000	20,069,000	-7,590,000	-6,367,000	9,333,000	-11,086,000	70,168,000	-88,212,000	80,161,000	-72,818,000	-14,684,000	35,546,000	32,723,000	53,779,000	3,836,000	-95,380,000	-8,841,000	35,894,000	30,835,000	18,749,000	5,919,000	-74,961,000	52,305,000	19,337,000	-29,122,000	11,174,000	-47,916,000
accrued compensation and benefits	-108,780,000	-256,466,000	-449,351,000	-654,358,000	-41,426,000	-78,417,000	-437,344,000	-561,045,000	33,492,000	-60,067,000	-483,939,000	-634,667,000	-30,100,000	-452,976,000	-1,079,703,000	-1,014,611,000	-237,917,000	-100,229,000	-339,805,000	-767,958,000	134,297,000	98,172,000	-541,706,000	-228,140,000	97,351,000	96,522,000	-347,853,000	-383,845,000	71,787,000	-13,417,000	-403,634,000	-583,242,000	27,197,000	-98,028,000	-523,779,000	-286,861,000	-51,307,000	54,886,000	-289,532,000	-402,751,000	62,930,000	-141,253,000	-436,354,000	-408,278,000	-87,970,000	-51,813,000	-288,791,000	-288,953,000	102,073,000	21,416,000	-289,260,000	-287,313,000	136,380,000	133,347,000	-102,276,000	-257,821,000	117,356,000	140,468,000	-273,284,000	-163,897,000	60,353,000	94,915,000	-92,748,000	-24,960,000	124,129,000	58,839,000	-172,510,000	14,037,000	125,203,000	64,587,000	-46,299,000	45,443,000	7,760,000
accounts payable, accrued expenses and other liabilities	482,608,000	-123,681,000	100,481,000	-43,149,000	104,761,000	-175,164,000	308,133,000	-128,293,000	77,446,000	-223,401,000	233,965,000	-659,000	164,138,000	-66,717,000	52,257,000	156,229,000	-17,393,000	-35,656,000	49,029,000	20,923,000	281,017,000	-79,009,000	-103,025,000	-235,199,000	182,125,000	84,874,000	-356,158,000	-64,268,000	183,034,000	-85,345,000	-391,003,000	-19,236,000	-35,722,000	-43,272,000	-656,935,000	-25,417,000	57,967,000	16,997,000	-264,198,000	-1,221,000	-29,189,000	29,045,000	-473,287,000	-233,117,000	367,229,000	-216,329,000	-223,761,000	-84,623,000	111,248,000	43,520,000	-386,227,000	57,561,000	-40,440,000	88,074,000	-513,451,000	30,160,000	2,047,000	38,330,000	-273,956,000	-178,779,000	33,002,000	197,895,000	23,089,000	11,931,000	-92,220,000	-80,635,000	-826,317,000	928,359,000	-70,076,000	25,628,000	-64,339,000	218,394,000	5,662,000
due to affiliates	9,805,000	-662,801,000	512,648,000	14,217,000	116,543,000	36,400,000	-150,230,000	89,688,000	13,420,000	47,901,000	-65,276,000	23,550,000	18,378,000	52,460,000	22,831,000	18,034,000	44,052,000	-11,392,000	31,228,000	23,208,000	-76,173,000	90,878,000	-5,498,000	-32,059,000	7,171,000	-9,326,000	28,964,000	29,121,000	13,681,000	19,837,000	11,469,000	5,781,000	10,857,000	39,645,000	-65,935,000	16,711,000	8,642,000	17,324,000	-3,642,000	-4,691,000	10,934,000	6,856,000	-115,946,000	24,101,000	7,731,000	31,950,000	-28,278,000	-169,835,000	-11,850,000	18,034,000	-53,020,000	-74,760,000	14,227,000	30,421,000	-58,313,000	108,174,000	-438,000	-133,482,000	22,307,000	36,886,000	-16,315,000	12,788,000	-30,073,000	-236,000	-10,385,000	-38,732,000	-212,332,000	281,783,000	-29,683,000	-84,271,000	14,261,000	372,106,000	365,571,000
investments purchased	-647,660,000	-809,535,000	-1,541,852,000	-1,116,696,000	-355,233,000	-498,431,000	-459,464,000	-2,572,366,000	-839,529,000	-468,401,000	-1,130,045,000	-1,445,159,000	-1,421,884,000	-1,587,813,000	-773,867,000	-3,264,743,000	-1,457,197,000	-1,801,646,000	-916,378,000	-2,232,119,000	-1,161,170,000	-1,720,982,000	-2,065,680,000	-2,069,625,000	-2,259,703,000	-3,325,573,000	-882,973,000	-2,272,162,000	-1,902,709,000	-4,699,390,000	-5,007,608,000	-6,719,666,000	-4,862,018,000	-5,660,596,000	-2,330,873,000	-6,908,775,000	-594,929,000	-703,882,000	-590,772,000	-801,239,000	-1,093,093,000	-949,345,000	-1,063,714,000	-747,838,000	-1,105,762,000	-786,254,000	-808,884,000	-1,104,942,000	-1,004,963,000	-1,326,710,000	-931,481,000	-1,108,035,000	-923,864,000	-667,302,000	-715,090,000	1,441,316,000	-261,676,000	-2,425,189,000	-1,953,083,000	-2,066,974,000	-748,815,000	-1,079,411,000	-515,914,000	-166,636,000	-768,916,000	-79,532,000	-181,552,000	-4,356,771,000	-7,973,587,000	-7,899,130,000	-10,013,010,000	-21,283,903,000	-7,633,949,000
cash proceeds from sale of investments	1,355,798,000	1,866,542,000	1,574,136,000	964,983,000	705,945,000	1,178,546,000	1,493,162,000	2,727,644,000	1,128,324,000	1,587,204,000	1,746,068,000	1,974,466,000	1,608,825,000	3,489,787,000	3,295,094,000	3,764,207,000	3,199,295,000	2,297,609,000	2,710,298,000	3,512,320,000	1,348,838,000	1,425,928,000	2,955,340,000	2,974,772,000	3,043,899,000	3,044,430,000	1,582,142,000	3,492,879,000	2,816,303,000	3,225,588,000	4,644,753,000	6,347,790,000	4,096,070,000	4,696,177,000	3,583,318,000	6,653,343,000	383,579,000	568,023,000	590,649,000	1,237,732,000	636,451,000	915,026,000	1,120,428,000	811,148,000	444,235,000	746,010,000	1,020,997,000	1,013,856,000	1,096,358,000	1,334,317,000	1,199,355,000	962,609,000	410,426,000	514,455,000	842,199,000					539,498,000	942,651,000	208,422,000	239,918,000	-101,878,000	171,299,000	119,250,000	454,677,000	4,725,735,000	8,325,447,000	7,896,433,000	9,764,576,000	20,451,601,000	7,179,197,000
