Repayment and Repurchase of Loans Payable (USD, thousands)

Dividends/Distributions to Stockholders and Unitholders (USD, thousands)

Net Cash Used in Financing Activities (USD, thousands)

Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (USD, thousands)

Payments for Interest (USD, thousands)

Payments for Income Taxes (USD, thousands)

Non-Cash Contributions from Non-Controlling Interest Holders (USD, thousands)

Non-Cash Distributions to Non-Controlling Interest Holders (USD, thousands)

Transfer of Interests to Non-Controlling Interest Holders (USD, thousands)

Net Settlement of Vested Common Stock (USD, thousands)

Proceeds from Loans Payable (USD, thousands)

Purchase of Furniture, Equipment and Leasehold Improvements (USD, thousands)

Net Cash Used in Investing Activities (USD, thousands)

Distributions to Non-Controlling Interest Holders in Consolidated Entities (USD, thousands)

Contributions from Non-Controlling Interest Holders in Consolidated Entities (USD, thousands)

Payments Under Tax Receivable Agreement (USD, thousands)

Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units (USD, thousands)

Net Cash Provided by Operating Activities (USD, thousands)

Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (USD, thousands)

Beginning of Period Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (USD, thousands)

End of Period Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (USD, thousands)

a9feace72a28e00de549089c60a08188cbd6667c6e206152feec206ab4d4fceb

The documents do not indicate a sharp decline in total revenues for Q4 2023. One document shows Q4 2023 revenues as **1,285,020.00** (USD, thousands) compared to **2,541,285.00** (USD, thousands) in Q3 2023  **[0001193125-23-270358_d547912d10q.htm:7]** **[0001193125-24-044485_d734131d10k.htm:198]** , which suggests a significant change between quarters. However, another document provides a detailed breakdown for Q4 2023 in which total revenues actually increased by **8%** year-over-year relative to Q4 2022, driven primarily by increased management and advisory fees and a notable rise in realized performance revenues, despite a decline in realized principal investment income.  **[0001193125-24-014831_d701698dex991.htm:3]**  Thus, there is no definitive or consistent explanation in the documents for a sharp decline solely in Q4 2023 revenues.

What led to the sharp decline in Total Revenues in Q4 2023?

The dramatic decline in **Net Income in Q4 2023** was driven primarily by several factors. **Performance allocations** dropped substantially, and **principal investments** recorded significant losses compared to a gain in the previous period. Additionally, there was a notable decrease in **other revenue**, and **interest expenses** increased by 8%, further exacerbating the decline. Overall, these factors led to a **25% drop in total revenues** from Q4 2022 to Q4 2023, substantially reducing net income.  **[0001193125-24-014831_d701698dex991.htm:2]** 

Why did Net Income fall so dramatically in Q4 2023?

The drastic drop in Basic EPS in Q4 2023 resulted from several factors. **EPS fell from $0.75 in Q4 2022 to $0.20 in Q4 2023, a 73% decline**.  **[0001193125-24-014831_d701698dex991.htm:3]**  **Total revenues decreased by 25%** year-over-year, greatly impacting overall profitability. Additionally, there were significant issues in **Performance Allocations**, where despite higher realized revenues, unrealized losses more than offset gains, compounded by increased losses from **Principal Investments**. Rising **Performance Allocations Compensation** expenses and a shift in the **Provision for Taxes** from a benefit of $(141.1) million to a cost of $46.0 million further eroded net income.  **[0001193125-24-014831_d701698dex991.htm:3]** **[0001193125-24-014831_d701698dex991.htm:23]** 

What factors contributed to the drastic drop in Basic EPS in Q4 2023?

Based on the documents, **there is no specific explanation provided** for why the Q4 2023 Fund Expenses are nearly zero (document shows **$69 thousand**  **[0001193125-24-044485_d734131d10k.htm:198]** ) compared to other periods (for example, **$38,934 thousand** in Q3 2023  **[0001193125-23-270358_d547912d10q.htm:7]** ). The information available does not detail the factors or adjustments that led to this low amount.  
 
 **[0001193125-23-270358_d547912d10q.htm:7]** **[0001193125-24-044485_d734131d10k.htm:198]** 

Why are Fund Expenses nearly zero in Q4 2023?

The significant drop in Provision for Taxes in Q4 2023 was mainly driven by several factors. First, there was a reversal of the previous year's tax benefit, which resulted from an out-of-period adjustment that had reduced the effective tax rate in Q4 2022. Additionally, the imposition of a Corporate Alternative Minimum Tax (CAMT) liability under the Inflation Reduction Act and the incorporation of finalized New York State tax regulations in December 2023 contributed to increasing the tax liability in Q4 2023.  **[0001193125-24-044485_d734131d10k.htm:140]** **[0001193125-24-044485_d734131d10k.htm:169]** 

What caused the significant drop in Provision for Taxes in Q4 2023?

