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: 2014 | |||
Consolidated Statements of Operations | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues | |||
| Management and Advisory Fees, Net | $ 2,497,252 | 2,193,985 | 2,030,693 |
| Performance Fees | |||
| Performance Fees Realized - Carried Interest | 2,450,082 | 943,958 | 327,422 |
| Performance Fees Realized - Incentive Fees | 249,005 | 464,838 | 301,801 |
| Performance Fees Unrealized - Carried Interest | 1,704,924 | 2,158,010 | 994,190 |
| Performance Fees Unrealized - Incentive Fees | (29,749) | (22,749) | (30,361) |
| Total Performance Fees | 4,374,262 | 3,544,057 | 1,593,052 |
| Investment Income | |||
| Realized | 523,735 | 188,644 | 93,963 |
| Unrealized | 10,265 | 611,664 | 256,231 |
| Total Investment Income | 534,000 | 800,308 | 350,194 |
| Interest and Dividend Revenue | 69,809 | 64,511 | 40,354 |
| Other | 9,405 | 10,307 | 5,148 |
| Total Revenues | 7,484,728 | 6,613,168 | 4,019,441 |
| Expenses | |||
| Compensation and Benefits Compensation | 1,868,868 | 1,844,485 | 2,091,698 |
| Performance Fee Compensation | |||
| Performance Fee Compensation - Realized Carried Interest | 815,643 | 257,201 | 96,433 |
| Performance Fee Compensation - Realized Incentive Fees | 110,099 | 200,915 | 140,042 |
| Performance Fee Compensation - Unrealized Carried Interest | 379,037 | 966,717 | 321,599 |
| Performance Fee Compensation - Unrealized Incentive Fees | (19,276) | (11,651) | (44,528) |
| Total Compensation and Benefits | 3,154,371 | 3,257,667 | 2,605,244 |
| General, Administrative and Other | 549,463 | 474,442 | 548,738 |
| Interest Expense | 121,524 | 107,973 | 72,870 |
| Fund Expenses | 30,498 | 26,658 | 33,829 |
| Total Expenses | 3,855,856 | 3,866,740 | 3,260,681 |
| Other Income | |||
| Reversal of Tax Receivable Agreement Liability | 20,469 | ||
| Net Gains from Fund Investment Activities | 357,854 | 381,664 | 256,145 |
| Total Other Income | 357,854 | 402,133 | 256,145 |
| Income Before Provision for Taxes | 3,986,726 | 3,148,561 | 1,014,905 |
| Provision for Taxes | 291,173 | 255,642 | 185,023 |
| Net Income | 3,695,553 | 2,892,919 | 829,882 |
| Net Income Attributable to Redeemable Non Controlling Interests in Consolidated Entities | 74,794 | 183,315 | 103,598 |
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities | 335,070 | 198,557 | 99,959 |
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings | 1,701,100 | 1,339,845 | 407,727 |
| Net Income Attributable to The Blackstone Group L.P. | 1,584,589 | 1,171,202 | 218,598 |
| Net Income Per Common Unit | |||
| Common Units, Basic | 2.60 | 2.00 | 0.41 |
| Common Units, Diluted | 2.58 | 1.98 | 0.41 |
| Weighted-Average Common Units Outstanding | |||
| Common Units, Basic | 608,803,111 | 587,018,828 | 533,703,606 |
| Common Units, Diluted | 613,176,405 | 590,546,640 | 538,669,070 |
| Revenues Earned from Affiliates | |||
| Management and Advisory Fees, Net | 327,134 | 253,877 | 254,729 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKSTONE INC. | |||
Ticker: BX Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net Income | $ 3,695,553 | 2,892,919 | 829,882 |
| Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment | (57,924) | 9,896 | 1,859 |
| Comprehensive Income | 3,637,629 | 2,902,815 | 831,741 |
| Less: Comprehensive Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 74,794 | 183,315 | 103,598 |
| Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities | 301,477 | 207,157 | 101,606 |
| Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings | 1,701,100 | 1,339,845 | 407,727 |
| Comprehensive Income Attributable to The Blackstone Group L.P. | 1,560,258 | 1,172,498 | 218,810 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKSTONE INC. | |||
