01—Abstract
Summary
Summary of the 8-K filed November 25, 2024. Cited figures are marked; the original filing is the authoritative source.
Blackstone's November 25, 2024 Form 8-K is a housekeeping filing rather than a financial-results release.
It recasts segment reporting for the 2023 Form 10-K and the Q1 2024 Form 10-Q to reflect two organizational changes effective the quarter ended June 30, 2024: the GP Stakes business moved from Multi-Asset Investing into Private Equity, and the Harvest Fund Advisors platform moved from Credit & Insurance into Multi-Asset Investing (formerly Hedge Fund Solutions). The filing states it does not otherwise reclassify or restate previously reported consolidated financial statements, and it does not reflect events after the original 10-K and 10-Q filing dates. For investors, the practical impact is on segment-level comparability rather than on the firm's consolidated results.
Segment figures such as Private Equity and Multi-Asset Investing revenues, Fee-Earning AUM, Fee Related Earnings and Segment Distributable Earnings now reflect the new composition for all periods presented, so analysts modeling segment trends should use the recast figures rather than prior-published numbers. Consolidated revenues, net income and Distributable Earnings are unchanged by the recast. The filing consists of Deloitte's consent (Exhibit 23.1), recast Item 1, Item 7 and Item 8 from the 2023 10-K (Exhibit 99.1), and recast Part I financial statements and MD&A from the Q1 2024 10-Q (Exhibit 99.2).
Its forward-looking statements caution readers to consult the risk factors in the 10-K. Investors should read the exhibits alongside the original filings.
02—Key points
Key Highlights
- Blackstone moved its GP Stakes business from the Multi-Asset Investing segment into the Private Equity segment, effective the quarter ended June 30, 2024.
- The Harvest Fund Advisors platform moved from the Credit & Insurance segment into Multi-Asset Investing, which was renamed from Hedge Fund Solutions.
- All prior periods are retrospectively recast in Exhibits 99.1 (2023 10-K sections) and 99.2 (Q1 2024 10-Q sections) to reflect the new segment composition.
- The filing states it does not reclassify or restate consolidated financial statements for any period, so consolidated revenues, net income and Distributable Earnings are unaffected.
- Segment-level metrics such as Fee-Earning AUM, Fee Related Earnings, Segment Distributable Earnings and segment revenues shift between Private Equity, Credit & Insurance and Multi-Asset Investing, which affects comparability with previously published segment data.
- The filing is a non-financial-performance disclosure that updates presentation only; it does not report new results, guidance or events occurring after the original 10-K and 10-Q dates.
- Deloitte & Touche LLP provides its consent to the incorporation of the recast 10-K financial statements (Exhibit 23.1).
03—Questions
Frequently Asked Questions
Does this 8-K change Blackstone's reported revenues, net income or earnings?
No. The filing states it does not otherwise reclassify or restate previously reported consolidated financial statements for any period. The changes affect only how segment results are presented, so consolidated revenues, net income and Distributable Earnings remain as originally reported.
Why did Blackstone move GP Stakes and Harvest into different segments?
The filing describes these as segment organizational updates but does not give a detailed business rationale. GP Stakes, which targets minority investments in private equity general partners, now sits within Private Equity, while Harvest, which invests in publicly traded energy infrastructure and midstream MLPs, now sits within Multi-Asset Investing. The changes align each platform with the segment whose strategy and management it more closely resembles.
How should investors adjust their models after this filing?
Investors should use the recast segment figures in Exhibits 99.1 and 99.2 for all historical periods, rather than previously published segment data, to ensure consistent comparisons. Consolidated totals do not need to be adjusted. Segment-level growth rates, Fee-Earning AUM and fee-related metrics for Private Equity, Credit & Insurance and Multi-Asset Investing should be recalculated on the new basis.
Does the filing include new financial results or updated guidance?
No. The exhibits repeat information from the 2023 Form 10-K and the Q1 2024 Form 10-Q, recast for segment changes. The filing explicitly does not reflect events occurring after the original filing dates of those reports, other than identifying the current names and compositions of segments, businesses and platforms.
04—Continue