filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
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The consolidated statements of financial condition and income data as of and for each of the five years ended December 31, 2017 have been derived from our consolidated financial statements. The audited Consolidated Statements of Financial Condition as of December 31, 2017 and 2016 and the Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015 are included elsewhere in this Form 10-K. The audited Consolidated Statements of Financial Condition as of December 31, 2015, 2014 and 2013 and the Consolidated Statements of Operations for the years ended December 31, 2013 and 2012 are not included in this Form 10-K. Historical results are not necessarily indicative of results for any future period.
The selected consolidated financial data should be read in conjunction with “— Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included elsewhere in this Form 10-K:
| Year Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| Revenues | ||||||||||||||||||||
| Management and Advisory Fees, Net | $ | 2,729,056 | $ | 2,442,975 | $ | 2,542,505 | $ | 2,497,252 | $ | 2,193,985 | ||||||||||
| Performance Fees | 3,705,156 | 2,176,331 | 1,796,666 | 4,374,262 | 3,544,057 | |||||||||||||||
| Investment Income | 678,374 | 356,051 | 204,642 | 534,000 | 800,308 | |||||||||||||||
| Interest and Dividend Revenue and Other | 6,467 | 150,477 | 102,739 | 79,214 | 74,818 | |||||||||||||||
| Total Revenues | 7,119,053 | 5,125,834 | 4,646,552 | 7,484,728 | 6,613,168 | |||||||||||||||
| Expenses | ||||||||||||||||||||
| Compensation and Benefits | 2,930,815 | 2,203,430 | 2,290,751 | 3,154,371 | 3,257,667 | |||||||||||||||
| General, Administrative and Other | 466,316 | 520,309 | 576,103 | 549,463 | 474,442 | |||||||||||||||
| Interest Expense | 197,486 | 152,654 | 144,522 | 121,524 | 107,973 | |||||||||||||||
| Fund Expenses | 132,787 | 52,181 | 79,499 | 30,498 | 26,658 | |||||||||||||||
| Total Expenses | 3,727,404 | 2,928,574 | 3,090,875 | 3,855,856 | 3,866,740 | |||||||||||||||
| Other Income | ||||||||||||||||||||
| Reduction of Tax Receivable Agreement Liability | 403,855 | — | 82,707 | — | 20,469 | |||||||||||||||
| Net Gains from Fund Investment Activities | 321,597 | 184,750 | 176,364 | 357,854 | 381,664 | |||||||||||||||
| Total Other Income | 725,452 | 184,750 | 259,071 | 357,854 | 402,133 | |||||||||||||||
| Income Before Provision for Taxes | 4,117,101 | 2,382,010 | 1,814,748 | 3,986,726 | 3,148,561 | |||||||||||||||
| Provision for Taxes | 743,147 | 132,362 | 190,398 | 291,173 | 255,642 | |||||||||||||||
| Net Income | 3,373,954 | 2,249,648 | 1,624,350 | 3,695,553 | 2,892,919 | |||||||||||||||
| Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 13,806 | 3,977 | 11,145 | 74,794 | 183,315 | |||||||||||||||
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities | 497,439 | 246,152 | 219,900 | 335,070 | 198,557 | |||||||||||||||
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings | 1,391,879 | 960,284 | 683,516 | 1,701,100 | 1,339,845 | |||||||||||||||
| Net Income Attributable to The Blackstone Group L.P. | $ | 1,470,830 | $ | 1,039,235 | $ | 709,789 | $ | 1,584,589 | $ | 1,171,202 | ||||||||||
Table of Contents
| Year Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Net Income Per Common Unit, Basic and Diluted | ||||||||||||||||||||
| Common Units, Basic | $ | 2.21 | $ | 1.60 | $ | 1.12 | $ | 2.60 | $ | 2.00 | ||||||||||
| Common Units, Diluted | $ | 2.21 | $ | 1.56 | $ | 1.04 | $ | 2.58 | $ | 1.98 | ||||||||||
| Distributions Declared Per Common Unit (a) | $ | 2.32 | $ | 1.66 | $ | 2.90 | $ | 1.92 | $ | 1.18 | ||||||||||
| (a) | Distributions declared reflects the calendar date of declaration for each distribution. The fourth quarter distribution, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. |
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| December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| Statement of Financial Condition Data | ||||||||||||||||||||
| Total Assets (a) | $ | 34,428,910 | $ | 26,403,337 | $ | 22,526,080 | $ | 31,497,097 | $ | 29,668,959 | ||||||||||
| Senior Notes | $ | 3,514,815 | $ | 3,399,922 | $ | 2,797,060 | $ | 2,136,706 | $ | 1,654,659 | ||||||||||
| Total Liabilities (a) | $ | 20,699,355 | $ | 13,888,404 | $ | 10,295,623 | $ | 14,163,550 | $ | 15,291,288 | ||||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities (a) | $ | 210,944 | $ | 185,390 | $ | 183,459 | $ | 2,441,854 | $ | 1,950,442 | ||||||||||
| Total Partners’ Capital | $ | 13,518,611 | $ | 12,329,543 | $ | 12,046,998 | $ | 14,891,693 | $ | 12,427,229 |
| (a) | The increase in Total Assets and Total Liabilities from December 31, 2016 to December 31, 2017 is principally due to new consolidated CLO vehicles managed by our Credit segment. The decrease in total assets, total liabilities and redeemable non-controlling interests in consolidated entities from December 31, 2014 to December 31, 2015 was principally due to the adoption as of January 1, 2015 of new accounting consolidation guidance which resulted in the deconsolidation of certain Blackstone Funds. |
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Table of Contents
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