Ticker: BX Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Operating Activities | |||
| Net Income | $ 3,695,553 | 2,892,919 | 829,882 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||
| Blackstone Funds Related | |||
| Unrealized Appreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities | (430,738) | (1,069,479) | (397,470) |
| Net Realized Gains on Investments | (3,343,635) | (1,792,106) | (710,755) |
| Changes in Unrealized (Gains) Losses on Investments Allocable to The Blackstone Group L.P. | 83,140 | (506,546) | (181,481) |
| Unrealized Depreciation on Hedge Activities | 22,599 | ||
| Non-Cash Performance Fees | (1,317,707) | (1,143,903) | (699,711) |
| Non-Cash Performance Fee Compensation | 1,285,503 | 1,413,182 | 513,546 |
| Equity-Based Compensation Expense | 734,733 | 855,087 | 949,633 |
| Excess Tax Benefits Related to Equity-Based Compensation | (25,646) | (5,769) | |
| Amortization of Intangibles | 101,915 | 95,671 | 139,174 |
| Other Non-Cash Amounts Included in Net Income | 121,808 | 206,451 | 353,052 |
| Cash Flows Due to Changes in Operating Assets and Liabilities | |||
| Cash Held by Blackstone Funds and Other | (390,092) | 371,641 | (367,101) |
| Cash Relinquished with Deconsolidation and Liquidation of Partnership | (476,533) | (173,726) | (48,284) |
| Accounts Receivable | 229,331 | (46,580) | (60,520) |
| Reverse Repurchase Agreements | 148,984 | 99,034 | (108,533) |
| Due from Affiliates | 229,837 | 237,169 | (73,485) |
| Other Assets | (82,890) | 15,445 | 51,031 |
| Accrued Compensation and Benefits | (836,852) | (454,724) | (119,862) |
| Securities Sold, Not Yet Purchased | (144,383) | (142,952) | 88,474 |
| Accounts Payable, Accrued Expenses and Other Liabilities | (305,978) | (316,082) | (408,256) |
| Repurchase Agreements | (325,199) | 174,629 | 40,417 |
| Due to Affiliates | 35,504 | (216,671) | (88,425) |
| Treasury Cash Management Strategies | |||
| Investments Purchased | (3,448,738) | (4,368,096) | (3,414,291) |
| Cash Proceeds from Sale of Investments | 3,022,390 | 4,643,886 | 2,729,689 |
| Blackstone Funds Related | |||
| Investments Purchased | (7,531,108) | (8,245,313) | (6,845,184) |
| Cash Proceeds from Sale or Pay Down of Investments | 10,625,790 | 11,024,774 | 8,389,016 |
| Net Cash Provided by Operating Activities | 1,654,989 | 3,547,941 | 583,155 |
| Investing Activities | |||
| Purchase of Furniture, Equipment and Leasehold Improvements | (30,271) | (25,637) | (37,020) |
| Net Cash Paid for Acquisitions, Net of Cash Acquired | (146,117) | (188,306) | |
| Changes in Restricted Cash | 5,846 | 5,850 | 2,345 |
| Net Cash Used in Investing Activities | (24,425) | (165,904) | (222,981) |
| Financing Activities | |||
| Distributions to Non-Controlling Interest Holders in Consolidated Entities | (982,405) | (844,011) | (261,582) |
| Contributions from Non-Controlling Interest Holders in Consolidated Entities | 1,560,183 | 1,114,457 | 773,714 |
| Purchase of Interests from Certain Non-Controlling Interest Holders | (6) | (43) | (63) |
| Payments Under Tax Receivable Agreement | (86,733) | ||
| Net Delivery of Vested Common Units and Repurchase of Common and Holdings Units | (36,252) | (24,140) | (22,364) |
| Excess Tax Benefits Related to Equity-Based Compensation | 25,646 | 5,769 | |
| Proceeds from Loans Payable | 491,150 | 11,367 | 633,742 |
| Repayment and Repurchase of Loans Payable | (8,735) | (16,777) | (33,168) |
| Distributions to Unitholders | (2,348,596) | (1,469,479) | (614,530) |
| Blackstone Funds Related | |||
| Proceeds from Loans Payable | 2,144,390 | 53,917 | 17,820 |
| Repayment of Loans Payable | (1,808,549) | (2,090,674) | (898,980) |
| Net Cash Used in Financing Activities | (1,049,907) | (3,259,614) | (405,411) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (183) | 73 | (5) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 580,474 | 122,496 | (45,242) |
| Cash and Cash Equivalents, Beginning of Period | 831,998 | 709,502 | |
| Cash and Cash Equivalents, End of Period | 1,412,472 | 831,998 | 709,502 |
| Supplemental Disclosure of Cash Flows Information | |||
| Payments for Interest | 116,296 | 125,361 | 80,159 |
| Payments for Income Taxes | 236,718 | 69,858 | 30,234 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||
| Non-Cash Contributions from Non-Controlling Interest Holders | 47,683 | 63,273 | 6,803 |
| Non-Cash Distributions to Non-Controlling Interest Holders | (60,589) | (18,537) | (6,803) |
| Net Activities Related to Capital Transactions of Consolidated Blackstone Funds | 16,181 | (6,029) | (5,409) |
| Net Assets Related to the Consolidation of CLO Vehicles | 8,398 | 233,541 | |
| Net Assets Related to the Consolidation of Certain Fund Entities | 354,080 | 659,001 | 50,224 |
| In-kind Redemption of Capital | (2,017) | ||
| In-kind Contribution of Capital | 2,323 | 2,017 | |
| Notes Issuance Costs | 4,375 | 4,788 | |
| Transfer of Interests to Non-Controlling Interest Holders | (1,885) | (2,403) | (4,584) |
| Change in The Blackstone Group L.P.'s Ownership Interest | 9,032 | (2,519) | (2,423) |
| Net Settlement of Vested Common Units | 69,426 | 153,522 | 167,046 |
| Conversion of Blackstone Holdings Units to Common Units | 117,877 | 43,255 | 256,239 |
| Acquisition of Ownership Interests from Non-Controlling Interest Holders | |||
| Deferred Tax Asset | (105,686) | (113,757) | (204,320) |
| Due to Affiliates | 82,704 | 33,177 | 146,964 |
| Partners' Capital | 22,982 | 80,580 | 57,356 |
| Issuance of New Units | 42,400 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKSTONE INC. | ||
Ticker: BX Fiscal Year: 2014 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Cash and Cash Equivalents | $ 1,412,472 | 831,998 |
| Cash Held by Blackstone Funds and Other | 1,808,092 | 1,045,882 |
| Investments (including assets pledged of $45,764 and $316,564 at December 31, 2014 and December 31, 2013, respectively) | 22,765,589 | 21,729,523 |
| Accounts Receivable | 559,321 | 888,356 |
| Reverse Repurchase Agreements | 148,984 | |
| Due from Affiliates | 1,128,408 | 1,192,044 |
| Intangible Assets, Net | 458,833 | 560,748 |
| Goodwill | 1,787,392 | 1,787,392 |
| Other Assets | 338,557 | 284,472 |
| Deferred Tax Assets | 1,252,230 | 1,209,207 |
| Total Assets | 31,510,894 | 29,678,606 |
| Liabilities and Partners' Capital | ||
| Loans Payable | 8,937,638 | 10,466,504 |
| Due to Affiliates | 1,490,088 | 1,436,859 |
| Accrued Compensation and Benefits | 2,439,257 | 2,132,939 |
| Securities Sold, Not Yet Purchased | 85,878 | 76,195 |
| Repurchase Agreements | 29,907 | 316,352 |
| Accounts Payable, Accrued Expenses and Other Liabilities | 1,194,579 | 872,086 |
| Total Liabilities | 14,177,347 | 15,300,935 |
| Commitments and Contingencies | ||
| Redeemable Non-Controlling Interests in Consolidated Entities | 2,441,854 | 1,950,442 |
| Partners' Capital | ||
| Partners' Capital (common units: 595,624,855 issued and outstanding as of December 31, 2014; 572,592,279 issued and outstanding as of December 31, 2013) | 6,999,830 | 6,002,592 |
| Appropriated Partners' Capital | 81,301 | 300,708 |
| Accumulated Other Comprehensive Income | (20,864) | 3,466 |
| Non-Controlling Interests in Consolidated Entities | 3,415,356 | 2,464,047 |
| Non-Controlling Interests in Blackstone Holdings | 4,416,070 | 3,656,416 |
| Total Partners' Capital | 14,891,693 | 12,427,229 |
| Total Liabilities and Partners' Capital | 31,510,894 | 29,678,606 |
| External Links | |
| BLACKSTONE INC. (BX) Fiscal Year 2014 | |
| 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 |