Investor Presentaiton
RECONCILIATION OF GAAP TO TOTAL SEGMENTS - (CONT'D)
($ in thousands)
Realized Performance Compensation
GAAP
Incentive Fee Compensation
3Q'21
4Q'21
QTD
1Q'22
YTD
LTM
2Q'22
3Q'22
3Q'21
3Q'22
3Q'21
3Q'22
$
Realized Performance Allocations Compensation
21,007 $ 49,349 $
631,632 1,119,911
41,019 $ 45,363 $
717,601 1,035,916
50,355
313,930
GAAP
Total Segment
Less: Fee Related Performance Compensation (e)
Less: Equity-Based Compensation - Performance Compensation
Total Segment
(31,753)
(1,812)
$ 619,074 $
(718,026)
(1,933)
449,301 $
$ 652,639 $ 1,169,260 $ 758,620 $1,081,279 $ 364,285
(238,342) (150,430)
$ 48,763 $ 136,737
1,192,082 2,067,447
$ 1,240,845 $ 2,204,184
$
70,849 $ 186,086
1,782,171 3,187,358
$ 1,853,020 $ 3,373,444
(1,158)
519,120 $
(155,737)
(3,875)
(2,324)
926,974 $ 206,224
(126,235)
(6,341)
(544,509)
(7,357)
(253,187)
(8,036)
(1,262,535)
(9,290)
$ 1,108,269 $ 1,652,318
$ 1,591,797 $ 2,101,619
Realized Principal Investment Income
GAAP
Segment Adjustment (f)
Total Segment
$ 325,414 $
(174,404)
$ 151,010 $
171,310 $ 285,104 $ 265,161 $193,228
(95,842) (128,009) (221,652) (53,463)
75,468 $ 157,095 $ 43,509 $ 139,765
$
$ 832,512 $ 743,493
(320,214) (403,124)
512,298 $340,369
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue
Interest Expense
GAAP
Segment Adjustment (g)
Total Segment
$ 1,053,326 $ 914,803
(437,207) (498,966)
$ 616,119 $ 415,837
$
$
35,048
(52,413)
(17,365) $
1,127
(16,238) $
63,166
(56,550)
6,616 $
163
54,485
(66,747)
(12,262) $
145
6,779 $
(12,117) $
62,075
(69,642)
(7,567) $
4,285
(3,282) $
52,420
(80,507)
(28,087) $
5,237
(22,850) $
97,477
168,980
(141,718) (216,896)
(44,241) $ (47,916)
3,874
9,667
(40,367) $ (38,249) $
137,203
232,146
(187,420)
(273,446)
$
(50,217) $
(41,300)
4,246
9,830
(45,971) $
(31,470)
This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated
Statement of Operations (page 1). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and
excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges.
(a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the
removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against
Management and Advisory Fees, Net in the Total Segment measures.
(b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.
(d) Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which
are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an
administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital
contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.
(e) Fee related performance compensation may include equity based compensation based on fee related performance revenues.
(f) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have
been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling interests.
(g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation,
and (2) the removal of interest expense associated with the Tax Receivable Agreement.
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