Investor Presentaiton
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES
($ in thousands)
Investments of Consolidated Blackstone Funds
2Q'21
3Q'21
4Q'21
1Q'22
2Q'22
$
1,871,269 $
2,104,705
$
2,018,829
$
2,045,156
$
3,764,850
Equity Method Investments
Partnership Investments
Accrued Performance Allocations
Corporate Treasury Investments
Other Investments
Total GAAP Investments
Accrued Performance Allocations GAAP
Impact of Consolidation (a)
4,916,675
5,303,334
5,635,212
5,858,926
5,446,688
12,101,142
15,063,648
17,096,873
17,661,244
13,544,855
2,440,325
1,520,426
658,066
916,510
810,672
833,911
1,112,082
3,256,063
22,163,322
25,104,195
28,665,043
3,586,638
30,068,474
3,756,693
27,323,758
$
12,101,142
$
15,063,648 $
17,096,873 $
17,661,244
13,544,855
1
1
1
1
12,475
Due from Affiliates GAAP (b)
59,304
59,669
260,993
Less: Net Realized Performance Revenues (c)
(261,760)
(416,336)
(1,294,884)
112,194
(743,772)
136,631
(262,083)
Less: Accrued Performance Compensation - GAAP (d)
(5,137,933)
(6,395,903)
Net Accrued Performance Revenues
$
6,760,754 $
8,311,079 $
Corporate Treasury and Other Investments - GAAP (e)
$
3,274,236 $
2,632,508 $
(7,324,906)
8,738,077
3,914,129 $
$
Impact of Consolidation (a)
176,320
178,407
144,354
(7,483,337)
9,546,330 $
4,503,148 $
140,905
(5,955,982)
7,475,896
4,567,365
708,469
Other Assets (f)
479,591
580,641
797,843
379,768
642,875
Other Liabilities (g)
(494,119)
(169,863)
(94,314)
(66,065)
(54,321)
Corporate Treasury and Other Investments - Deconsolidated (h)
$
3,436,028
$
3,221,693 $
4,762,012 $
4,957,756
$
5,864,388
Partnership Investments GAAP
$
4,916,675 $
Impact of Consolidation (i)
(3,091,175)
GP/Fund Investments - Deconsolidated
Loans Payable - GAAP
Impact of Consolidation (j)
$
1,825,500 $
5,303,334 $
(3,459,004)
1,844,330 $
5,635,212 $
(3,552,599)
2,082,613 $
5,858,926 $
5,446,688
(3,623,881)
(3,169,740)
2,235,045 $
2,276,948
$
5,594,648
(99)
$
7,527,576 $
7,748,163 $
8,937,456 $
9,365,274
(100)
(101)
Outstanding Debt - Carrying Value
5,594,549
Unamortized Discount
Outstanding Debt (at par) - Deconsolidated
$
84,151
5,678,700
7,527,476
109,524
7,748,062
107,438
8,937,456
9,365,274
122,594
131,526
$
7,637,000 $
7,855,500
$
9,060,050
$
9,496,800
(b)
(a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
Represents GAAP accrued performance revenue recorded within Due from Affiliates.
(c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.
(d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to
Affiliates.
(e) Effective 3Q'21, Corporate Treasury includes Other Investments and has been renamed to Corporate Treasury and Other Investments. Prior periods have been recast to reflect the
revised classification.
(f) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates.
(g) This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and
securities sold short, not yet purchased.
(h) Deconsolidated Other Investments was $3.7 billion as of June 30, 2022, which was comprised of $1.3 billion of liquid investments and $2.4 billion of illiquid investments. The liquid
portion of Other Investments relates to public equity securities, which may include equity securities subject to lockup periods, and other investments held by Blackstone that can be
easily converted to cash.
(i)
(j)
This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in
consolidated Blackstone Funds which have been eliminated in consolidation.
This adjustment removes amounts related to consolidated Blackstone Funds.
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