Item 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, 2018 have been derived from our consolidated financial statements. The audited Consolidated Statements of Financial Condition as of December 31, 2018 and 2017 and the Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016 are included in “Part II. Item 8. Financial Statements and Supplementary Data” of this filing. The audited Consolidated Statements of Financial Condition as of December 31, 2016, 2015 and 2014 and the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 are not included in this Form 10-K. Historical results are not necessarily indicative of results for any future period.

Effective January 1, 2018, Blackstone adopted new GAAP guidance on revenue recognition and implemented a change in accounting principal related to carried interest and incentive allocations, which are now accounted for under the GAAP guidance for equity method investments and are presented within Total Investment Income in the table below. Historical results for 2017 and 2016 have been recast to reflect these changes, while historical results for 2015 and 2014 have not been recast to reflect the adopted guidance. A complete description of the changes can be found in Note 2. “Summary of Significant Accounting Policies — Recent Accounting Developments” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” of this filing.

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,
	2018			2017		2016		2015		2014
	(Dollars in Thousands)
Revenues
Management and Advisory Fees, Net	$	3,027,796		$	2,751,322	$	2,464,290	$	2,542,505	$	2,497,252
Incentive Fees		57,540			242,514		149,928		156,378		156,235
Total Investment Income		2,903,659			4,144,712		2,381,604		1,844,930		4,752,027
Interest and Dividend Revenue and Other		844,264			6,467		150,477		102,739		79,214

Total Revenues		6,833,259			7,145,015		5,146,299		4,646,552		7,484,728

Expenses
Total Compensation and Benefits		2,674,691			2,933,523		2,202,986		2,290,751		3,154,371
General, Administrative and Other		594,873			488,582		541,624		576,103		549,463
Interest Expense		163,990			197,486		152,654		144,522		121,524
Fund Expenses		78,486			132,787		52,181		79,499		30,498

Total Expenses		3,512,040			3,752,378		2,949,445		3,090,875		3,855,856

Other Income
Reduction of Tax Receivable Agreement Liability		—			403,855		—		82,707		—
Net Gains from Fund Investment Activities		191,722			321,597		184,750		176,364		357,854

Total Other Income		191,722			725,452		184,750		259,071		357,854

Income Before Provision for Taxes		3,512,941			4,118,089		2,381,604		1,814,748		3,986,726
Provision for Taxes		249,390			743,147		132,362		190,398		291,173

Net Income		3,263,551			3,374,942		2,249,242		1,624,350		3,695,553
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(2,104	)		13,806		3,977		11,145		74,794
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		358,878			497,439		246,152		219,900		335,070
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		1,364,989			1,392,323		960,099		683,516		1,701,100

Net Income Attributable to The Blackstone Group L.P.	$	1,541,788		$	1,471,374	$	1,039,014	$	709,789	$	1,584,589


	Year Ended December 31,
	2018		2017		2016		2015		2014
	(Dollars in Thousands)
Net Income Per Common Unit, Basic and Diluted
Common Units, Basic	$	2.27	$	2.21	$	1.60	$	1.12	$	2.60

Common Units, Diluted	$	2.26	$	2.21	$	1.56	$	1.04	$	2.58

Distributions Declared Per Common Unit (a)	$	2.42	$	2.32	$	1.66	$	2.90	$	1.92

(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.


	December 31,
	2018		2017		2016		2015		2014
	(Dollars in Thousands)
Statement of Financial Condition Data
Total Assets (a)	$	28,924,650	$	34,415,919	$	26,386,650	$	22,526,080	$	31,497,097
Senior Notes	$	3,471,151	$	3,514,815	$	3,399,922	$	2,797,060	$	2,136,706
Total Liabilities (a)	$	15,170,564	$	20,692,828	$	13,879,169	$	10,295,623	$	14,163,550
Redeemable Non-Controlling Interests in Consolidated Entities (a)	$	141,779	$	210,944	$	185,390	$	183,459	$	2,441,854
Total Partners’ Capital	$	13,612,307	$	13,512,147	$	12,322,091	$	12,046,998	$	14,891,693

(a)

The decrease in Total Assets and Total Liabilities from December 31, 2017 to December 31, 2018 is primarily due to the deconsolidation of CLOs and other fund entities, partially offset by the launch of new consolidated CLOs. 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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Item 6. SELECTED FINANCIAL DATA

Item 6. SELECTED FINANCIAL DATA

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