Blackstone (BX) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		555,683,550

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and Cash Equivalents	$ 2,164,640	$ 1,412,472
Cash Held by Blackstone Funds and Other	774,740	1,808,092
Investments (including assets pledged of $64,383 and $45,764 at June 30, 2015 and December 31, 2014, respectively)	15,919,810	22,765,589
Accounts Receivable	661,580	559,321
Reverse Repurchase Agreements	61,376
Due from Affiliates	1,257,311	1,128,408
Intangible Assets, Net	409,828	458,833
Goodwill	1,787,392	1,787,392
Other Assets	338,277	324,760
Deferred Tax Assets	1,308,547	1,252,230
Total Assets	24,683,501	31,497,097
Liabilities and Partners' Capital
Loans Payable	5,836,622	8,923,841
Due to Affiliates	1,376,466	1,490,088
Accrued Compensation and Benefits	2,441,232	2,439,257
Securities Sold, Not Yet Purchased	138,783	85,878
Repurchase Agreements	41,654	29,907
Accounts Payable, Accrued Expenses and Other Liabilities	936,976	1,194,579
Total Liabilities	$ 10,771,733	$ 14,163,550
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	$ 196,600	$ 2,441,854
Partners' Capital
Partners' Capital (common units: 616,730,302 issued and outstanding as of June 30, 2015; 595,624,855 issued and outstanding as of December 31, 2014)	7,176,451	6,999,830
Appropriated Partners' Capital		81,301
Accumulated Other Comprehensive Loss	(36,122)	(20,864)
Total The Blackstone Group L.P. Partners' Capital	7,140,329	7,060,267
Non-Controlling Interests in Consolidated Entities	2,314,390	3,415,356
Non-Controlling Interests in Blackstone Holdings	4,260,449	4,416,070
Total Partners' Capital	13,715,168	14,891,693
Total Liabilities and Partners' Capital	$ 24,683,501	$ 31,497,097

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments assets pledged	$ 64,383	$ 45,764
Partners' Capital, common units: issued	616,730,302	595,624,855
Partners' Capital, common units: outstanding	616,730,302	595,624,855
Assets
Cash Held by Blackstone Funds and Other	$ 774,740	$ 1,808,092
Investments	15,919,810	22,765,589
Accounts Receivable	661,580	559,321
Due from Affiliates	1,257,311	1,128,408
Other Assets	338,277	324,760
Total Assets	24,683,501	31,497,097
Liabilities
Loans Payable	5,836,622	8,923,841
Due to Affiliates	1,376,466	1,490,088
Accounts Payable, Accrued Expenses and Other	936,976	1,194,579
Total Liabilities	10,771,733	14,163,550
Blackstone Funds And Other
Assets
Cash Held by Blackstone Funds and Other	507,512	1,325,094
Investments	4,514,950	7,759,322
Accounts Receivable	228,348	131,996
Due from Affiliates	61,420	65,124
Other Assets	8,111	48,441
Total Assets	5,320,341	9,329,977
Liabilities
Loans Payable	3,026,959	6,787,100
Due to Affiliates	106,523	182,107
Accounts Payable, Accrued Expenses and Other	534,105	697,149
Total Liabilities	$ 3,667,587	$ 7,666,356

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Management and Advisory Fees, Net	$ 574,132	$ 619,523	$ 1,190,900	$ 1,192,683
Performance Fees
Performance Fees Realized - Carried Interest	937,483	641,659	2,145,077	975,282
Performance Fees Realized - Incentive Fees	47,682	39,504	77,320	83,298
Performance Fees Unrealized - Carried Interest	(441,930)	660,682	(68,090)	991,076
Performance Fees Unrealized - Incentive Fees	25,070	54,639	87,106	118,872
Total Performance Fees	568,305	1,396,484	2,241,413	2,168,528
Investment Income
Realized	157,823	215,710	345,753	368,736
Unrealized	(100,999)	10,809	(82,726)	24,309
Total Investment Income	56,824	226,519	263,027	393,045
Interest and Dividend Revenue	21,965	15,340	43,885	29,409
Other	3,976	(6)	(1,665)	863
Total Revenues	1,225,202	2,257,860	3,737,560	3,784,528
Expenses
Compensation and Benefits Compensation	473,019	500,641	1,032,578	985,992
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest	238,033	260,301	530,281	409,699
Performance Fee Compensation - Realized Incentive Fees	21,837	18,509	34,064	42,144
Performance Fee Compensation - Unrealized Carried Interest	(50,559)	114,296	23,821	155,026
Performance Fee Compensation - Unrealized Incentive Fees	6,130	24,692	31,091	48,223
Total Compensation and Benefits	688,460	918,439	1,651,835	1,641,084
General, Administrative and Other	146,859	136,492	277,832	272,046
Interest Expense	37,414	29,847	68,784	54,514
Fund Expenses	41,699	5,003	58,549	9,988
Total Expenses	914,432	1,089,781	2,057,000	1,977,632
Other Income
Net Gains from Fund Investment Activities	82,015	138,585	175,570	208,740
Income Before Provision for Taxes	392,785	1,306,664	1,856,130	2,015,636
Provision for Taxes	43,251	83,282	142,595	137,379
Net Income	349,534	1,223,382	1,713,535	1,878,257
Net Income Attributable to Redeemable Non Controlling Interests in Consolidated Entities	13,780	22,486	21,307	68,278
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	66,716	140,061	148,512	184,022
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	134,870	543,819	780,100	843,324
Net Income Attributable to The Blackstone Group L.P.	$ 134,168	$ 517,016	$ 763,616	$ 782,633
Distributions Declared Per Common Unit	$ 0.89	$ 0.35	$ 1.67	$ 0.93
Net Income Per Common Unit
Common Units, Basic	0.21	0.85	1.21	1.30
Common Units, Diluted	$ 0.21	$ 0.85	$ 1.21	$ 1.29
Weighted-Average Common Units Outstanding
Common Units, Basic	631,881,205	606,690,740	628,597,331	604,123,284
Common Units, Diluted	634,192,649	609,897,829	632,730,589	607,797,760
Revenues Earned from Affiliates
Management and Advisory Fees, Net	$ 28,831	$ 81,343	$ 76,943	$ 155,375

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income	$ 349,534	$ 1,223,382	$ 1,713,535	$ 1,878,257
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	14,876	(564)	(32,912)	(1,730)
Comprehensive Income	364,410	1,222,818	1,680,623	1,876,527
Less Comprehensive Income in Redeemable Non-Controlling Interests in Consolidated Entities	13,780	22,486	21,307	68,278
Less Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	75,700	136,166	130,858	180,009
Less Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	134,870	543,819	780,100	843,324
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 140,060	$ 520,347	$ 748,358	$ 784,916

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands	Total	Partners' Capital	Appropriated Partners' Capital	Accumulated Other Comprehensive Income	Total	Non-Controlling Interests in Consolidated Entities	Non-Controlling Interests in Blackstone Holdings	Total Partners' Capital	Redeemable NonControlling Interests in Consolidated Entities	Common Units
Beginning Balance, Units at Dec. 31, 2013										572,592,279
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units										6,185,592
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units										9,594,080
Ending Balance, Units at Jun. 30, 2014										588,371,951
Beginning Balance at Dec. 31, 2013		$ 6,002,592	$ 300,708	$ 3,466	$ 6,306,766	$ 2,464,047	$ 3,656,416	$ 12,427,229
Beginning Balance at Dec. 31, 2013									$ 1,950,442
Transition and Acquisition Adjustments Relating to Consolidation of CLO Entities			8,398		8,398			8,398
Consolidation of Fund Entity						4,511		4,511	30,922
Net Income	$ 1,878,257	782,633			782,633	184,022	843,324	1,809,979	68,278
Allocation of Income / (Losses) of Consolidated CLO Entities			(34,505)		(34,505)	34,505
Currency Translation Adjustment	(1,730)			2,283	2,283	(4,013)		(1,730)
Allocation of Currency Translation Adjustment of Consolidated CLO Entities			(4,013)		(4,013)	4,013
Reclassification of Currency Translation Adjustment Due to Deconsolidation of CLO Entities		(2,695)			(2,695)			(2,695)
Capital Contributions						256,603		256,603	447,785
Capital Distributions		(550,393)			(550,393)	(248,011)	(572,730)	(1,371,134)	(213,258)
Transfer of Non-Controlling Interests in Consolidated Entities						(3,014)		(3,014)
Purchase of Interests from Certain Non-Controlling Interest Holders		(6)			(6)			(6)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		14,996			14,996			14,996
