10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKSTONE INC. | |||
Ticker: BX Fiscal Year: 2013 | |||
Consolidated Statements of Operations | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues | |||
| Management and Advisory Fees, Net | $ 2,193,985 | 2,030,693 | 1,811,750 |
| Performance Fees | |||
| Performance Fees Realized - Carried Interest | 943,958 | 327,422 | 138,907 |
| Performance Fees Realized - Incentive Fees | 464,838 | 301,801 | 90,099 |
| Performance Fees Unrealized - Carried Interest | 2,158,010 | 994,190 | 971,518 |
| Performance Fees Unrealized - Incentive Fees | (22,749) | (30,361) | (17,864) |
| Total Performance Fees | 3,544,057 | 1,593,052 | 1,182,660 |
| Investment Income | |||
| Realized | 188,644 | 93,963 | 87,542 |
| Unrealized | 611,664 | 256,231 | 125,781 |
| Total Investment Income | 800,308 | 350,194 | 213,323 |
| Interest and Dividend Revenue | 64,511 | 40,354 | 37,427 |
| Other | 10,307 | 5,148 | 7,416 |
| Total Revenues | 6,613,168 | 4,019,441 | 3,252,576 |
| Expenses | |||
| Compensation and Benefits Compensation | 1,844,485 | 2,091,698 | 2,421,712 |
| Performance Fee Compensation | |||
| Performance Fee Compensation - Realized Carried Interest | 257,201 | 96,433 | 43,615 |
| Performance Fee Compensation - Realized Incentive Fees | 200,915 | 140,042 | 55,912 |
| Performance Fee Compensation - Unrealized Carried Interest | 966,717 | 321,599 | 237,945 |
| Performance Fee Compensation - Unrealized Incentive Fees | (11,651) | (44,528) | (20,759) |
| Total Compensation and Benefits | 3,257,667 | 2,605,244 | 2,738,425 |
| General, Administrative and Other | 474,442 | 548,738 | 566,313 |
| Interest Expense | 107,973 | 72,870 | 57,824 |
| Fund Expenses | 26,658 | 33,829 | 25,507 |
| Total Expenses | 3,866,740 | 3,260,681 | 3,388,069 |
| Other Income | |||
| Reversal of Tax Receivable Agreement Liability | 20,469 | 197,816 | |
| Net Gains from Fund Investment Activities | 381,664 | 256,145 | 14,935 |
| Total Other Income | 402,133 | 256,145 | 212,751 |
| Income Before Provision for Taxes | 3,148,561 | 1,014,905 | 77,258 |
| Provision for Taxes | 255,642 | 185,023 | 345,711 |
| Net Income (Loss) | 2,892,919 | 829,882 | (268,453) |
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 183,315 | 103,598 | (24,869) |
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities | 198,557 | 99,959 | 7,953 |
| Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,339,845 | 407,727 | (83,234) |
| Net Income (Loss) Attributable to The Blackstone Group L.P. | 1,171,202 | 218,598 | (168,303) |
| Net Income (Loss) Per Common Unit | |||
| Common Units, Basic | 2.00 | 0.41 | (0.35) |
| Common Units, Diluted | 1.98 | 0.41 | (0.35) |
| Weighted-Average Common Units Outstanding | |||
| Common Units, Basic | 587,018,828 | 533,703,606 | 475,582,718 |
| Common Units, Diluted | 590,546,640 | 538,669,070 | 475,582,718 |
| Revenues Earned from Affiliates | |||
| Management and Advisory Fees, Net | 253,877 | 254,729 | 317,675 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKSTONE INC. | |||
Ticker: BX Fiscal Year: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net Income (Loss) | $ 2,892,919 | 829,882 | (268,453) |
| Other Comprehensive Income, Net of Tax-Currency Translation Adjustment | 9,896 | 1,859 | 7,056 |
| Comprehensive Income (Loss) | 2,902,815 | 831,741 | (261,397) |
| Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 183,315 | 103,598 | (24,869) |
| Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities | 207,157 | 101,606 | 17,353 |
| Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,339,845 | 407,727 | (83,234) |
| Comprehensive Income (Loss) Attributable to The Blackstone Group L.P. | 1,172,498 | 218,810 | (170,647) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKSTONE INC. | |||
