Investor Presentaiton
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES
Note: See pages 34-36, Definitions and Dividend Policy.
(a) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone's segment presentation. Transaction-Related Charges arise
from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation
charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in
tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.
(b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation. This amount
includes amortization of intangibles associated with Blackstone's investment in Pátria, which was historically accounted for under the equity method. As a
result of Pátria's IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the
investment.
(c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone's segment presentation. This adjustment
includes the elimination of Blackstone's interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated
operating partnerships held by non-controlling interests.
(d) This adjustment removes Unrealized Performance Allocations.
(e) This adjustment removes Unrealized Performance Allocations Compensation.
(f) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of
Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation,
and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
QTD
4Q'21
YTD
LTM
($ in thousands)
2Q'21
3Q'21
1Q'22
2Q'22
2Q'21
GAAP Unrealized Principal Investment Income (Loss) S
Segment Adjustment
Unrealized Principal Investment Income (Loss)
$
328,835 $
(224,177)
104,658 $
183,754 $
(186,097)
(2,343) $
304,297 $
(150,779)
73,961 $
(47,203)
153,518 $ 26,758 $
(500,490) $
297,202
(203,288) $
2Q'22
2Q'21
968,150 $ (426,529) $ 1,481,146 $
(439,558) 249,999
(661,002)
528,592 $ (176,530) $ 820,144 $
2Q'22
61,522
(86,877)
(25,355)
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from
consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges.
($ in thousands)
GAAP Other Revenue
Segment Adjustment
Other Revenues
2Q'21
3Q'21
QTD
4Q'21
27,896 $
(26)
$
27,870 $
1Q'22
64,187 $ 50,699 $ 72,869 $
(78)
(66)
(50)
64,109 $ 50,633 $ 72,819 $ 155,704
2Q'22
155,588
116
YTD
2Q'21
2Q'22
88,200 $ 228,457
(57)
66
LTM
2Q'21
(247,542) $
(553)
2Q'22
343,343
(78)
343,265
$ 88,143 $ 228,523 $ (248,095) $
(h) This adjustment removes Equity-Based Compensation on a segment basis.
(i) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership
Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in
Blackstone's segment presentation.
(j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision
(Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount
payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables.
LTM
($ in thousands)
Taxes
Related Payables
Taxes and Related Payables
$
2Q'21
127,809 $
12,864
3Q'21
140,548 $
$
140,673 $
16,319
156,867 $
QTD
4Q'21
365,109 $
12,811
377,920 $
YTD
1Q'22
124,645 $
23,007
147,652 $
2Q'22
2Q'21
2Q'22
2Q'21
2Q'22
324,954
29,835
354,789
$
197,418 $
27,477
224,895 $
449,599
393,251 $
955,256
52,842
502,441 $
48,728
81,972
441,979 $ 1,037,228
Blackstone | 26View entire presentation