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, 2019 have been derived from our consolidated financial statements. The audited Consolidated Statements of Financial Condition as of December 31, 2019 and 2018 and the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 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, 2017, 2016 and 2015 and the Consolidated Statements of Operations for the years ended December 31, 2016 and 2015 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, 2016 and 2015 have been recast to reflect these changes.

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,
	2019			2018			2017		2016		2015
	(Dollars in Thousands, Except Per Share Data)
Revenues
Management and Advisory Fees, Net	$	3,472,155		$	3,027,796		$	2,751,322	$	2,464,290	$	2,566,449
Incentive Fees		129,911			57,540			242,514		149,928		168,554
Total Investment Income		3,473,813			2,903,659			4,144,712		2,381,604		1,844,930
Interest and Dividend Revenue and Other		262,391			844,264			6,467		150,477		102,739

Total Revenues		7,338,270			6,833,259			7,145,015		5,146,299		4,682,672

Expenses
Total Compensation and Benefits		3,067,857			2,674,691			2,933,523		2,202,986		2,296,515
General, Administrative and Other		679,408			594,873			488,582		541,624		600,047
Interest Expense		199,648			163,990			197,486		152,654		144,522
Fund Expenses		17,738			78,486			132,787		52,181		79,499

Total Expenses		3,964,651			3,512,040			3,752,378		2,949,445		3,120,583

Other Income
Change in Tax Receivable Agreement Liability		161,567			—			403,855		—		82,707
Net Gains from Fund Investment Activities		282,829			191,722			321,597		184,750		176,364

Total Other Income		444,396			191,722			725,452		184,750		259,071

Income Before Provision (Benefit) for Taxes		3,818,015			3,512,941			4,118,089		2,381,604		1,821,160
Provision (Benefit) for Taxes		(47,952	)		249,390			743,147		132,362		190,398

Net Income		3,865,967			3,263,551			3,374,942		2,249,242		1,630,762
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(121	)		(2,104	)		13,806		3,977		11,145
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		476,779			358,878			497,439		246,152		219,900
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		1,339,627			1,364,989			1,392,323		960,099		686,529

Net Income Attributable to The Blackstone Group Inc.	$	2,049,682		$	1,541,788		$	1,471,374	$	1,039,014	$	713,188


	Year Ended December 31,
	2019		2018		2017		2016		2015
	(Dollars in Thousands, Except Per Share Data)
Net Income Per Share of Class A Common Stock
Basic	$	3.03	$	2.27	$	2.21	$	1.60	$	1.12

Diluted	$	3.03	$	2.26	$	2.21	$	1.56	$	1.04

Dividends Declared Per Share of Class A Common Stock (a)	$	1.92	$	2.42	$	2.32	$	1.66	$	2.90

(a)	Dividends declared reflects the calendar date of declaration for each dividend. The fourth quarter dividend, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.


	December 31,
	2019		2018		2017		2016		2015
	(Dollars in Thousands)
Statement of Financial Condition Data
Total Assets (a)	$	32,585,506	$	28,924,650	$	34,415,919	$	26,386,650	$	22,510,246
Senior Notes	$	4,600,856	$	3,471,151	$	3,514,815	$	3,399,922	$	2,797,060
Total Liabilities (a)	$	17,482,454	$	15,170,564	$	20,692,828	$	13,879,169	$	10,286,836
Redeemable Non-Controlling Interests in Consolidated Entities	$	87,651	$	141,779	$	210,944	$	185,390	$	183,459
Total Equity/Partners’ Capital	$	15,015,401	$	13,612,307	$	13,512,147	$	12,322,091	$	12,039,951

(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.

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