Equity-Based Compensation		232,313			232,313		215,825	448,138
Relinquished with Deconsolidation and Liquidation of Partnership			(52,309)		(52,309)	(55)		(52,364)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(24,860)			(24,860)		(430)	(25,290)
Excess Tax Benefits Related to Equity-Based Compensation, Net		12,915			12,915			12,915
Change in The Blackstone Group L.P.'s Ownership Interest	(11,704)	(11,704)			(11,704)		11,704
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		64,497			64,497		(64,497)
Ending Balance at Jun. 30, 2014		6,520,288	218,279	5,749	6,744,316	2,692,608	4,089,612	13,526,536
Ending Balance at Jun. 30, 2014									2,284,169
Beginning Balance, Units at Dec. 31, 2014										595,624,855
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units										10,593,940
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units										10,511,507
Ending Balance, Units at Jun. 30, 2015										616,730,302
Beginning Balance at Dec. 31, 2014	14,891,693	6,999,830	81,301	(20,864)	7,060,267	3,415,356	4,416,070	14,891,693
Beginning Balance at Dec. 31, 2014	2,441,854								2,441,854
Deconsolidation of CLOs and Funds on adoption of ASU 2015-02			(90,928)		(90,928)	(1,002,728)		(1,093,656)	(2,258,289)
Net Income	1,713,535	763,616			763,616	148,512	780,100	1,692,228	21,307
Currency Translation Adjustment	(32,912)			(15,258)	(15,258)	(39,546)		(54,804)
Capital Contributions						221,797		221,797	2,241
Capital Distributions		(1,040,920)			(1,040,920)	(410,702)	(1,005,848)	(2,457,470)	(10,513)
Transfer of Non-Controlling Interests in Consolidated Entities						(18,299)		(18,299)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		17,714			17,714			17,714
Equity-Based Compensation		255,179			255,179		226,774	481,953
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(33,757)			(33,757)		(1,903)	(35,660)
Excess Tax Benefits Related to Equity-Based Compensation, Net		60,045			60,045			60,045
Change in The Blackstone Group L.P.'s Ownership Interest	67,809	67,809			67,809		(67,809)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		86,935			86,935		(86,935)
Ending Balance at Jun. 30, 2015	13,715,168	$ 7,176,451		$ (36,122)	7,140,329	$ 2,314,390	$ 4,260,449	13,715,168
Ending Balance at Jun. 30, 2015	$ 196,600								$ 196,600
Adjustment to Appropriated Partners' Capital on adoption of ASU 2014-13			$ 9,627		$ 9,627			$ 9,627

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net Income	$ 1,713,535	$ 1,878,257
Blackstone Funds Related
Unrealized Appreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities	(28,903)	(290,698)
Net Realized Gains on Investments	(2,689,849)	(1,457,777)
Changes in Unrealized Losses on Investments Allocable to The Blackstone Group L.P.	53,219	45,811
Non-Cash Performance Fees	37,652	(930,489)
Non-Cash Performance Fee Compensation	619,256	655,092
Equity-Based Compensation Expense	482,683	381,553
Excess Tax Benefits Related to Equity-Based Compensation	(60,045)	(17,938)
Amortization of Intangibles	48,422	51,824
Other Non-Cash Amounts Included in Net Income	167,112	113,063
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	1,033,351	(106,245)
Cash Relinquished in Deconsolidation and Liquidation of Partnership	(442,370)	(293,989)
Accounts Receivable	28,916	280,586
Reverse Repurchase Agreements	(61,376)	118,263
Due from Affiliates	(85,616)	244,803
Other Assets	(87,332)	(30,289)
Accrued Compensation and Benefits	(577,607)	(340,604)
Securities Sold, Not Yet Purchased	56,906	(97,247)
Accounts Payable, Accrued Expenses and Other Liabilities	(444,242)	(440,090)
Repurchase Agreements	11,743	(313,675)
Due to Affiliates	(109,090)	3,672
Treasury Cash Management Strategies
Investments Purchased	(2,013,059)	(1,595,138)
Cash Proceeds from Sale of Investments	2,035,454	1,767,007
Blackstone Funds Related
Investments Purchased	(1,716,764)	(3,686,756)
Cash Proceeds from Sale or Pay Down of Investments	3,628,386	5,904,448
Net Cash Provided by Operating Activities	1,600,382	1,843,444
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(16,539)	(13,618)
Changes in Restricted Cash	5,843	5,841
Net Cash Used in Investing Activities	(10,696)	(7,777)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(421,088)	(449,914)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	220,243	690,755
Purchase of Interests from Certain Non-Controlling Interest Holders		(6)
Payments Under Tax Receivable Agreement	(82,830)	(80,565)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(35,660)	(25,290)
Excess Tax Benefits Related to Equity-Based Compensation	60,045	17,938
Proceeds from Loans Payable	675,831	490,101
Repayment and Repurchase of Loans Payable	(2,652)	(7,934)
Distributions to Unitholders	(2,046,768)	(1,123,123)
Blackstone Funds Related
Proceeds from Loans Payable	888,535	42,197
Repayment of Loans Payable	(93,358)	(998,743)
Net Cash Used in Financing Activities	(837,702)	(1,444,584)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	184	(8)
Net Increase in Cash and Cash Equivalents	752,168	391,075
Cash and Cash Equivalents, Beginning of Period	1,412,472	831,998
Cash and Cash Equivalents, End of Period	2,164,640	1,223,073
Supplemental Disclosure of Cash Flows Information
Payments for Interest	62,691	49,580
Payments for Income Taxes	91,513	89,792
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	1,022	10,553
Non-Cash Distributions to Non-Controlling Interest Holders	(127)	(11,355)
Net Activities Related to Capital Transactions of Consolidated Blackstone Funds	(277)	5,239
Net Assets Related to the Consolidation of CLO Vehicles		8,398
Net Assets Related to the Consolidation of Certain Fund Entities		35,433
Notes Issuance Costs	5,269	4,375
Transfer of Interests to Non-Controlling Interest Holders	(18,299)	(3,014)
Change in The Blackstone Group L.P.'s Ownership Interest	67,809	(11,704)
Net Settlement of Vested Common Units	108,664	59,301
Conversion of Blackstone Holdings Partnership Units to Common Units	86,935	64,497
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(108,594)	(63,173)
Due to Affiliates	90,880	48,177
Partners' Capital	$ 17,714	$ 14,996

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2015
ORGANIZATION	1. ORGANIZATION The Blackstone Group L.P., together with its subsidiaries (“Blackstone” or the “Partnership”), is a leading global manager of private capital and provider of financial advisory services. The alternative asset management business includes the management of private equity funds, real estate funds, real estate investment trusts (“REITs”), funds of hedge funds, hedge funds, credit-focused funds, collateralized loan obligation (“CLO”) vehicles, collateralized debt obligation (“CDO”) vehicles, separately managed accounts and registered investment companies (collectively referred to as the “Blackstone Funds”). Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory, capital markets and fund placement services. Blackstone’s business is organized into five segments: private equity, real estate, hedge fund solutions, credit and financial advisory. The Partnership was formed as a Delaware limited partnership on March 12, 2007. The Partnership is managed and operated by its general partner, Blackstone Group Management L.L.C., which is in turn wholly owned and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”), and Blackstone’s other senior managing directors. The activities of the Partnership are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings”, “Blackstone Holdings Partnerships” or the “Holding Partnerships”). The Partnership, through its wholly owned subsidiaries, is the sole general partner in each of these Holding Partnerships. Generally, holders of the limited partner interests in the four Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common units, on a one-to-one basis, exchanging one Partnership Unit in each of the four Holding Partnerships for one Blackstone common unit.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of the Partnership, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which the Partnership is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is presumed to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. The Partnership has a controlling interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick out rights or participating rights. Accordingly, the Partnership consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, the Partnership consolidates all variable interest entities (“VIE”) in which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance related fees), would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. The Partnership determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and reconsiders that conclusion continually. In evaluating whether the Partnership is the primary beneficiary, Blackstone evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Partnership is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Partnership, affiliates of the Partnership or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, the Partnership assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated variable interest entities that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”. Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The type of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. The Partnership does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. • Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Upon adoption of the new CLO measurement guidance adopted as of January 1, 2015, senior and subordinate notes issued by CLO vehicles are classified within Level II of the fair value hierarchy. • Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. For periods prior to the adoption of new CLO measurement guidance, senior and subordinate notes issued by CLO vehicles are classified within Level III of the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Transfers between levels of the fair value hierarchy are recognized at the beginning of the reporting period. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles, those held within Blackstone’s Treasury Cash Management Strategies and debt securities sold, not yet purchased and interests in investment funds. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: • Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. • Freestanding Derivatives and Derivative Instruments Designated as Fair Value Hedges are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. • Upon adoption of the new CLO measurement guidance adopted as of January 1, 2015, senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, certain funds of hedge funds and credit-focused investments. Private Equity Investments — Real Estate Investments — Credit-Focused Investments — Credit-Focused Liabilities — Level III Valuation Process Investments classified within Level III of the fair value hierarchy are valued on a quarterly basis, taking into consideration any changes in Blackstone’s weighted-average cost of capital assumptions, discounted cash flow projections and exit multiple assumptions, as well as any changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by an independent valuation party, at least annually for all investments, and quarterly for certain investments, to corroborate the values determined by management. The valuations of Blackstone’s investments are reviewed quarterly by a valuation committee that is chaired by Blackstone’s Vice Chairman and includes senior heads of each of Blackstone’s businesses, as well as representatives of legal and finance. Each quarter, the valuations of Blackstone’s investments are also reviewed by the Audit Committee in a meeting attended by the chairman of the valuation committee. The valuations are further tested by comparison to actual sales prices obtained on disposition of the investments. Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, the Partnership has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. The Partnership has applied the fair value option for certain loans and receivables and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. Accounting for these financial instruments at fair value is consistent with how the Partnership accounts for its other principal investments. Loans extended to third parties are recorded within Accounts Receivable within the Condensed Consolidated Statements of Financial Condition. Debt securities for which the fair value option has been elected are recorded within Investments. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. In addition, the Partnership has elected the fair value option for the assets and liabilities of CLO vehicles that are consolidated as of January 1, 2010, as a result of the initial adoption of variable interest entity consolidation guidance. The Partnership has also elected the fair value option for CLO vehicles consolidated as a result of the acquisitions of CLO management contracts or the acquisition of the share capital of CLO managers. Historically, the adjustment resulting from the difference between the fair value of assets and liabilities for each of these events was presented as a transition and acquisition adjustment to Appropriated Partners’ Capital. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income subsequent to adoption and acquisition are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Historically, amounts attributable to Non-Controlling Interests in Consolidated Entities had a corresponding adjustment to Appropriated Partners’ Capital. On the adoption of the new CLO measurement guidance, there is no attribution of amounts to Non-Controlling Interests and no corresponding adjustment to Appropriated Partners’ Capital. The Partnership has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option” to the Condensed Consolidated Financial Statements. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, the Partnership may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Partnership will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side pocket no longer exist. As the timing of either of these events is uncertain, the timing at which the Partnership may redeem an investment held in a side pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value”. Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which the Partnership is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting. Under the equity method of accounting, the Partnership’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. As the underlying investments of the Partnership’s equity method investments in Blackstone Funds are reported at fair value, the carrying value of the Partnership’s equity method investments approximates fair value. Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of repurchase and reverse repurchase agreements approximates fair value. The Partnership manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Partnership, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The Partnership takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. The Partnership also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to reverse repurchase and repurchase agreements are discussed in Note 10. “Reverse Repurchase and Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that the Partnership has borrowed and sold. The Partnership is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. The Partnership is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments The Partnership recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date the Partnership enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation is reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. The Partnership formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and the Partnership’s evaluation of effectiveness of its hedged transaction. At least monthly, the Partnership also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, the Partnership uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The Partnership may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, the Partnership presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by the Partnership, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets are recorded within Investments and freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. The Partnership has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Partnership, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates. Distributions Distributions are reflected in the condensed consolidated financial statements when declared. Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The guidance introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and determining the transaction price and amounts allocated to performance obligations. Additional disclosures are required about assets recognized from the costs to obtain or fulfill a contract. The amended guidance is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The guidance may have a material impact on Blackstone’s consolidated financial statements if it is determined that both performance fees and carried interest are forms of variable consideration that may not be included in the transaction price. This may significantly delay the recognition of carried interest income and performance fees. In June 2014, the FASB issued amended guidance on transfers and servicing. Under the amended guidance, repurchase transactions previously accounted for as sales should be accounted for as secured borrowings. There are additional disclosures relating to repurchase agreements, secured lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings including a disaggregation of the gross obligations by the class of collateral pledged, the remaining contractual tenor of the agreements and a discussion of the potential risks associated with the agreements and the related collateral pledged. The accounting guidance is effective for the first interim or annual period beginning after December 15, 2014. Adoption did not have a material impact on Blackstone’s financial statements. The amended disclosure guidance is effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The amended disclosure requirements are presented in Note 10. “Reverse Repurchase and Repurchase Agreements”. Adoption did not have a material impact on Blackstone’s financial statements. In August 2014, the FASB issued amended guidance on the measurement of financial assets and financial liabilities of a consolidated collateralized financing entity. Under the amended guidance, a reporting entity that consolidates a collateralized financing entity may elect to measure the financial assets and the financial liabilities using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. When this measurement alternative is elected, a reporting entity’s consolidated net income (loss) should reflect the reporting entity’s own economic interest in the collateralized financing entity, including (a) changes in the fair value of the beneficial interests retained by the reporting entity and (b) beneficial interests that represent compensation for services. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of the annual period. The Partnership adopted the amended guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. As a result, prior periods have not been impacted. The guidance impacted the measurement of the financial liabilities of Blackstone’s consolidated CLOs. Adoption did not have a material impact on Blackstone’s financial statements. In February 2015, the FASB issued amended guidance on consolidation. The amended guidance modifies the analysis that companies must perform in order to determine whether a legal entity should be consolidated. The amended guidance simplifies current consolidation rules by (a) reducing the number of consolidation models, (b) eliminating the risk that a reporting entity may have to consolidate a legal entity solely based on a fee arrangement with another legal entity, (c) placing more weight on the risk of loss in order to identify the party that has a controlling financial interest, (d) reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest, and changing rules for companies in certain industries that ordinarily employ limited partnership or VIE structures. The amended guidance is effective for public entities for interim and annual periods beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Partnership adopted the guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. As a result, prior periods have not been impacted. As a result of adoption, certain Blackstone Funds were deconsolidated as of January 1, 2015 resulting in a reduction in consolidated assets and liabilities as of January 1, 2015 of $8.0 billion and $4.7 billion, respectively. The impact of adoption on Redeemable Non-Controlling Interests in Consolidated Entities, Appropriated Partners’ Capital, and Non-Controlling Interests in Consolidated Entities as of January 1, 2015 was a reduction of $2.3 billion, $90.9 million and $1.0 billion, respectively. Adoption of the amended guidance had no impact on Net Income Attributable to The Blackstone Group L.P. In

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2015
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: June 30, 2015 December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,464,017 $ 1,464,017 Accumulated Amortization (1,054,189 ) (1,005,184 ) Intangible Assets, Net $ 409,828 $ 458,833 Amortization expense associated with Blackstone’s intangible assets was $23.6 million and $48.4 million for the three and six month periods ended June 30, 2015, respectively, and $25.6 million and $51.8 million for the three and six month periods ended June 30, 2014, respectively. Amortization of Intangible Assets held at June 30, 2015 is expected to be $95.6 million, $85.6 million, $46.5 million, $46.5 million, and $46.4 million for each of the years ending December 31, 2015, 2016, 2017, 2018, and 2019, respectively. Blackstone’s intangible assets as of June 30, 2015 are expected to amortize over a weighted-average period of 6.6 years.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2015
INVESTMENTS	4. INVESTMENTS Investments consists of the following: June 30, 2015 December 31, Investments of Consolidated Blackstone Funds $ 4,566,724 $ 11,375,407 Equity Method Investments 3,162,211 3,240,825 Blackstone’s Treasury Cash Management Strategies 1,699,912 1,666,061 Performance Fees 6,328,235 6,337,045 Other Investments 162,728 146,251 $ 15,919,810 $ 22,765,589 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $522.5 million and $704.9 million at June 30, 2015 and December 31, 2014, respectively. Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Realized Gains $ 60,473 $ 20,226 $ 127,512 $ 33,939 Net Change in Unrealized Gains (Losses) (2,190 ) 68,333 1,743 41,119 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 58,283 88,559 129,255 75,058 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 23,732 50,026 46,315 133,682 Other Income — Net Gains from Fund Investment Activities $ 82,015 $ 138,585 $ 175,570 $ 208,740 Equity Method Investments Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence. Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the six months ended June 30, 2015 and 2014, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present summarized financial information for any of its equity method investments. The Partnership recognized net gains related to its equity method investments of $19.5 million and $135.8 million for the three months ended June 30, 2015 and 2014, respectively. The Partnership recognized net gains related to its equity method investments of $181.6 million and $233.0 million for the six months ended June 30, 2015 and 2014, respectively. Blackstone’s Treasury Cash Management Strategies The portion of Blackstone’s Treasury Cash Management Strategies included in Investments represents the Partnership’s liquid investments in government, other investment and non-investment grade securities and other investments. These strategies are primarily managed by third party institutions. The following table presents the realized and net change in unrealized gains (losses) on investments held by Blackstone’s Treasury Cash Management Strategies: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Realized Gains (Losses) $ (3,442 ) $ 1,071 $ (3,603 ) $ 4,165 Net Change in Unrealized Gains (Losses) (15,049 ) 7,122 (3,938 ) 16,092 $ (18,491 ) $ 8,193 $ (7,541 ) $ 20,257 Performance Fees Performance Fees allocated to the general partner in respect of performance of certain Carry Funds, funds of hedge funds and credit-focused funds were as follows: Private Real Estate Hedge Fund Credit Total Performance Fees, December 31, 2014 $ 2,215,584 $ 3,721,751 $ 15,031 $ 384,679 $ 6,337,045 Performance Fees Allocated as a Result of Changes in Fund Fair Values 1,190,791 836,288 32,205 87,621 2,146,905 Foreign Exchange Loss — (20,380 ) — — (20,380 ) Fund Distributions (922,310 ) (1,149,900 ) (12,526 ) (50,599 ) (2,135,335 ) Performance Fees, June 30, 2015 $ 2,484,065 $ 3,387,759 $ 34,710 $ 421,701 $ 6,328,235 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s realized and net change in unrealized gains (losses) in other investments: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Realized Gains (Losses) $ (30 ) $ (695 ) $ (8 ) $ 5,612 Net Change in Unrealized Gains (Losses) (825 ) 13 (454 ) (6,491 ) $ (855 ) $ (682 ) $ (462 ) $ (879 )

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	6 Months Ended
	Jun. 30, 2015
NET ASSET VALUE AS FAIR VALUE	5. NET ASSET VALUE AS FAIR VALUE A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of June 30, 2015 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 26,569 $ — (a) (a) Credit Driven 280,204 — (b) (b) Event Driven 66,327 — (c) (c) Equity 247 — (d) (d) Commodities 2,749 — (e) (e) $ 376,096 $ — (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 56% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 44% of investments in this category are redeemable as of the reporting date. (b) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 36% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 60% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 4% of the total fair value in the credit driven category are subject to redemption restrictions such as the investee fund manager’s ability to limit the amount of redemptions. (c) The Event Driven category includes investments in hedge funds whose primary investing strategy is to identify certain event-driven investments. Withdrawals are not permitted in this category. Distributions will be received as the underlying investments are liquidated. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
DERIVATIVE FINANCIAL INSTRUMENTS	6. DERIVATIVE FINANCIAL INSTRUMENTS Blackstone and the Blackstone Funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone Funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone Funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. Net Investment Hedges To manage the potential exposure from adverse changes in currency exchange rates arising from Blackstone’s net investment in foreign operations, during December 2014, Blackstone entered into several foreign currency forward contracts to hedge a portion of the net investment in Blackstone’s non-U.S. dollar denominated foreign operations. Blackstone uses foreign currency forward contracts to hedge portions of Blackstone’s net investments in foreign operations. The gains and losses due to change in fair value attributable to changes in spot exchange rates on foreign currency derivatives designated as net investment hedges were recognized in Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment. For the three months ended June 30, 2015 the resulting loss was $2.1 million. For the six months ended June 30, 2015, the resulting gain was $5.2 million. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. June 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 57,272 $ 525 $ — $ — $ 62,078 $ 523 $ — $ — Freestanding Derivatives Blackstone — Other Interest Rate Contracts $ 402,923 $ 2,476 $ 1,209,567 $ 4,815 $ 223,886 $ 407 $ 879,412 $ 4,590 Foreign Currency Contracts 201,936 2,154 119,061 757 192,163 2,798 148,873 681 Credit Default Swaps — — 98,500 4,445 19,500 85 56,000 868 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 63,531 1,134 106,827 7,580 199,364 8,915 250,244 21,875 Interest Rate Contracts — — — — 22,659 2,281 — — Credit Default Swaps — — 83,396 2,286 — — 91,372 2,514 668,390 5,764 1,617,351 19,883 657,572 14,486 1,425,901 30,528 Total $ 725,662 $ 6,289 $ 1,617,351 $ 19,883 $ 719,650 $ 15,009 $ 1,425,901 $ 30,528 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (11 ) $ — $ 229 $ — Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (1,358 ) $ (570 ) $ (5,093 ) $ (1,403 ) Foreign Currency Contracts (3,160 ) (4,420 ) 8,903 (2,981 ) Credit Default Swaps 1,955 996 3,781 1,282 Total $ (2,563 ) $ (3,994 ) $ 7,591 $ (3,102 ) Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 4,707 $ (1,731 ) $ 3,961 $ (4,273 ) Foreign Currency Contracts 2,779 (13,827 ) (8,245 ) (21,944 ) Credit Default Swaps (2,469 ) 2,985 (5,391 ) 4,798 Total $ 5,017 $ (12,573 ) $ (9,675 ) $ (21,419 ) As of June 30, 2015 and December 31, 2014, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	6 Months Ended
	Jun. 30, 2015
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: June 30, December 31, Assets Loans and Receivables $ 36,440 $ 40,397 Equity and Preferred Securities 127,191 102,907 Assets of Consolidated CLO Vehicles Corporate Loans 3,014,840 6,279,592 Corporate Bonds 247,083 292,690 Other 281 44,513 $ 3,425,835 $ 6,760,099 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 2,912,753 $ 6,448,352 Subordinated Notes 119,577 348,752 $ 3,032,330 $ 6,797,104 The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 1,278 $ — $ — Equity and Preferred Securities (52 ) (4,663 ) (739 ) 796 Assets of Consolidated CLO Vehicles Corporate Loans (9,657 ) 21,295 (26,393 ) 33,898 Corporate Bonds 91 3,380 (3,284 ) 3,442 Other 1,318 (840 ) (1,703 ) 22,673 $ (8,300 ) $ 20,450 $ (32,119 ) $ 60,809 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (1,554 ) $ (39,764 ) Subordinated Notes — (7,199 ) — 18,659 $ — $ (7,199 ) $ (1,554 ) $ (21,105 ) Six Months Ended June 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (597 ) $ — $ — Equity and Preferred Securities (237 ) (7,491 ) (1,323 ) 5,914 Assets of Consolidated CLO Vehicles Corporate Loans (4,847 ) 40,881 (64,635 ) 48,957 Corporate Bonds 121 4,516 (2,186 ) 3,694 Other 3,273 (3,331 ) 13,294 19,555 $ (1,690 ) $ 33,978 $ (54,850 ) $ 78,120 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (4,092 ) $ (95,638 ) Subordinated Notes — (10,238 ) — 55,614 $ — $ (10,238 ) $ (4,092 ) $ (40,024 ) The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2015 December 31, 2014 For Financial Assets For Financial Assets Past Excess Fair Excess Excess Fair Excess Loans and Receivables $ (6,060 ) $ — $ — $ (5,323 ) $ — $ — Assets of Consolidated CLO Vehicles Corporate Loans (4,199 ) 330 (4,209 ) (197,580 ) 4,369 (21,876 ) Corporate Bonds (1,441 ) — — (7,814 ) — — $ (11,700 ) $ 330 $ (4,209 ) $ (210,717 ) $ 4,369 $ (21,876 ) (a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due. As of December 31, 2014, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of June 30, 2015 and December 31, 2014, no Corporate Bonds included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected were past due or in non-accrual status.