net cash from operating activities	1,597,645,000	888,503,000	1,109,218,000	161,405,000	1,221,850,000	1,158,561,000	939,846,000	895,688,000	1,082,914,000	1,725,576,000	352,728,000	715,135,000	982,926,000	1,889,691,000	2,748,501,000	-813,947,000	1,603,667,000	899,584,000	2,296,684,000	310,027,000	135,136,000	491,315,000	999,467,000	589,878,000	1,078,364,000	164,334,000	130,531,000	1,385,552,000	1,320,867,000	-890,844,000	-1,769,833,000	-644,431,000	-918,656,000	-1,036,777,000	151,124,000	-1,203,580,000	415,351,000	38,412,000	208,531,000	1,013,564,000	-216,903,000	964,915,000	635,467,000	-412,664,000	224,209,000	863,186,000	980,258,000	815,236,000	1,392,149,000	236,254,000	1,104,302,000	226,805,000	10,018,000	212,104,000	134,228,000	341,174,000	385,745,000	-68,813,000	441,507,000	-688,000,000	289,275,000	6,340,000	20,500,000	505,981,000	-787,058,000	136,704,000	555,882,000	1,197,952,000	475,186,000	102,143,000	115,154,000	243,759,000	-1,765,275,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	1,597,645,000	888,503,000	1,109,218,000	161,405,000	1,221,850,000	1,158,561,000	939,846,000	895,688,000	1,082,914,000	1,725,576,000	352,728,000	715,135,000	982,926,000	1,889,691,000	2,748,501,000	-813,947,000	1,603,667,000	899,584,000	2,296,684,000	310,027,000	135,136,000	491,315,000	999,467,000	589,878,000	1,078,364,000	164,334,000	130,531,000	1,385,552,000	1,320,867,000	-890,844,000	-1,769,833,000	-644,431,000	-918,656,000	-1,036,777,000	151,124,000	-1,203,580,000	415,351,000	38,412,000	208,531,000	1,013,564,000	-216,903,000	964,915,000	635,467,000	-412,664,000	224,209,000	863,186,000	980,258,000	815,236,000	1,392,149,000	236,254,000	1,104,302,000	226,805,000	10,018,000	212,104,000	134,228,000	341,174,000	385,745,000	-68,813,000	441,507,000	-688,000,000	289,275,000	6,340,000	20,500,000	505,981,000	-787,058,000	136,704,000	555,882,000	1,197,952,000	475,186,000	102,143,000	115,154,000	243,759,000	-1,765,275,000
investing activities
purchase of furniture, equipment and leasehold improvements	-23,929,000	-40,146,000	-29,278,000	-11,886,000	-19,387,000	-12,380,000	-17,756,000	-31,327,000	-62,668,000	-60,679,000	-69,557,000	-48,714,000	-85,387,000	-45,244,000	-56,152,000	-19,860,000	-9,645,000	-14,070,000	-20,741,000	-40,754,000	-45,443,000	-13,025,000	-12,428,000	-11,139,000	-15,617,000	-14,666,000	-18,858,000	-9,617,000	138,000	-4,212,000	-4,686,000	-3,942,000	-6,742,000	-3,656,000	-10,007,000	-3,368,000	-2,293,000	-6,231,000	-9,934,000	-368,000	-42,340,000	-13,264,000	-3,275,000	-8,885,000	-7,768,000	-7,495,000	-6,123,000	-7,063,000	-3,929,000	-7,301,000	-7,344,000	-10,047,000	-6,025,000	-7,862,000	-13,086,000	-10,521,000	-8,793,000	-11,460,000	-5,710,000	-23,573,000	-11,780,000	-11,833,000	-6,974,000	-5,304,000	-5,430,000	-8,411,000	-4,482,000	-12,265,000	-14,621,000	-16,008,000	-7,219,000	-15,195,000	-2,594,000
net cash from investing activities	-23,929,000	-40,146,000	-29,278,000	-11,886,000	-19,387,000	-12,380,000	-17,756,000	-31,327,000	-62,668,000	-60,686,000	-74,970,000	-48,714,000	-85,387,000	-45,244,000	-56,152,000	-19,860,000	-9,645,000	-14,070,000	-20,741,000	-95,924,000	-45,443,000	-13,025,000	-12,428,000	-11,139,000	-15,617,000	-14,666,000	-18,858,000	-107,836,000	138,000	-4,212,000	-4,686,000	-179,245,000	-13,338,000	6,392,000	-2,017,000	-16,361,000	-2,293,000	-6,231,000	-4,091,000	-368,000	-42,340,000	-13,264,000	2,568,000	-8,884,000	-7,764,000	-7,495,000	-282,000	-6,978,000	-150,085,000	-7,349,000	-1,492,000	-41,377,000	-3,508,000	-7,872,000	-170,224,000	-10,522,000	-9,291,000	-34,696,000	-5,389,000	-23,739,000	-12,177,000	-33,153,000	-7,120,000	-1,742,000	-5,590,000	-9,450,000	-2,044,000	-3,241,000	-9,731,000	20,210,000	-388,918,000	-15,196,000	-2,593,000
financing activities
distributions to non-controlling interest holders in consolidated entities	-318,177,000	-229,280,000	-252,572,000	-223,569,000	-196,348,000	-195,707,000	-258,400,000	-208,161,000	-346,329,000	-234,101,000	-215,124,000	-302,301,000	-163,918,000	-521,192,000	-284,496,000	-620,403,000	-317,651,000	-167,133,000	-242,444,000	-359,693,000	-81,884,000	-157,499,000	-148,415,000		-197,547,000	-199,054,000	-148,782,000		-164,211,000	-215,427,000	-123,422,000	-278,915,000	-204,863,000	-191,150,000	-139,059,000	-208,060,000	-164,332,000	-92,837,000	-68,696,000	-192,145,000	-63,877,000	-14,585,000	-406,503,000	-326,371,000	-206,120,000	-191,553,000	-258,361,000	-322,117,000	-219,105,000	-105,226,000	-197,563,000	-94,109,000	-25,704,000	-94,431,000	-47,338,000	-313,532,000	-79,803,000	-79,540,000	-135,412,000	-36,833,000	-5,719,000	-34,280,000	-37,040,000	-8,198,000	-38,960,000	-4,941,000	-40,432,000	-1,345,559,000	-52,739,000			94,039,000	-4,475,222,000
contributions from non-controlling interest holders in consolidated entities	496,552,000	414,339,000	1,430,763,000	160,087,000	227,822,000	354,105,000	165,253,000	116,863,000	199,734,000	218,156,000	173,657,000	278,334,000	445,759,000	362,380,000	181,824,000	258,926,000	608,547,000	203,047,000	204,691,000	149,203,000	76,275,000	200,685,000	154,914,000		231,921,000	130,239,000	157,880,000		193,760,000	200,223,000	221,578,000	231,732,000	135,192,000	146,709,000	246,274,000	80,340,000	69,008,000	91,578,000	88,079,000	188,069,000	71,366,000	-89,625,000	309,868,000	443,513,000	425,915,000	271,423,000	419,332,000	233,927,000	284,987,000	409,396,000	186,147,000	187,641,000	288,545,000	140,147,000	157,381,000	441,012,000	254,846,000	369,660,000	118,434,000	144,110,000	27,958,000	86,165,000	3,773,000	66,773,000	39,736,000	4,375,000	94,674,000	227,919,000	-39,569,000			-49,551,000	6,056,548,000
payments under tax receivable agreement	0	0	-43,954,000	0	0	0	-87,508,000	0	0	0	-64,634,000	0	0	0	-46,880,000	0	0	0	-51,366,000	0	0	0	-73,881,000	0	0	0	-84,640,000					-76,164,000	0	0	-59,667,000	0	0	0	-78,985,000	-1,654,000	0	0	-82,830,000	0	-6,168,000	0	-80,565,000
net settlement of vested common stock and repurchase of common stock	-126,050,000	-35,237,000	-100,126,000	-59,825,000