Ticker: BX Fiscal Year: 2013 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Operating Activities | |||
| Net Income (Loss) | $ 2,892,919 | 829,882 | (268,453) |
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | |||
| Blackstone Funds Related | |||
| Unrealized Depreciation (Appreciation) on Investments Allocable to Non-Controlling Interests in Consolidated Entities | (1,069,479) | (397,470) | 59,973 |
| Net Realized Gains on Investments | (1,792,106) | (710,755) | (540,353) |
| Changes in Unrealized Gains on Investments Allocable to The Blackstone Group L.P. | (506,546) | (181,481) | (116,183) |
| Unrealized Depreciation (Appreciation) on Hedge Activities | 22,599 | (1,283) | |
| Non-Cash Performance Fees | (1,143,903) | (699,711) | (714,830) |
| Non-Cash Performance Fee Compensation | 1,413,182 | 513,546 | 316,713 |
| Equity-Based Compensation Expense | 855,087 | 949,633 | 1,396,062 |
| Excess Tax Benefits Related to Equity-Based Compensation | (5,769) | ||
| Amortization of Intangibles | 95,671 | 139,174 | 207,591 |
| Other Non-Cash Amounts Included in Net Income (Loss) | 206,451 | 353,052 | 164,359 |
| Cash Flows Due to Changes in Operating Assets and Liabilities | |||
| Cash Held by Blackstone Funds and Other | 371,641 | (367,101) | 545,637 |
| Cash Relinquished with Deconsolidation and Liquidation of Partnership | (173,726) | (48,284) | (110,607) |
| Accounts Receivable | (46,580) | (60,520) | 116,714 |
| Reverse Repurchase Agreements | 99,034 | (108,533) | 41,940 |
| Due from Affiliates | 237,169 | (73,485) | (31,403) |
| Other Assets | 15,445 | 51,031 | (19,233) |
| Accrued Compensation and Benefits | (454,724) | (119,862) | (273,281) |
| Securities Sold, Not Yet Purchased | (142,952) | 88,474 | 22,407 |
| Accounts Payable, Accrued Expenses and Other Liabilities | (316,082) | (408,256) | (203,419) |
| Repurchase Agreements | 174,629 | 40,417 | 39,177 |
| Due to Affiliates | (216,671) | (88,425) | (3,439) |
| Treasury Cash Management Strategies | |||
| Investments Purchased | (4,368,096) | (3,414,291) | (3,198,632) |
| Cash Proceeds from Sale of Investments | 4,643,886 | 2,729,689 | 3,486,836 |
| Blackstone Funds Related | |||
| Investments Purchased | (8,245,313) | (6,845,184) | (6,113,038) |
| Cash Proceeds from Sale or Pay Down of Investments | 11,024,774 | 8,389,016 | 6,296,358 |
| Net Cash Provided by Operating Activities | 3,547,941 | 583,155 | 1,099,613 |
| Investing Activities | |||
| Purchase of Furniture, Equipment and Leasehold Improvements | (25,637) | (37,020) | (36,484) |
| Net Cash Paid for Acquisitions, Net of Cash Acquired | (146,117) | (188,306) | (23,744) |
| Changes in Restricted Cash | 5,850 | 2,345 | 330 |
| Net Cash Used in Investing Activities | (165,904) | (222,981) | (59,898) |
| Financing Activities | |||
| Distributions to Non-Controlling Interest Holders in Consolidated Entities | (844,011) | (261,582) | (608,287) |
| Contributions from Non-Controlling Interest Holders in Consolidated Entities | 1,114,457 | 773,714 | 1,183,952 |
| Purchase of Interests from Certain Non-Controlling Interest Holders | (43) | (63) | (466) |
| Net Delivery of Vested Common Units and Repurchase of Common and Holdings Units | (24,140) | (22,364) | (36,711) |
| Excess Tax Benefits Related to Equity-Based Compensation | 5,769 | ||
| Proceeds from Loans Payable | 11,367 | 633,742 | 13,301 |
| Repayment and Repurchase of Loans Payable | (16,777) | (33,168) | (27,424) |
| Distributions to Unitholders | (1,469,479) | (614,530) | (702,832) |
| Blackstone Funds Related | |||
| Proceeds from Loans Payable | 53,917 | 17,820 | 342,133 |
| Repayment of Loans Payable | (2,090,674) | (898,980) | (1,037,181) |