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Cash and Cash Equivalents were lower in Q2 2024 primarily due to significant net cash used in financing activities. Specifically, Blackstone used **$(2,732,521)** in financing activities, which included large outflows for **dividends/distributions of $(2,264,611)** and **repayment/repurchase of loans of $(60,791)**. In addition, adverse exchange rate changes decreased cash by **$(6,984)**. Combined, these factors contributed to a net decrease in cash of **$(671,234)** over the six-month period, leading to the lower balance reported in Q2 2024.  **[0001193125-24-180721_d25511dex991.htm:31]** **[0001193125-24-192846_d844230d10q.htm:6]** **[0001193125-24-192846_d844230d10q.htm:13]** 

Why was Cash and Cash Equivalents so low in Q2 2024?

The decrease in **Total Assets** in FY 2023 was primarily driven by several factors. **First**, there was a significant reduction in **Cash and Cash Equivalents**—a decline of **$1,296,137 thousand**—largely due to ongoing operating activities and the payoff of the **4.750% senior note** that matured on February 15, 2023.  **[0001193125-24-044485_d734131d10k.htm:173]** **[0001193125-24-044485_d734131d10k.htm:197]**  **Second**, **Investments** decreased by **$1,406,629 thousand**, mainly because of unrealized depreciation in the Real Estate segment and net sales of investments in Corporate Treasury Investments, though this decrease was partially offset by unrealized appreciation in the Private Equity segment.  **[0001193125-24-044485_d734131d10k.htm:173]** **[0001193125-24-044485_d734131d10k.htm:197]**  **Additionally**, other asset components, such as a notable decline in **Accounts Receivable** of **$269,539 thousand**, contributed to the overall reduction.  **[0001193125-24-044485_d734131d10k.htm:197]**  **Lastly**, while there was an increase in **Due from Affiliates** by **$319,814 thousand**, this was not enough to offset the other declines.  **[0001193125-24-044485_d734131d10k.htm:173]** **[0001193125-24-044485_d734131d10k.htm:197]** 

What factors contributed to the decrease in Total Assets in FY 2023?

The significant drop in Loans Payable in Q2 2024 was primarily driven by a **decrease of $556.8 million** resulting from the **deconsolidation of two CLOs (Collateralized Loan Obligations)** during the six-month period ended June 30, 2024.  **[0001193125-24-192846_d844230d10q.htm:123]** 

What drove the significant drop in Loans Payable in Q2 2024?

The **significant decrease** in Accounts Receivable in **Q4 2023** was noted to drop from **$693,786 thousand in Q3 2023** to **$193,365 thousand in Q4 2023**. The documents suggest potential factors contributing to this sharp decline such as more effective **collections of outstanding receivables**, lower revenue recognition, or possible **write-offs or adjustments** to receivables. However, the documents do not provide a definitive reason for this change.  **[0001193125-24-014831_d701698dex991.htm:33]** 

Why did Accounts Receivable fall so sharply in Q4 2023?

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1b0083f5a5a2126022494df1c5e591c9c1266fe9613d45ff2167408c47c648dd

Management and Advisory Fees, Net (USD, thousands)

Incentive Fees (USD, thousands)

Total Investment Income (USD, thousands)

Interest and Dividend Revenue (USD, thousands)

Other Revenues (USD, thousands)

Total Revenues (USD, thousands)

Total Compensation and Benefits (USD, thousands)

General, Administrative and Other Expenses (USD, thousands)

Interest Expense (USD, thousands)

Fund Expenses (USD, thousands)

Total Expenses (USD, thousands)

Total Other Income (Loss) (USD, thousands)

Income Before Provision for Taxes (USD, thousands)

Provision for Taxes (USD, thousands)

Net Income (USD, thousands)

Net Income Attributable to Non-Controlling Interests in Consolidated Entities (USD, thousands)

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings (USD, thousands)

Net Income Attributable to Blackstone Inc. (USD, thousands)

Net Income Per Share of Common Stock - Basic (USD)

Net Income Per Share of Common Stock - Diluted (USD)

1d4eebba6b2afbb51d86f947c5b468d8c87d2d63d581ecb8117784e20364fd10

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

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Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

d13b8025cb0e0e69ee761de5433b2a73e8916bcbd908164dcdd371ae7b8b0889

Fee-Earning Assets Under Management (USD billions)

Total Assets Under Management for Real Estate (USD thousands)

Total Assets Under Management for Private Equity (USD thousands)

Total Assets Under Management for Credit & Insurance (USD thousands)

Total Assets Under Management for Multi-Asset Investing (USD thousands)

Total Assets Under Management (All Segments) (USD thousands)

Net IRR for BREP VII (percentage)

Net IRR for BREP VIII (percentage)

7e01a271781450695dea56be891ea81d83c92d0cbcaf0a72e909f437703e6b8c

Americas

EMEA

Asia-Pacific

Total Revenue

a253cbe69678499c62c079d7299159774a1f1c74f3e826907b228cf7578ef11e

Real Estate

- Management Fees

- Fee Related Revenues

- Realized Performance Revenues

- Realized Investment Income

Private Equity

Credit & Insurance

Hedge Fund Solutions

Multi-Asset Investing

Financial Advisory

Interest and Dividend Revenue

Other Revenue

903e311d0459a5a373b80fad16dadebb260a612d450efd20d0ef7eeb8a778cf4

Blackstone (BX)

Financials