proceeds from loans payable	202,173,000	0	1,024,556,000								78,000	1,485,280,000	30,114,000	524,506,000	1,481,644,000	248,575,000				-1,523,000			102,000	-1,678,000	882,770,000	668,624,000	16,000	0	0	970,023,000	2,248,376,000	3,753,576,000	1,296,018,000	1,553,667,000	996,892,000					-24,000	0	675,808,000	23,000	-102,000	1,151,000	487,895,000	2,206,000	7,280,000	1,237,000	2,371,000	479,000	1,032,000	627,811,000	3,534,000	1,365,000	-3,676,000	13,866,000	865,000	2,246,000	7,254,000	405,262,000	2,340,000	972,000	1,476,000	591,295,000	399,000	819,000	-5,934,000	719,308,000	173,081,000	285,781,000	2,853,000	3,634,451,000
repayment and repurchase of loans payable	-200,000,000	-645,467,000	-60,895,000	-19,434,000	-22,996,000			-33,000,000	-39,762,000	-29,698,000	-400,000,000	-30,667,000	0	0	-250,101,000					1,000	6,000	-958,000	-938,000	-225,791,000	-175,724,000	-1,063,000	-823,000	-1,875,000	-2,819,000	0	-1,004,660,000	-1,599,209,000	-39,456,000	-2,039,000	-125,425,000					2,734,000	-1,005,000	-242,000	-2,410,000	135,000	-936,000	-1,446,000	-6,488,000	-12,201,000	-885,000	-3,256,000	-435,000	-5,821,000
dividends/distributions to stockholders and unitholders	-1,341,824,000	-1,215,471,000	-1,858,537,000	-1,088,372,000	-1,071,200,000			-1,039,320,000	-1,039,046,000	-1,052,741,000	-1,137,340,000
net cash from financing activities	-1,287,326,000	-1,711,116,000	139,235,000	-489,940,000	-1,279,100,000			-712,266,000	-1,400,572,000	-1,189,593,000	-1,751,464,000	238,546,000	-1,624,275,000	-1,500,612,000	-908,114,000	-2,090,060,000	957,179,000	-1,281,263,000	-1,362,446,000	-872,196,000	295,008,000	-549,132,000	-1,117,716,000	-893,108,000	-31,149,000	-129,061,000	-868,061,000	-1,079,278,000	-971,249,000	453,549,000	266,792,000	1,497,248,000	498,396,000	462,971,000	312,724,000	1,275,278,000	-126,466,000	90,543,000	-669,185,000	-557,607,000	-524,093,000	77,393,000	-915,095,000	890,612,000	-495,935,000	-420,127,000	-1,024,457,000	-865,561,000	-1,014,418,000	-382,599,000	-997,036,000	-309,449,000	414,358,000	-182,881,000	-327,439,000	-168,829,000	-218,251,000	82,493,000	-568,928,000	259,864,000	256,684,000	-93,705,000	-338,219,000	-38,613,000	494,539,000	-118,978,000	-281,272,000	-1,825,928,000	451,839,000	-577,272,000	77,714,000	29,873,000	944,059,000
effect of exchange rate changes on cash and cash equivalents and cash held by blackstone funds and other	-3,591,000	12,271,000	4,570,000	-17,264,000	9,685,000			10,173,000	-5,527,000	-942,000	1,284,000	14,387,000	-11,559,000	-10,394,000	-4,752,000	-1,565,000	-3,157,000	1,162,000	-6,246,000	8,436,000	9,699,000	4,226,000	-6,645,000	-6,524,000	3,893,000	80,000	-407,000
cash and cash equivalents and cash held by blackstone funds and other
net increase	282,799,000	-850,488,000	1,223,745,000					162,268,000	-385,853,000	474,355,000	-1,472,422,000	919,354,000	-738,295,000	333,441,000	1,779,483,000	-2,925,432,000	2,548,044,000	-394,587,000	907,251,000					-320,893,000					347,598,000	-451,204,000	-1,486,359,000
beginning of period	0	0	2,176,192,000	0	0			0	0	0	4,493,715,000	0	0	0	2,199,732,000	0	0	0	2,064,456,000	0	0	0	2,523,651,000	0	0	0	2,545,161,000		0	0	3,936,489,000
end of period	282,799,000	-850,488,000	3,399,937,000	-357,685,000	-66,952,000			162,268,000	-385,853,000	474,355,000	3,021,293,000	919,354,000	-738,295,000	333,441,000	3,979,215,000	-2,925,432,000	2,548,044,000	-394,587,000	2,971,707,000	-649,657,000	394,400,000	-66,616,000	2,386,329,000	-320,893,000	1,035,491,000	20,687,000	1,788,366,000		347,598,000	-451,204,000	2,450,130,000
supplemental disclosure of cash flows information
payments for interest	101,425,000	152,380,000	96,057,000	137,529,000	98,060,000			107,808,000	75,712,000	117,717,000	99,096,000	40,731,000	97,240,000	48,731,000	75,184,000	40,004,000	51,638,000	51,156,000	51,368,000	39,589,000	43,386,000	51,205,000	42,440,000	43,021,000	38,342,000	43,116,000	42,979,000		42,923,000	42,276,000	41,764,000	26,643,000	56,424,000	19,772,000	57,339,000	13,343,000	57,626,000	20,072,000	60,907,000	13,827,000	49,649,000	13,207,000	49,484,000	17,365,000	49,351,000	298,000	49,282,000	15,450,000	53,290,000	2,836,000	53,785,000	1,409,000	35,897,000	5,444,000	37,409,000	79,008,000	429,000	1,335,000	635,000	588,000	1,600,000	703,000	663,000	3,414,000	227,000	803,000	653,000	11,165,000
payments for income taxes	55,710,000	232,459,000	64,535,000	154,730,000	78,185,000			108,850,000	129,877,000	277,150,000	53,504,000	79,034,000	105,001,000	457,742,000	41,394,000	246,478,000	164,968,000	254,509,000	34,735,000	93,323,000	73,529,000	29,113,000	13,217,000	91,435,000	21,901,000	35,310,000	10,656,000		26,742,000	89,743,000	20,201,000	28,973,000	30,140,000	30,070,000	16,849,000	13,761,000	18,575,000	26,459,000	6,995,000	3,923,000	20,378,000	20,904,000	70,609,000	29,182,000	117,744,000	42,245,000	47,547,000	9,443,000	18,607,000	24,596,000	17,212,000	7,129,000	8,353,000	7,886,000	6,866,000	3,798,000	13,449,000	9,087,000	17,611,000	6,353,000	8,506,000	18,532,000	24,281,000	2,137,000	22,172,000	18,132,000	9,594,000	12,274,000
supplemental disclosure of non-cash investing and financing activities
non-cash contributions from non-controlling interest holders	4,098,000	4,113,000	4,186,000	93,269,000	3,218,000			3,483,000	7,325,000	8,794,000	2,447,000	19,876,000	4,134,000	6,049,000	4,227,000	3,011,000	2,560,000	4,359,000	1,717,000	4,645,000	-1,476,000	-28,802,000	44,835,000	5,582,000	4,263,000	-9,000	242,000					-634,000	419,000	-411,000	1,738,000			-227,000	967,000	1,226,000	29,000	421,000	601,000	-2,500,000	39,630,000	-380,000	10,933,000					0
non-cash distributions to non-controlling interest holders	-3,173,000	-5,585,000	-3,966,000	304,000	-1,959,000			1,818,000	-34,371,000	-11,421,000	-61,440,000											1,898,000	-1,973,000	-374,000	31,210,000	-31,194,000	-34,000		0			-31,840,000	-542,000	-9,363,000	-27,976,000					0	93,000	3,988,000	-4,115,000	-6,630,000	-42,604,000	-286,000	-11,069,000					0
transfer of interests to non-controlling interest holders	-252,000	-1,481,000	3,107,000	-1,113,000	-1,420,000			-5,159,000	-277,000	-450,000	-2,345,000	-15,227,000	12,508,000	78,000	-8,822,000	699,000	-100,000	-83,000	-3,510,000	-1,246,000	-2,662,000	134,000	-2,239,000	-686,000	-1,133,000	-36,000	-1,260,000		-1,332,000	-781,000	22,989,000	-202,000	-3,406,000	-346,000	-2,062,000	-363,000	-2,324,000	-279,000	-5,312,000	-7,628,000	13,655,000	-8,136,000	-10,163,000	1,580,000	-451,000	-2,802,000	-212,000	-1,393,000	281,000	-1,084,000	-207,000	-140,000	-829,000	-2,424,000	-1,191,000	690,000	324,000	2,711,000	-1,111,000	-6,069,000	748,000	-4,897,000	-11,778,000		2,899,000	369,000	15,069,000
net settlement of vested common stock	680,729,000	162,216,000	418,449,000	46,687,000	566,730,000			63,807,000	349,678,000	76,375,000	191,144,000	22,356,000	164,999,000	68,890,000	131,087,000	20,233,000	74,939,000	34,653,000	89,733,000
deferred tax asset increase from equity transactions	122,056,000	43,196,000	212,113,000
due to affiliates increase related to the impact of conversions on tax receivable agreements	49,566,000	30,928,000	168,980,000
changes in unrealized (gains) losses on investments				25,183,000	-26,890,000	11,262,000	-496,568,000				508,398,000					-337,660,000	-270,510,000	-416,871,000	-723,783,000	-297,743,000	-392,348,000	-548,372,000	1,292,707,000
cash acquired with consolidation of fund entity																												0	0	0	31,422,000
net cash paid for acquisitions, net of cash acquired								0	0	-7,000	-5,413,000																																					0				-31,334,000	0	0	-156,972,000
notes issuance costs												11,817,000	0	4,197,000	14,226,000	0				1,523,000				-1,016,000	6,750,000															0	0			0	0							0								0				98,000
deferred tax asset effects from equity transactions
change in due to affiliates related to the impact of conversions on tax receivable agreements
net decrease					-66,952,000																	-66,616,000	-137,322,000			20,687,000	-756,795,000
change in blackstone inc.’s ownership interest					-23,823,000			820,000	-12,858,000	1,918,000	-4,927,000	7,978,000	80,000	9,247,000	19,519,000	0
conversion of blackstone holdings units to common stock					21,966,000			11,248,000	15,944,000	13,063,000	15,581,000	12,667,000	20,875,000	11,269,000	13,438,000	187,688,000	38,497,000	31,746,000	38,666,000
acquisition of ownership interests from non-controlling interest holders
deferred tax asset					-121,409,000			-18,832,000	-39,847,000	-25,288,000	-33,492,000	-17,220,000	-44,274,000	-25,170,000	-33,503,000	-528,514,000	-111,362,000	-79,081,000	-88,352,000	-41,094,000	-52,350,000	-22,667,000	-126,171,000	-108,508,000	-9,757,000	-16,676,000	-14,572,000		-6,812,000	-50,312,000	-23,818,000		-5,134,000	-32,888,000	-15,129,000	-19,270,000	-14,481,000	-11,126,000	-14,427,000				-54,313,000	-17,207,000	-25,306,000	-17,150,000	-46,023,000	-717,000	-27,502,000	-6,566,000	-78,972,000	-114,856,000	-12,895,000	-35,540,000	-41,029,000	-12,242,000	-17,229,000	-94,987,000	-176,013,000	-166,352,000	-39,751,000	-228,483,000	83,403,000	-8,857,000	-118,451,000	-25,463,000	9,789,000	-38,867,000
equity					52,997,000			-4,390,000	2,938,000	1,918,000	2,001,000	-6,401,000	5,562,000	4,257,000	3,272,000	28,340,000	10,734,000	9,535,000	10,179,000	3,735,000	4,392,000	2,806,000	12,394,000	53,761,000
blackstone funds related
net settlement of vested common stock and repurchase of common stock and blackstone holdings partnership units						-248,494,000	-136,368,000	-43,623,000	-175,169,000	-91,131,000	-108,101,000	-4,197,000	-227,060,000	-202,638,000	-32,061,000	-578,224,000	-382,436,000	-293,915,000	-18,199,000
changes in unrealized losses on investments									-50,189,000
securities sold, not yet purchased										1,000	-3,000	-22,994,000	2,000	12,000	16,000	-7,494,000	1,000	2,675,000	-17,600,000	0	0	0	-26,840,000	-11,239,000	-42,555,000	-3,968,000	-14,883,000	-26,018,000	10,888,000	-10,998,000	16,003,000	50,191,000	-39,288,000	-36,001,000	-37,632,000	50,014,000	61,358,000	8,009,000	-76,620,000	5,905,000	33,969,000	-19,792,000	76,698,000	-105,590,000	58,454,000	-167,565,000	70,318,000	-23,211,000	24,175,000	-131,154,000	-12,762,000	121,887,000	16,730,000	2,716,000	-52,859,000	-53,500,000	119,209,000	-137,013,000	93,711,000	-147,712,000
repurchase agreements										-1,300,000	-70,381,000	-223,195,000	160,610,000	75,239,000	19,310,000	21,435,000	-20,701,000	-804,000	-18,758,000	-3,788,000	-24,000	-24,513,000	-48,985,000	-8,940,000	-44,618,000	-11,188,000	-3,338,000	22,715,000	16,998,000	39,971,000	23,678,000	44,113,000	14,116,000	-34,128,000	19,415,000	13,133,000	5,739,000	6,794,000	8,620,000	-1,174,000	443,000	-45,409,000	57,152,000	-92,170,000	80,646,000	-174,997,000	-138,678,000	248,390,000	68,312,000	-102,661,000	-39,412,000	72,814,000	-46,535,000	-73,160,000	87,298,000	-108,743,000	133,393,000
dividends/distributions to shareholders and unitholders													-1,709,170,000	-1,663,668,000	-1,958,044,000	-1,398,934,000	-925,250,000	-1,023,262,000	-1,255,128,000	-659,353,000	-471,474,000	-473,967,000	-780,782,000	-602,873,000
change in the blackstone group inc.’s ownership interest																		11,322,000	-7,445,000	-4,171,000	862,000	4,006,000	9,779,000	71,638,000
cash flows due to changes in operating assets and liabilities accounts receivable																			-32,900,000
net settlement of vested class a common stock and repurchase of class a common stock and blackstone holdings partnership units																				-831,000	-118,074,000	-117,291,000	-268,716,000	-87,123,000
non-cash consideration for acquisition
net settlement of vested class a common stock																				10,110,000	41,390,000	11,764,000	60,214,000
conversion of blackstone holdings units to class a common stock																				20,177,000	27,404,000	10,971,000	65,158,000
issuance of new shares/units
adjustments to reconcile net income net cash from operating activities
reverse repurchase agreements																																0	0	44,635,000	73,860,000	-29,169,000	-45,441,000	1,416,000	159,592,000	-119,611,000	-23,906,000	18,252,000	-79,628,000	93,538,000	-62,817,000	131,987,000	-13,724,000	-53,007,000	80,296,000	81,770,000	-10,025,000	-142,437,000	-17,057,000	-4,764,000	55,725,000	55,446,000	-100,956,000	135,748,000	-48,298,000	106,020,000
distributions to non-controlling interest
holders in consolidated entities																																																																							-183,353,000
contributions from non-controlling interest
net assets related to the consolidation of certain fund entities																																												0	318,647,000	0	35,433,000
net settlement of vested common units																										3,351,000	55,951,000		30,996,000	1,991,000	98,870,000	4,802,000	59,959,000	1,778,000	60,853,000	1,597,000	35,992,000	4,704,000	59,605,000	4,808,000	26,469,000	57,436,000	51,228,000	5,131,000	4,994,000	36,976,000	22,325,000	92,790,000	7,147,000	43,604,000	9,981,000	67,005,000	8,351,000	85,362,000	6,328,000	79,279,000	4,471,000	98,525,000	4,369,000	64,832,000	17,297,000	93,641,000	22,969,000
conversion of blackstone holdings units to common units																										12,522,000	12,670,000		6,533,000	58,844,000	23,661,000																	9,013,000	22,079,000	10,261,000	1,902,000	143,513,000	21,077,000	51,376,000	40,273,000	11,447,000	9,018,000	70,296,000	137,961,000	131,233,000	37,993,000	29,209,000	53,678,000	42,928,000	55,514,000	4,226,000	7,080,000
the following table provides a reconciliation of cash and cash equivalents and cash held by blackstone funds and other reported within the condensed consolidated statements of financial condition:
cash and cash equivalents																									984,119,000	-86,297,000	1,570,741,000
cash held by blackstone funds and other																									51,372,000	106,984,000	217,625,000					-248,905,000	-109,906,000	-48,354,000	-400,386,000	57,378,000	-368,691,000	-191,929,000	51,134,000	267,285,000	-79,677,000	1,325,999,000	-292,648,000	-281,808,000	-2,039,000	-54,125,000	-52,120,000	79,131,000	65,261,000	73,868,000	153,381,000	-579,451,000	60,015,000	-89,638,000	241,973,000	330,586,000	48,587,000	24,677,000	141,787,000	-398,708,000	13,363,000	-24,622,000	-37,117,000	-12,360,000	-2,810,000	-3,409,000	839,819,000
net settlement of vested common units and repurchase of common and blackstone holdings partnership units																										-274,430,000	-61,403,000	-255,635,000	-224,510,000	-74,665,000	-12,351,000		-15,512,000	-490,000	-12,730,000		-12,048,000	-1,152,000	-13,262,000		-22,103,000	-8,028,000	-27,632,000		-8,568,000	-6,161,000	-19,129,000
distributions to unitholders																										-453,377,000	-730,309,000	-783,601,000	-773,469,000	-426,605,000	-1,062,729,000	-532,312,000	-672,983,000	-1,043,726,000	-593,561,000	-509,588,000	-433,318,000	-330,623,000	-745,140,000	-579,242,000	-871,336,000	-1,075,808,000	-970,960,000	-568,229,000	-657,244,000	-414,261,000	-708,862,000	-276,687,000	-287,677,000	-343,600,000	-561,515,000	-112,131,000	-112,109,000	-111,066,000	-279,224,000	-110,296,000	-110,295,000	-110,247,000	-371,994,000	-110,119,000	-109,977,000	-109,746,000	-269,548,000
change in the blackstone group l.p.’s ownership interest																										-12,305,000	-10,965,000		31,601,000	6,959,000	-6,124,000	-347,000	-1,029,000	-3,032,000	-10,789,000	-48,000	4,093,000	218,000	3,618,000	-1,062,000	26,038,000	-552,000	68,361,000	5,864,000	14,872,000	-1,350,000	-10,354,000	-721,000	8,678,000	-728,000	-9,748,000	-948,000	7,992,000	-600,000	-8,867,000	352,000	-200,000	-273,000	-5,772,000	-10,886,000	-3,067,000	158,000	-5,551,000
partners’ capital																										2,849,000	2,167,000		1,221,000	7,402,000	3,520,000	3,065,000	706,000	4,989,000	2,297,000	3,119,000	2,042,000	1,353,000	-1,145,000	42,978,000	4,335,000	8,601,000	9,113,000	3,672,000	4,314,000	2,351,000	12,645,000	-7,552,000	11,233,000	-801,000	77,700,000	40,943,000	3,670,000	5,836,000	6,907,000	4,527,000	4,309,000	15,754,000	33,801,000	33,478,000	9,204,000	5,305,000	19,906,000	1,329,000	17,767,000	883,000	1,468,000	5,830,000
issuance of new units
adjustments to reconcile net income to net cash from operating activities blackstone funds related
effect of exchange rate changes on cash and cash equivalents, cash held by blackstone funds and other, and restricted cash																												199,000	-2,158,000	-9,697,000	21,368,000
cash and cash equivalents, cash held by blackstone funds and other, and restricted cash
net assets related to the consolidation of a fund entity																																	0
issuance of common units																													0	0	24,970,000
non-cash performance fees																																550,676,000	-423,349,000	-118,682,000	100,524,000	-139,276,000	-92,477,000	-58,729,000	-15,077,000	451,201,000	903,093,000	352,541,000	-314,889,000	-381,610,000	-5,608,000	-653,981,000	-276,508,000	-555,009,000	-207,479,000	-247,195,000	-134,220,000	5,141,000	-372,420,000	-44,656,000	-287,776,000	-221,900,000	364,991,000	-482,819,000	-375,102,000
non-cash performance fee compensation																																407,864,000	360,901,000	311,869,000	407,696,000	313,809,000	267,416,000	180,721,000	106,076,000	80,765,000	-135,461,000	215,440,000	403,816,000	270,249,000	360,162,000	417,798,000	237,294,000	718,062,000	168,393,000	286,831,000	239,896,000	163,744,000	199,596,000	40,694,000	109,512,000	94,728,000	-100,893,000	145,809,000	177,069,000
excess tax benefits related to equity-based compensation																																							-11,690,000	-1,837,000	-8,436,000	-36,211,000	-23,834,000	-6,326,000	-1,382,000	-1,425,000	-16,513,000
cash relinquished with deconsolidation and liquidation of fund entity
changes in restricted cash																																-6,390,000	-6,596,000	10,048,000	7,990,000	-12,993,000	0	0	5,843,000	0	0	0	5,843,000	1,000	4,000	0	5,841,000	85,000	-39,000	-48,000	5,852,000	4,000	2,517,000	-10,000	-166,000	-1,000	-1,000	11,000	321,000	-178,000	9,000	172,000	-146,000	3,562,000	-160,000	-1,039,000	2,438,000	9,024,000	4,890,000	36,218,000	-45,128,000
cash relinquished in conjunction with the spin-off
net delivery of vested common units and repurchase of common and holdings units
effect of exchange rate changes on cash and cash equivalents																																3,238,000	3,738,000	9,281,000	4,596,000	34,000	-176,000	190,000	-27,000	1,331,000	-900,000	124,000	60,000	-111,000	-64,000	-12,000	4,000	363,000	315,000	-595,000	-10,000	8,000	102,000	-110,000	-5,000	-61,000	-24,000			24,267,000											90,000	0
net increase in cash and cash equivalents																																			466,427,000					456,920,000	-784,236,000			468,953,000	-279,554,000	435,552,000	-44,477,000	-56,940,000			105,764,000	-124,013,000				161,762,000				-427,608,000	509,490,000	-120,518,000	-324,839,000	465,626,000	-298,109,000	8,276,000	272,566,000	-631,217,000				258,436,000	-823,170,000
cash and cash equivalents, beginning of period																																0	0	0	1,837,253,000	0	0	0	1,837,324,000	0	0	0	1,412,472,000	0	0	0	831,998,000	0	0	0	709,502,000	0	0	0	754,744,000	0	0	0	588,621,000	0	0	0	952,096,000	0	0	0	503,737,000	0	0	0	868,629,000	0	0
cash and cash equivalents, end of period																																676,810,000	-429,860,000	-558,133,000	2,303,680,000	55,371,000	286,416,000	122,914,000	1,372,552,000	456,920,000	-784,236,000	1,029,168,000	1,135,472,000	468,953,000	-279,554,000	435,552,000	787,521,000	-56,940,000	227,961,000	-154,289,000	815,266,000	-124,013,000	420,970,000	21,241,000	391,304,000	161,762,000	158,179,000	-21,008,000	455,811,000	-427,608,000	509,490,000	-120,518,000	627,257,000	465,626,000	-298,109,000	8,276,000	776,303,000	-631,217,000	917,294,000	-455,009,000	672,669,000	258,436,000	-823,170,000
net assets associated with the spin-off
net activities related to capital transactions of consolidated blackstone funds																																								-4,000	-14,000	-545,000	268,000	2,648,000	8,294,000	4,431,000	808,000	-4,884,000	-854,000	-400,000	109,000	-39,000	-993,000	-1,744,000	-2,633,000	42,000	-7,970,000	3,432,000	1,721,000	12,633,000	-757,000	2,506,000	2,288,000		1,082,000
acquisition of ownership interests from non-controlling interest holders deferred tax asset																																								-55,181,000	-31,516,000
change in unrealized gains on investments
cash relinquished in deconsolidation and liquidation of fund entity																																	0
net decrease in cash and cash equivalents																																	-429,860,000						-464,772,000				-277,000,000											21,241,000	-363,440,000			-21,008,000	-132,810,000											-455,009,000	-195,960,000
conversion of blackstone holdings partnership units to common units																																	4,053,000	29,998,000	13,522,000		16,287,000	10,882,000	18,931,000		29,625,000	40,812,000	46,123,000		24,449,000	19,447,000	45,050,000
change in unrealized losses on investments
change in unrealized (gains) losses on investments																																			63,480,000
unrealized (appreciation) depreciation on investments allocable to non-controlling interests in consolidated entities																																				-78,874,000				97,969,000
changes in unrealized losses on investments allocable to the blackstone group l.p.																																				-8,812,000	16,223,000	-5,053,000	17,363,000	114,483,000	198,192,000
cash relinquished with deconsolidation and liquidation of partnership																																																		-31,858,000	-103,985,000	-1,954,000	-66,478,000	993,000	19,155,000
purchase of interests from certain non-controlling interest holders																																												0	0	0	-6,000	-10,000	-11,000	-11,000	-11,000	-15,000	-16,000	-16,000	-16,000	1,633,000	140,000	-183,000	-2,056,000	-420,000	-13,000	12,000	-152,000	-1,156,000	-2,619,000	-3,779,000	-2,479,000
net assets related to the consolidation of clo vehicles																																												0	0	0	8,398,000					0	0	0	233,541,000	23,789,000	-12,146,000					182,428,000	217,631,000
cash relinquished in deconsolidation and liquidation of partnership																																									0	-441,014,000	-1,356,000		-176,534,000	-218,662,000	-75,327,000
treasury cash management strategies
cash proceeds from sale or pay down of investments																																					1,662,579,000	975,576,000	967,652,000	1,274,853,000	1,808,310,000	1,019,173,000	2,609,213,000	2,429,525,000	2,291,817,000	3,518,700,000	2,385,748,000	2,167,960,000	2,326,204,000	3,785,202,000	2,745,408,000	2,803,065,000	1,505,692,000	2,316,948,000	1,763,311,000
repayment of loans payable																																					-170,584,000	-123,822,000	-21,327,000	-341,010,000	-82,338,000	172,959,000	-266,317,000	-239,021,000	-570,785,000	-609,646,000	-389,097,000	-543,177,000	-792,452,000	-338,804,000	-416,241,000	-285,980,000	-602,885,000	-1,163,000	-8,952,000	557,000	-5,536,000	-4,732,000	-17,713,000	-9,059,000	18,970,000	-26,442,000	-26,735,000	-3,780,000	-10,041,000	-4,252,000	-305,920,000	-580,745,000	-111,136,000	-246,671,000	-41,610,000	-17,237,000	-3,464,527,000
unrealized appreciation on investments allocable to non-controlling interests in consolidated entities																																						-89,301,000	-35,684,000			156,326,000	-185,229,000	4,161,000	-144,201,000	-182,465,000	-108,233,000		-174,673,000	-151,908,000	-125,897,000				-259,698,000
in-kind contribution of capital																																																0	0	0	2,323,000	0	0	0	2,017,000	6,272,000				-21,227,000	34,463,000					-906,466,000	907,373,000
changes in unrealized (gains) losses on investments allocable to the blackstone group l.p.																																											-61,241,000	70,375,000	-33,046,000
unrealized depreciation on hedge activities																																																											561,000	-25,099,000	16,016,000	26,852,000	6,083,000
in-kind redemption of capital																																																				0	0	0	-2,017,000	-50,034,000										906,466,000	-907,373,000
changes in unrealized gains on investments allocable to the blackstone group l.p.																																															3,833,000	-253,101,000	-92,803,000	-73,879,000	-86,763,000	-73,718,000	-76,533,000	15,737,000	-46,967,000
unrealized depreciation (appreciation) on investments allocable to non-controlling interests in consolidated entities																																																				148,751,000	-25,622,000			-543,640,000	596,015,000	28,296,000	-20,698,000	-187,250,000	-408,176,000	72,851,000	-198,141,000	-48,163,000	-134,344,000	-98,161,000	13,235,000
unrealized depreciation (appreciation) on hedge activities																																																				0	0	23,393,000	-794,000	261,000
net settlement of vested common units and repurchase of common and holdings units																																																	-5,091,000	-5,700,000	-9,741,000		-3,523,000	-8,418,000	-8,821,000		-2,424,000	-24,567,000	-6,823,000	-3,199,000	-712,000	-11,754,000	-9,489,000
adjustments to reconcile net income to net cash from operating activities:
blackstone funds related:
unrealized appreciation on hedge activities
cash flows due to changes in operating assets and liabilities:
treasury cash management strategies:
acquisition of ownership interests from non-controlling interest holders:
reclassification of capital due to non-controlling interest holders																																																												-13,665,000	0
exchange of founders’ and non-controlling interest holders’ interests in blackstone holdings:
net realized losses on investments
net cash paid for acquisition of management contracts																																																								0	-497,000				-406,000
transfer due to reorganization
cash relinquished with continuing liquidation of partnership																																																									-1,632,000	571,000	395,000
short term investments purchased																																																									-673,313,000	-1,021,563,000	-733,450,000	-460,244,000	-1,062,956,000	-409,375,000	-313,507,000
proceeds from sale of investments																																																									523,317,000	1,024,671,000	708,437,000
changes in unrealized gains on investments allocable to blackstone group
supplemental disclosure of non-cash operating activities
net realized (gains) losses on investments																																																											-179,148,000	-197,837,000	-40,530,000	-69,764,000	-29,801,000	-5,134,000	48,818,000	38,369,000	53,190,000	78,652,000	204,373,000	-118,555,000	256,000
changes in unrealized (gains) losses on investments allocable to blackstone group																																																											-89,106,000	-107,944,000	-118,491,000	-87,418,000	-146,597,000	-25,015,000	-51,983,000	14,758,000	78,218,000	386,870,000	182,138,000			30,205,000	-30,650,000
cash relinquished with deconsolidation of partnership																																																												-1,262,000	-5,601,000	-1,097,000	3,562,000									-2,000
cash paid for acquisitions, net of cash acquired
reorganization of the partnership
non-controlling interests in consolidated entities
units issued related to acquisitions
non-cash performance fees and allocations																																																													-99,993,000	6,957,000	-99,172,000	-147,175,000	-134,248,000	-89,499,000	101,770,000	579,154,000	393,282,000	37,343,000	76,279,000	135,223,000	160,808,000
non-cash performance fee related compensation																																																													129,286,000	21,987,000	62,341,000
net assets related to the consolidation of cdo and clo vehicles
supplemental disclosure of non-cash financing activities
reduction of due to limited partners account to fund sidepocket investment																																																														2,000	-1,000
contributions related to transfers by affiliated partners																																																														-2,000	1,000			-2,437,000	2,442,000
elimination of cash for non-contributed entities																																																																								-1,000	1,000
issuance of common units in initial public offering
contributions from predecessor owners																																																																								301,438,000	59,426,000
distributions to predecessor owners																																																																								-222,875,000	-848,926,000
net settlement of vested common units and repurchase of common units																																																																-497,000	-46,000	-28,208,000	-27,934,000	-13,123,000	-1,317,000
distributions to common unitholders																																																																-93,231,000	-84,826,000			-78,823,000	-83,081,000
non-cash distributions to partners
elimination of capital of non-contributed entities
elimination of non-controlling interests of non-contributed entities
transfer of partners’ capital to non-controlling interests
distribution payable to predecessor owners
settlement of vested common units																																																																58,692,000	5,264,000	134,569,000	922,000
reorganization of the partnership:
exchange of founders and senior managing directors’ interests in blackstone holdings:
acquisition of gso capital partners lp – units issued
unrealized depreciation of hedge activities
intangible amortization																																																																	39,513,000	39,511,000	39,513,000	39,512,000	39,512,000	40,685,000	33,528,000	55,203,000	55,204,000
due from brokers																																																																	-90,000	255,000	47,536,000	755,795,000	-145,407,000	-93,948,000	247,304,000	419,248,000	-627,185,000
amounts due to non-controlling interest holders																																																																			-14,314,000	-7,477,000	10,716,000	7,616,000	-59,485,000	-16,036,000	27,080,000
cash acquired from consolidated fund																																																																					0
acquisition of gso capital partners lp:
fair value of assets acquired
cash paid for acquisition
fair value of non-controlling interests in consolidated entities and liabilities assumed
acquisition of gso capital partners lp — units issued
cash paid for acquisition, net of cash acquired																																																																				0	0	0	-336,571,000
reduction of due to lp account to fund sidepocket investment																																																																			-2,442,000
non-controlling interests in income of consolidated entities																																																																				-1,290,634,000	-1,088,351,000	-556,261,000	-788,477,000	-511,793,000	1,994,266,000
issuance of common units in initial public offering and to beijing wonderful investments
purchase of interests from predecessor owners																																																																				-29,663,000	-544,000	0	-79,627,000	-1,646,000	0
supplemental disclosures of cash flow information
net activities related to investment transactions of consolidated blackstone funds
conversion of blackstone holding units to common units																																																																				3,430,000
non-controlling interest in consolidated entities																																																																				0
acquisition of gso capital partners lp—units issued
cash held by blackstone funds																																																																					-64,252,000	38,085,000	46,183,000	149,170,000	239,018,000
delivery of vested common units
goodwill as a result of reorganization
intangibles as a result of reorganization
acquisition of gso capital partners lp - units to be issued
adjustments to reconcile net income to
net cash from operating activities:
changes in unrealized (gains) losses on
investments allocable to blackstone group																																																																							62,823,000
cash relinquished with consolidation of partnership
issuance of units in initial public offering and to beijing wonderful investments
repurchase of units																																																																								1,646,000
payment of dividend
supplemental non-cash financing activities
cash flows from operating activities
cash flows from investing activities
cash flows from financing activities
issuance of units in initial public offering																																																																									0
equity based compensation expense

The Blackstone Group Inc(NYSE:BX)

The Blackstone Group Inc
(NYSE:BX)