| Net Cash Used in Financing Activities | (3,259,614) | (405,411) | (873,515) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 73 | (5) | (77) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 122,496 | (45,242) | 166,123 |
| Cash and Cash Equivalents, Beginning of Period | 709,502 | 754,744 | |
| Cash and Cash Equivalents, End of Period | 831,998 | 709,502 | 754,744 |
| Supplemental Disclosure of Cash Flows Information | |||
| Payments for Interest | 125,361 | 80,159 | 81,407 |
| Payments for Income Taxes | 69,858 | 30,234 | 43,945 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||
| Non-Cash Contributions from Non-Controlling Interest Holders | 63,273 | 6,803 | |
| Non-Cash Distributions to Non-Controlling Interest Holders | (18,537) | (6,803) | |
| Net Activities Related to Capital Transactions of Consolidated Blackstone Funds | (6,029) | (5,409) | (2,775) |
| Net Assets Related to the Consolidation of CLO Vehicles | 233,541 | 97,773 | |
| Net Assets Related to the Consolidation of Certain Fund Entities | 659,001 | 50,224 | |
| In-kind Redemption of Capital | (2,017) | (52,467) | |
| In-kind Contribution of Capital | 2,323 | 2,017 | 8,705 |
| Notes Issuance Costs | 4,788 | ||
| Transfer of Interests to Non-Controlling Interest Holders | (2,403) | (4,584) | 2,614 |
| Change in The Blackstone Group L.P.'s Ownership Interest | (2,519) | (2,423) | (5,893) |
| Net Settlement of Vested Common Units | 153,522 | 167,046 | 186,644 |
| Conversion of Blackstone Holdings Units to Common Units | 43,255 | 256,239 | 228,722 |
| Acquisition of Ownership Interests from Non-Controlling Interest Holders | |||
| Deferred Tax Asset | (113,757) | (204,320) | (300,471) |
| Due to Affiliates | 33,177 | 146,964 | 242,080 |
| Partners' Capital | 80,580 | 57,356 | 58,391 |
| Issuance of New Units | 42,400 | 44,500 | |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKSTONE INC. | ||
Ticker: BX Fiscal Year: 2013 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Cash and Cash Equivalents | $ 831,998 | 709,502 |
| Cash Held by Blackstone Funds and Other | 1,045,882 | 1,404,411 |
| Investments (including assets pledged of $316,564 and $141,931 at December 31, 2013 and December 31, 2012, respectively) | 21,729,523 | 20,847,270 |
| Accounts Receivable | 888,356 | 638,164 |
| Reverse Repurchase Agreements | 148,984 | 248,018 |
| Due from Affiliates | 1,192,044 | 1,120,067 |
| Intangible Assets, Net | 560,748 | 598,535 |
| Goodwill | 1,787,392 | 1,703,602 |
| Other Assets | 284,472 | 376,372 |
| Deferred Tax Assets | 1,209,207 | 1,285,611 |
| Total Assets | 29,678,606 | 28,931,552 |
| Liabilities and Partners' Capital | ||
| Loans Payable | 10,466,504 | 13,051,404 |
| Due to Affiliates | 1,436,859 | 2,002,644 |
| Accrued Compensation and Benefits | 2,132,939 | 1,254,978 |
| Securities Sold, Not Yet Purchased | 76,195 | 226,425 |
| Repurchase Agreements | 316,352 | 142,266 |
| Accounts Payable, Accrued Expenses and Other Liabilities | 872,086 | 1,038,888 |
| Total Liabilities | 15,300,935 | 17,716,605 |
| Commitments and Contingencies | ||
| Redeemable Non-Controlling Interests in Consolidated Entities | 1,950,442 | 1,556,185 |
| Partners' Capital | ||
| Partners' Capital (common units: 572,592,279 issued and outstanding as of December 31, 2013; 556,354,387 issued and outstanding as of December 31, 2012) | 6,002,592 | 4,955,649 |
| Appropriated Partners' Capital | 300,708 | 509,028 |
| Accumulated Other Comprehensive Income | 3,466 | 2,170 |
| Non-Controlling Interests in Consolidated Entities | 2,464,047 | 1,443,559 |
| Non-Controlling Interests in Blackstone Holdings | 3,656,416 | 2,748,356 |
| Total Partners' Capital | 12,427,229 | 9,658,762 |
| Total Liabilities and Partners' Capital | 29,678,606 | 28,931,552 |
| External Links | |
| BLACKSTONE INC. (BX) Fiscal Year 2013 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |