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: 2017 | |||
Consolidated Statements of Operations | |||
Period Ending Dec 31, 2017 10-K (Filed: Mar 1, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenues | |||
| Management and Advisory Fees, Net | $ 2,729,056 | 2,442,975 | 2,542,505 |
| Performance Fees | |||
| Performance Fees Realized - Carried Interest | 3,439,754 | 1,474,830 | 3,205,290 |
| Performance Fees Realized - Incentive Fees | 374,571 | 170,537 | 193,238 |
| Performance Fees Unrealized - Carried Interest | (100,477) | 481,304 | (1,595,174) |
| Performance Fees Unrealized - Incentive Fees | (8,692) | 49,660 | (6,688) |
| Total Performance Fees | 3,705,156 | 2,176,331 | 1,796,666 |
| Investment Income (Loss) | |||
| Realized | 635,769 | 278,737 | 555,171 |
| Unrealized | 42,605 | 77,314 | (350,529) |
| Total Investment Income | 678,374 | 356,051 | 204,642 |
| Interest and Dividend Revenue | 139,696 | 95,724 | 94,957 |
| Other | (133,229) | 54,753 | 7,782 |
| Total Revenues | 7,119,053 | 5,125,834 | 4,646,552 |
| Expenses | |||
| Compensation and Benefits Compensation | 1,442,485 | 1,335,408 | 1,726,191 |
| Performance Fee Compensation | |||
| Performance Fee Compensation - Realized Carried Interest | 1,226,561 | 455,954 | 793,801 |
| Performance Fee Compensation - Realized Incentive Fees | 160,683 | 78,096 | 85,945 |
| Performance Fee Compensation - Unrealized Carried Interest | 105,372 | 312,838 | (312,696) |
| Performance Fee Compensation - Unrealized Incentive Fees | (4,286) | 21,134 | (2,490) |
| Total Compensation and Benefits | 2,930,815 | 2,203,430 | 2,290,751 |
| General, Administrative and Other | 466,316 | 520,309 | 576,103 |
| Interest Expense | 197,486 | 152,654 | 144,522 |
| Fund Expenses | 132,787 | 52,181 | 79,499 |
| Total Expenses | 3,727,404 | 2,928,574 | 3,090,875 |
| Other Income | |||
| Reduction of Tax Receivable Agreement Liability | 403,855 | 82,707 | |
| Net Gains from Fund Investment Activities | 321,597 | 184,750 | 176,364 |
| Total Other Income | 725,452 | 184,750 | 259,071 |
| Income Before Provision for Taxes | 4,117,101 | 2,382,010 | 1,814,748 |
| Provision for Taxes | 743,147 | 132,362 | 190,398 |
| Net Income | 3,373,954 | 2,249,648 | 1,624,350 |
| Net Income Attributable to Redeemable Non- Controlling Interests in Consolidated Entities | 13,806 | 3,977 | 11,145 |
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities | 497,439 | 246,152 | 219,900 |
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings | 1,391,879 | 960,284 | 683,516 |
| Net Income Attributable to The Blackstone Group L.P. | 1,470,830 | 1,039,235 | 709,789 |
| Net Income Per Common Unit | |||
| Common Units, Basic | 2.21 | 1.60 | 1.12 |
| Common Units, Diluted | 2.21 | 1.56 | 1.04 |
| Weighted-Average Common Units Outstanding | |||
| Common Units, Basic | 665,453,198 | 649,475,264 | 634,337,179 |
| Common Units, Diluted | 666,246,846 | 1,195,114,590 | 1,188,085,411 |
| Revenues Earned from Affiliates | |||
| Management and Advisory Fees, Net | 161,153 | 185,769 | 210,672 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKSTONE INC. | |||
Ticker: BX Fiscal Year: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Mar 1, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net Income | $ 3,373,954 | 2,249,648 | 1,624,350 |
| Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment | 80,366 | (22,194) | (49,238) |
| Comprehensive Income | 3,454,320 | 2,227,454 | 1,575,112 |
| Less: Comprehensive Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 13,806 | 3,977 | 11,145 |
| Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities | 548,936 | 234,326 | 202,318 |
| Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings | 1,391,879 | 960,284 | 683,516 |
| Comprehensive Income Attributable to The Blackstone Group L.P. | 1,499,699 | 1,028,867 | 678,133 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKSTONE INC. | |||
Ticker: BX Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Mar 1, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Operating Activities | |||
| Net Income | $ 3,373,954 | 2,249,648 | 1,624,350 |
| Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities Blackstone Funds Related | |||
| Net Realized Gains on Investments | (4,613,531) | (2,023,503) | (4,121,003) |
| Changes in Unrealized (Gains) Losses on Investments | (21,589) | (241,617) | 722,064 |
| Non-Cash Performance Fees | 109,169 | (305,559) | 1,391,946 |
| Non-Cash Performance Fee Compensation | 1,488,330 | 868,022 | 564,560 |
| Equity-Based Compensation Expense | 338,687 | 323,651 | 629,642 |
| Excess Tax Benefits Related to Equity-Based Compensation | (70,318) | ||
| Amortization of Intangibles | 46,776 | 82,943 | 101,437 |
| Other Non-Cash Amounts Included in Net Income | 362,865 | 16,711 | 144,657 |
| Cash Flows Due to Changes in Operating Assets and Liabilities | |||
| Cash Held by Blackstone Funds and Other | (807,551) | (452,108) | 1,220,959 |
| Cash Relinquished with Deconsolidation and Liquidation of Fund Equity | (33,566) | (442,370) | |
| Accounts Receivable | 282,026 | 87,074 | (213,706) |
| Reverse Repurchase Agreements | 118,495 | 86,398 | (204,893) |
| Due from Affiliates | (298,501) | (57,907) | (97,487) |
| Other Assets | 17,377 | 99,108 | (149,732) |
| Accrued Compensation and Benefits | (1,177,852) | (572,814) | (917,428) |
| Securities Sold, Not Yet Purchased | (62,730) | 42,761 | 96,780 |
| Accounts Payable, Accrued Expenses and Other Liabilities | (755,165) | (214,651) | (474,652) |
| Repurchase Agreements | 43,516 | 34,286 | 11,012 |
| Due to Affiliates | (9,652) | 39,035 | (102,847) |
| Investments Purchased | (19,573,153) | (8,798,358) | (7,937,114) |
| Cash Proceeds from Sale of Investments | 18,723,355 | 8,195,594 | 10,621,186 |
| Net Cash Provided by (Used in) Operating Activities | (2,448,740) | (541,286) | 2,397,043 |
| Investing Activities | |||
| Purchase of Furniture, Equipment and Leasehold Improvements | (24,347) | (21,826) | (59,247) |
| Net Cash Paid for Acquisitions, Net of Cash Acquired | (168,913) | ||
| Changes in Restricted Cash | 5,052 | (7,150) | 5,843 |
| Net Cash Used in Investing Activities | (188,208) | (28,976) | (53,404) |
| Financing Activities | |||
| Distributions to Non-Controlling Interest Holders in Consolidated Entities | (813,987) | (533,925) | (677,110) |
| Contributions from Non-Controlling Interest Holders in Consolidated Entities | 759,907 | 329,005 | 479,678 |
| Cash Relinquished in Conjunction with the Spin-Off | (55,412) | ||
| Payments Under Tax Receivable Agreement | (135,831) | (78,985) | (84,484) |
| Net Delivery of Vested Common Units and Repurchase of Common and Holdings Units | (30,192) | (27,623) | (61,031) |
| Excess Tax Benefits Related to Equity-Based Compensation | 70,318 | ||
| Proceeds from Loans Payable | 7,600,153 | 3,321,081 | 2,423,614 |
| Repayment and Repurchase of Loans Payable | (1,766,129) | (420,714) | (517,629) |
| Distributions to Unitholders | (2,842,582) | (2,018,669) | (3,497,346) |
| Net Cash Provided by (Used in) Financing Activities | 2,771,339 | 570,170 | (1,919,402) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 20,853 | 21 | 615 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 155,244 | (71) | 424,852 |
| Cash and Cash Equivalents, Beginning of Period | 1,837,253 | 1,837,324 | |
| Cash and Cash Equivalents, End of Period | 1,992,497 | 1,837,253 | 1,837,324 |
| Supplemental Disclosure of Cash Flows Information | |||
| Payments for Interest | 160,178 | 151,948 | 126,167 |
| Payments for Income Taxes | 106,032 | 65,790 | 115,814 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||
| Non-Cash Contributions from Non-Controlling Interest Holders | 1,112 | 1,155 | 2,277 |
| Non-Cash Distributions to Non-Controlling Interest Holders | (69,721) | (13,536) | (34) |
| Non-Cash Consideration for Acquisition | (95,262) | ||
| Net Assets Associated with the Spin-Off | (311,826) | ||
| Net Activities Related to Capital Transactions of Consolidated Blackstone Funds | (295) | ||
| Net Assets Related to the Consolidation of Certain Fund Entities | 387,006 | ||
| Notes Issuance Costs | 5,582 | 5,491 | 5,269 |
| Transfer of Interests to Non-Controlling Interest Holders | (6,016) | (8,278) | (12,272) |
| Change in The Blackstone Group L.P.'s Ownership Interest | (15,197) | 7,881 | 92,785 |
| Net Settlement of Vested Common Units | 127,392 | 101,898 | 139,941 |
| Conversion of Blackstone Holdings Units to Common Units | 59,334 | 77,520 | 131,883 |
| Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset | (74,487) | (59,304) | (195,291) |
| Due to Affiliates | 63,430 | 53,935 | 130,264 |
| Partners' Capital | 11,057 | 5,369 | 65,027 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKSTONE INC. | ||
Ticker: BX Fiscal Year: 2017 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2017 10-K (Filed: Mar 1, 2018) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Cash and Cash Equivalents | $ 1,992,497 | 1,837,253 |
| Cash Held by Blackstone Funds and Other | 1,929,531 | 1,005,161 |
| Investments (including assets pledged of $169,746 and $119,139 at December 31, 2017 and December 31, 2016, respectively) | 24,434,049 | 17,694,975 |
| Accounts Receivable | 887,162 | 772,695 |
| Reverse Repurchase Agreements | 0 | 118,495 |
| Due from Affiliates | 2,028,984 | 1,442,378 |
| Intangible Assets, Net | 409,828 | 262,604 |
| Goodwill | 1,778,192 | 1,718,519 |
| Other Assets | 242,697 | 264,788 |
| Deferred Tax Assets | 725,970 | 1,286,469 |
| Total Assets | 34,428,910 | 26,403,337 |
| Liabilities and Partners' Capital | ||
| Loans Payable | 14,815,436 | 8,866,366 |
| Due to Affiliates | 937,158 | 1,321,772 |
| Accrued Compensation and Benefits | 2,630,019 | 2,327,762 |
| Securities Sold, Not Yet Purchased | 154,380 | 215,398 |
| Repurchase Agreements | 118,840 | 75,324 |
| Accounts Payable, Accrued Expenses and Other Liabilities | 2,043,522 | 1,081,782 |
| Total Liabilities | 20,699,355 | 13,888,404 |
| Commitments and Contingencies | ||
| Redeemable Non-Controlling Interests in Consolidated Entities | 210,944 | 185,390 |
| Partners' Capital | ||
| The Blackstone Group L.P. Partners' Capital | ||
| Partners' Capital (common units: 659,526,093 issued and outstanding as of December 31, 2017; 643,459,542 issued and outstanding as of December 31, 2016) | 6,670,365 | 6,523,929 |
| Accumulated Other Comprehensive Income | (34,018) | (62,887) |
| Total The Blackstone Group L.P. Partners' Capital | 6,636,347 | 6,461,042 |
| Non-Controlling Interests in Consolidated Entities | 3,253,148 | 2,428,964 |
| Non-Controlling Interests in Blackstone Holdings | 3,629,116 | 3,439,537 |
| Total Partners' Capital | 13,518,611 | 12,329,543 |
| Total Liabilities and Partners' Capital | 34,428,910 | 26,403,337 |
| External Links | |
| BLACKSTONE INC. (BX) Fiscal Year 2017 | |
| 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 |