FAIR VALUE MEASUREMENTS OF FINA

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	8. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy and NAV: June 30, 2015 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 166,886 $ 166,886 Equity Securities 57,720 80,490 124,500 — 262,710 Partnership and LLC Interests — 146,316 514,769 — 661,085 Debt Instruments — 178,568 34,137 — 212,705 Assets of Consolidated CLO Vehicles Corporate Loans — 2,771,457 243,383 — 3,014,840 Corporate Bonds — 226,723 20,360 — 247,083 Freestanding Derivatives — Foreign Currency Contracts — 1,134 — — 1,134 Other — 281 — — 281 Total Investments of Consolidated Blackstone Funds 57,720 3,404,969 937,149 166,886 4,566,724 Blackstone’s Treasury Cash Management Strategies Investment Funds 235,520 — — — 235,520 Equity Securities 95,869 170 — — 96,039 Debt Instruments — 1,137,114 49,524 118,655 1,305,293 Other — — — 63,060 63,060 Total Blackstone’s Treasury Cash Management Strategies 331,389 1,137,284 49,524 181,715 1,699,912 Money Market Funds 636,975 — — — 636,975 Net Investment Hedges — Foreign Currency Contracts — 525 — — 525 Freestanding Derivatives Interest Rate Contracts 2,058 418 — — 2,476 Foreign Currency Contracts — 2,154 — — 2,154 Loans and Receivables — — 36,440 — 36,440 Other Investments 33,022 — 102,210 27,496 162,728 $ 1,061,164 $ 4,545,350 $ 1,125,323 $ 376,097 $ 7,107,934 June 30, 2015 Level I Level II Level III Total Liabilities Liabilities of Consolidated Funds and CLO Vehicles (a) Senior Secured Notes (b) $ — $ 2,912,753 $ — $ 2,912,753 Subordinated Notes (b) — 119,577 — 119,577 Freestanding Derivatives — Foreign Currency Contracts — 7,580 — 7,580 Freestanding Derivatives — Credit Default Swaps — 2,286 — 2,286 Freestanding Derivatives Interest Rate Contracts 2,388 2,427 — 4,815 Foreign Currency Contracts — 757 — 757 Credit Default Swaps — 4,445 — 4,445 Securities Sold, Not Yet Purchased — 138,783 — 138,783 $ 2,388 $ 3,188,608 $ — $ 3,190,996 December 31, 2014 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 1,103,210 $ 1,103,210 Equity Securities 58,934 114,115 179,311 — 352,360 Partnership and LLC Interests — 187,140 1,496,422 — 1,683,562 Debt Instruments — 1,502,314 105,970 — 1,608,284 Assets of Consolidated CLO Vehicles Corporate Loans — 5,691,517 588,075 — 6,279,592 Corporate Bonds — 292,690 — — 292,690 Freestanding Derivatives — Foreign Currency Contracts — 8,915 — — 8,915 Freestanding Derivatives — Interest Rate Contracts — 2,281 — — 2,281 Other 13 19,455 25,045 — 44,513 Total Investments of Consolidated Blackstone Funds 58,947 7,818,427 2,394,823 1,103,210 11,375,407 Blackstone’s Treasury Cash Management Strategies Investment Funds 307,111 — — — 307,111 Equity Securities 71,746 — — — 71,746 Debt Instruments — 1,090,794 84,894 50,507 1,226,195 Other — — — 61,009 61,009 Total Blackstone’s Treasury Cash Management Strategies 378,857 1,090,794 84,894 111,516 1,666,061 Money Market Funds 198,278 — — — 198,278 Net Investment Hedges — Foreign Currency Contracts — 523 — — 523 Freestanding Derivatives Interest Rate Contracts 263 144 — — 407 Foreign Currency Contracts — 2,798 — — 2,798 Credit Default Swaps — 85 — — 85 Loans and Receivables — — 40,397 — 40,397 Other Investments 31,731 436 104,491 9,593 146,251 $ 668,076 $ 8,913,207 $ 2,624,605 $ 1,224,319 $ 13,430,207 December 31, 2014 Level I Level II Level III Total Liabilities Liabilities of Consolidated Funds and CLO Vehicles (a) Senior Secured Notes $ — $ — $ 6,448,352 $ 6,448,352 Subordinated Notes — — 348,752 348,752 Freestanding Derivatives — Foreign Currency Contracts — 21,875 — 21,875 Freestanding Derivatives — Credit Default Swaps — 2,514 — 2,514 Freestanding Derivatives Interest Rate Contracts 1,357 3,233 — 4,590 Foreign Currency Contracts — 681 — 681 Credit Default Swaps — 868 — 868 Securities Sold, Not Yet Purchased — 85,878 — 85,878 $ 1,357 $ 115,049 $ 6,797,104 $ 6,913,510 (a) Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles, and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, is presumed to have control. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities. (b) Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Transfers from Level I into Level II (a) $ — $ — $ — $ — Transfers from Level II into Level I (b) $ 89 $ 49,298 $ 5,777 $ 67,327 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of June 30, 2015: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 86,132 Discounted Cash Flows Discount Rate 8.7% - 25.0% 12.8% Revenue CAGR 1.8% - 22.0% 7.4% Exit Multiple - EBITDA 4.5x - 17.0x 9.3x Exit Multiple - P/E 10.5x - 15.0x 11.0x 32,784 Transaction Price N/A N/A N/A 184 Market Comparable Companies EBITDA Multiple 6.5x - 7.8x 6.9x 34 Third Party Pricing N/A N/A N/A 5,366 Other N/A N/A N/A Partnership and LLC Interests 483,105 Discounted Cash Flows Discount Rate 4.4% - 25.7% 9.4% Revenue CAGR -22.0% - 27.9% 8.4% Exit Multiple - EBITDA 3.0x - 23.3x 10.2x Exit Capitalization Rate 3.1% - 19.5% 6.3% 17,991 Transaction Price N/A N/A N/A 11,671 Third Party Pricing N/A N/A N/A 2,002 Other N/A N/A N/A Debt Instruments 9,501 Discounted Cash Flows Discount Rate 6.5% - 34.3% 14.6% Revenue CAGR 7.2% - 20.0% 16.1% Exit Multiple - EBITDA 6.3x - 9.5x 8.5x Exit Capitalization Rate 1.0% - 4.4% 2.0% 21,222 Third Party Pricing N/A N/A N/A 3,165 Transaction Pricing N/A N/A N/A 249 Market Comparable Companies EBITDA Multiple 6.4x N/A Assets of Consolidated CLO Vehicles 198,226 Third Party Pricing N/A N/A N/A 65,517 Market Comparable Companies EBITDA Multiple 4.5x - 7.0x 5.1x Total Investments of Consolidated Blackstone Funds 937,149 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Blackstone’s Treasury Cash Management Strategies $ 35,979 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 67.9% Recovery Lag 12 months N/A Pre-payment Rate 20.0% - 30.0% 29.6% Reinvestment Rate LIBOR + 350 bps LIBOR + 395 bps LIBOR + 450 bps Discount Rate 5.8% - 11.3% 6.7% 13,545 Third Party Pricing N/A N/A N/A Loans and Receivables 14,727 Discounted Cash Flows Discount Rate 14.8% N/A 21,713 Transaction Price N/A N/A N/A Other Investments 85,388 Discounted Cash Flows Discount Rate 1.3% - 12.5% 3.0% Default Rate 2.0% N/A Recovery Rate 70.0% N/A Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 446 Market Comparable Companies EBITDA Multiple 6.9x N/A 16,376 Transaction Price N/A N/A N/A Total $ 1,125,323 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2014: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 106,727 Discounted Cash Flows Discount Rate 8.4% - 24.7% 11.8% Revenue CAGR 0.7% - 24.4% 7.1% Exit Multiple - EBITDA 5.0x - 13.0x 10.1x Exit Multiple - P/E 10.5x - 17.0x 11.2x 67,706 Transaction Price N/A N/A N/A 163 Market Comparable Companies EBITDA Multiple 6.7x - 7.6x 6.9x 45 Third Party Pricing N/A N/A N/A 4,670 Other N/A N/A N/A Partnership and LLC Interests 485,748 Discounted Cash Flows Discount Rate 4.4% - 21.5% 9.5% Revenue CAGR -4.4% - 41.7% 6.5% Exit Multiple - EBITDA 1.0x - 19.1x 9.7x Exit Capitalization Rate 2.0% - 19.1% 6.8% 996,199 Transaction Price N/A N/A N/A 13,793 Third Party Pricing N/A N/A N/A 682 Other N/A N/A N/A Debt Instruments 9,570 Discounted Cash Flows Discount Rate 8.8% - 24.7% 16.1% Revenue CAGR 4.7% - 6.8% 5.0% Exit Multiple - EBITDA 5.9x - 11.3x 11.0x Exit Capitalization Rate 1.0% - 12.4% 9.3% Default Rate 2% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20% N/A Reinvestment Rate LIBOR + 400 bps N/A 95,542 Third Party Pricing N/A N/A N/A 686 Transaction Price N/A N/A N/A 172 Market Comparable Companies EBITDA Multiple 6.6x - 7.9x 6.6x Assets of Consolidated CLO Vehicles 318,636 Third Party Pricing N/A N/A N/A 290,658 Market Comparable Companies EBITDA Multiple 3.8x - 15.0x 6.1x 3,826 Discounted Cash Flows Discount Rate 8.0% N/A Total Investments of Consolidated Blackstone Funds 2,394,823 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Blackstone’s Treasury Cash Management Strategies $ 26,167 Discounted Cash Flows Default Rate 1.0% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 30.0% N/A Reinvestment Rate LIBOR + 450 bps N/A Discount Rate 5.8% - 10.0% 7.2% 54,257 Third Party Pricing N/A N/A N/A 4,470 Transaction Price N/A N/A N/A Loans and Receivables 26,247 Discounted Cash Flows Discount Rate 10.5% - 12.2% 10.9% 14,150 Transaction Price N/A N/A N/A Other Investments 11,887 Transaction Price N/A N/A N/A 92,604 Discounted Cash Flows Discount Rate 1.3% - 12.5% 2.9% Default Rate 2.0% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 400 bps N/A Total $ 2,624,605 Financial Liabilities Liabilities of Consolidated CLO Vehicles $ 6,797,104 Discounted Cash Flows Default Rate 2.0% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Discount Rate 0.3% - 19.3% 2.3% Reinvestment Rate LIBOR + 400 bps N/A N/A Not applicable. CAGR Compound annual growth rate. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range. The significant unobservable inputs used in the fair value measurement of the Blackstone’s Treasury Cash Management Strategies, debt instruments, other investments and liabilities of consolidated CLO vehicles are discount rates, default rates, recovery rates, recovery lag, pre-payment rates and reinvestment rates. Increases (decreases) in any of the discount rates, default rates, recovery lag and pre-payment rates in isolation would result in a lower (higher) fair value measurement. Increases (decreases) in any of the recovery rates and reinvestment rates in isolation would result in a higher (lower) fair value measurement. Generally, a change in the assumption used for default rates may be accompanied by a directionally similar change in the assumption used for recovery lag and a directionally opposite change in the assumption used for recovery rates and pre-payment rates. The significant unobservable inputs used in the fair value measurement of equity securities, partnership and LLC interests, debt instruments, assets of consolidated CLO vehicles and loans and receivables are discount rates, exit capitalization rates, exit multiples, EBITDA multiples and revenue compound annual growth rates. Increases (decreases) in any of discount rates and exit capitalization rates in isolation can result in a lower (higher) fair value measurement. Increases (decreases) in any of exit multiples and revenue compound annual growth rates in isolation can result in a higher (lower) fair value measurement. Since December 31, 2014, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. The following tables summarize the changes in financial assets and liabilities measured at fair value for which the Partnership has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in Investment Income and Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended June 30, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period (a) $ 920,448 $ 40,691 $ 163,798 $ 1,124,937 $ 2,442,346 $ 61,573 $ 123,525 $ 2,627,444 Transfer Out Due to Deconsolidation — — — — (140,393 ) — — (140,393 ) Transfer In to Level III (b) 59,939 — 2,772 62,711 196,770 — 4,293 201,063 Transfer Out of Level III (b) (156,054 ) — (24,480 ) (180,534 ) (234,833 ) — (9,735 ) (244,568 ) Purchases 154,173 — 8,407 162,580 160,206 12,403 55,791 228,400 Sales (98,872 ) (5,464 ) (1,819 ) (106,155 ) (210,913 ) (31,345 ) (4,126 ) (246,384 ) Settlements — (1,041 ) (115 ) (1,156 ) — (432 ) (145 ) (577 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income 57,515 2,254 3,171 62,940 47,672 526 (2,086 ) 46,112 Balance, End of Period $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 $ 2,260,855 $ 42,725 $ 167,517 $ 2,471,097 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 17,044 $ 2,255 $ 471 $ 19,770 $ 65,791 $ 526 $ (1,393 ) $ 64,924 Level III Financial Assets at Fair Value Six Months Ended June 30, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period (a) $ 2,394,821 $ 40,397 $ 189,384 $ 2,624,602 $ 2,460,907 $ 137,788 $ 44,774 $ 2,643,469 Transfer In Due to Consolidation and Acquisition (d) — — — — 205,890 — — 205,890 Transfer Out Due to Deconsolidation (1,460,538 ) — — (1,460,538 ) (238,399 ) — — (238,399 ) Transfer In to Level III (b) 58,184 — 19,897 78,081 222,991 — 7,972 230,963 Transfer Out of Level III (b) (149,636 ) — (47,164 ) (196,800 ) (292,469 ) — (10,744 ) (303,213 ) Purchases 227,260 6,186 33,339 266,785 315,009 93,645 133,430 542,084 Sales (178,391 ) (9,535 ) (36,973 ) (224,899 ) (487,333 ) (188,064 ) (7,573 ) (682,970 ) Settlements — (2,079 ) (218 ) (2,297 ) — (1,170 ) (301 ) (1,471 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income 45,449 1,471 (6,531 ) 40,389 74,259 526 (41 ) 74,744 Balance, End of Period $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 $ 2,260,855 $ 42,725 $ 167,517 $ 2,471,097 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 13,511 $ 1,343 $ 1,879 $ 16,733 $ 86,668 $ 526 $ 1,172 $ 88,366 Level III Financial Liabilities at Fair Value Three Months Ended June 30, 2015 2014 Collateralized Notes Collateralized Total Collateralized Notes Collateralized Total Balance, Beginning of Period $ — $ — $ — $ 7,795,523 $ 619,188 $ 8,414,711 Transfer In Due to Consolidation and Acquisition (d) — — — 32,197 10,000 42,197 Transfer Out Due to Deconsolidation — — — (814,300 ) (133,454 ) (947,754 ) Settlements — — — (609,646 ) — (609,646 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income — — — 4,064 (20,977 ) (16,913 ) Balance, End of Period $ — $ — $ — $ 6,407,838 $ 474,757 $ 6,882,595 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ 2,510 $ (20,977 ) $ (18,467 ) Level III Financial Liabilities at Fair Value Six Months Ended June 30, 2015 2014 Collateralized Notes Collateralized Total Collateralized Notes Collateralized Total Balance, Beginning of Period $ 6,448,352 $ 348,752 $ 6,797,104 $ 8,302,572 $ 610,435 $ 8,913,007 Transfer In Due to Consolidation and Acquisition (d) — — — 504,216 96,182 600,398 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) (1,453,391 ) (173,252 ) (1,626,643 ) Transfer Out Due to Amended CLO Guidance (e) (2,279,947 ) (86,818 ) (2,366,765 ) — — — Issuances — — — — — — Settlements — — — (998,633 ) (110 ) (998,743 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income — — — 53,074 (58,498 ) (5,424 ) Balance, End of Period $ — $ — $ — $ 6,407,838 $ 474,757 $ 6,882,595 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ 48,982 $ (58,498 ) $ (9,516 ) (a) Beginning of period 2015 balances have been adjusted to remove investments for which fair value is based on NAV. Pursuant to amended fair value guidance, disclosure in the fair value hierarchy is no longer required. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. (c) Represents Blackstone’s Treasury Cash Management Strategies and Other Investments. (d) Represents the transfer into Level III of financial assets and liabilities as a result of the consolidation of certain fund entities. (e) Transfers out due to amended CLO measurement guidance represents the transfer out of Level III for liabilities of consolidated CLO vehicles for which fair value is based on the more observable fair value of CLO assets. Such liabilities are classified as Level II within the fair value hierarchy. As the guidance was adopted as of January 1, 2015, there are no transfers for the three months ending June 30, 2015.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2015
VARIABLE INTEREST ENTITIES	9. VARIABLE INTEREST ENTITIES Pursuant to GAAP consolidation guidance, the Partnership consolidates certain VIEs in which it is determined that the Partnership is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds have similar characteristics, including loss of invested capital and loss of management fees and performance based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. The Partnership does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these consolidated Blackstone Funds. In addition, there is no recourse to the Partnership for the consolidated VIEs’ liabilities including the liabilities of the consolidated CLO vehicles. The Partnership holds variable interests in certain VIEs which are not consolidated as it is determined that the Partnership is not the primary beneficiary. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated entities, any amounts due to non-consolidated entities and any clawback obligation relating to previously distributed Carried Interest. The assets and liabilities recognized in the Partnership’s Condensed Consolidated Statements of Financial Condition related to the Partnership’s interest in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: June 30, 2015 December 31, 2014 Investments $ 774,579 $ 776,079 Accounts Receivable 28,729 125,316 Due from Affiliates 34,722 53,751 Total VIE Assets 838,030 955,146 Due to Affiliates 30 108 Accounts Payable, Accrued Expenses and Other Liabilities 244 124 Potential Clawback Obligation 260,198 206,725 Maximum Exposure to Loss $ 1,098,502 $ 1,162,103

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	6 Months Ended
	Jun. 30, 2015
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At June 30, 2015, the Partnership received securities, primarily U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt, with a fair value of $61.2 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $61.2 million and cash were used to cover Securities Sold, Not Yet Purchased. The Partnership also pledged securities with a carrying value of $64.4 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. At December 31, 2014, the Partnership pledged securities with a carrying value of $44.8 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following table provides information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged as of June 30, 2015: June 30, 2015 Remaining Contractual Maturity of the Agreements Overnight Up to 30 - 90 Greater Total Repurchase Agreements U.S. Treasury and Agency Securities $ 1,847 $ — $ — $ — $ 1,847 Asset-Backed Securities — 750 39,057 — 39,807 Total $ 1,847 $ 750 $ 39,057 $ — $ 41,654 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 41,654 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2015
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of June 30, 2015: Gross and Net Financial Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Assets Net Investment Hedge $ 525 $ — $ — $ 525 Freestanding Derivatives 4,630 1,981 659 1,990 Reverse Repurchase Agreements 61,376 61,150 — 226 Total $ 66,531 $ 63,131 $ 659 $ 2,741 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 12,303 $ 1,981 $ 10,309 $ 13 Repurchase Agreements 41,654 40,983 671 — Total $ 53,957 $ 42,964 $ 10,980 $ 13 The following tables present the offsetting of assets and liabilities as of December 31, 2014: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 523 $ — $ — $ 523 Freestanding Derivatives 3,290 1,132 352 1,806 Total $ 3,813 $ 1,132 $ 352 $ 2,329 Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 8,653 $ 1,132 $ 7,424 $ 97 Repurchase Agreements 29,907 29,438 469 — Total $ 38,560 $ 30,570 $ 7,893 $ 97 Reverse Repurchase Agreements and Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: June 30, 2015 December 31, 2014 Furniture, Equipment and Leasehold Improvements, Net $ 138,902 $ 135,740 Prepaid Expenses 159,283 102,503 Other Assets 34,937 82,704 Freestanding Derivatives 4,630 3,290 Net Investment Hedges 525 523 $ 338,277 $ 324,760 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has entered into a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of June 30, 2015, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.2 billion, which was fully offset with an accompanying overdraft.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2015
BORROWINGS	12. BORROWINGS The carrying value and fair value of the Blackstone issued notes, included in Loans Payable within the Condensed Consolidated Statements of Financial Condition, were: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Blackstone Issued 6.625%, $600 Million Par, Notes Due $ 618,812 $ 678,776 $ 622,552 $ 684,158 Blackstone Issued 5.875%, $400 Million Par, Notes Due 3/15/2021 $ 397,536 $ 460,960 $ 397,357 $ 462,360 Blackstone Issued 4.750%, $400 Million Par, Notes Due 2/15/2023 $ 391,775 $ 428,840 $ 391,344 $ 436,240 Blackstone Issued 6.250%, $250 Million Par, Notes Due 8/15/2042 $ 237,564 $ 290,850 $ 237,487 $ 307,125 Blackstone Issued 5.000%, $500 Million Par, Notes Due 6/15/2044 $ 488,066 $ 497,900 $ 487,966 $ 527,500 Blackstone Issued 4.450%, $350 Million Par, Notes Due 7/15/2045 $ 343,952 $ 318,780 $ — $ — Blackstone Issued 2.000%, €300 Million Par, Notes Due 5/19/2025 $ 331,929 $ 329,293 $ — $ — (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The carrying and fair values are determined using the original $600 million par amount less $15 million attributable to these notes which were acquired but not retired by Blackstone during 2012. (c) The carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct deduction from the related liability for all periods presented in accordance with amended guidance on simplifying the presentation of such costs. Included within Loans Payable and Due to Affiliates within the Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following: June 30, 2015 December 31, 2014 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 2,912,753 1.94 % 4.5 $ 6,594,266 1.27 % 3.8 Subordinated Notes 181,480 (a ) N/A 740,050 (a ) N/A $ 3,094,233 $ 7,334,316 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles. Senior Secured Notes and Subordinated Notes comprise the following amounts: June 30, 2015 December 31, 2014 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Value Fair Value Borrowing Fair Value Senior Secured Notes $ 2,912,753 $ — $ — $ 6,448,352 $ 2,500 $ 2,504 Subordinated Notes $ 119,577 $ 10,000 $ 9,616 $ 348,752 $ 24,200 $ 14,377 The Loans Payable of the consolidated CLO vehicles are collateralized by assets held by each respective CLO vehicle and assets of one vehicle may not be used to satisfy the liabilities of another. As of June 30, 2015 and December 31, 2014, the fair value of the consolidated CLO assets was $3.9 billion and $8.0 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. Scheduled principal payments for borrowings as of June 30, 2015 were as follows: Operating Blackstone Fund Total 2015 $ — $ 4,166 $ 4,166 2016 — 69 69 2017 — 392,436 392,436 2018 — — — 2019 585,000 — 585,000 Thereafter 2,237,080 2,701,797 4,938,877 Total $ 2,822,080 $ 3,098,468 $ 5,920,548

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 11.0% and 6.4% for the three months ended June 30, 2015 and 2014, respectively, and 7.7% and 6.8% for the six months ended June 30, 2015 and 2014, respectively. Blackstone’s income tax provision was $43.3 million and $83.3 million for the three months ended June 30, 2015 and 2014, respectively, and $142.6 million and $137.4 million for the six months ended June 30, 2015 and 2014, respectively. Blackstone’s effective tax rate for the three and six months ended June 30, 2015 and 2014 was substantially due to the following: (a) certain corporate subsidiaries are subject to federal, state, local and foreign income taxes as applicable and other subsidiaries are subject to New York City unincorporated business taxes, and (b) a portion of compensation charges are not deductible for tax purposes.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	6 Months Ended
	Jun. 30, 2015
NET INCOME PER COMMON UNIT	14. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the three and six months ended June 30, 2015 and June 30, 2014 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Income Attributable to The Blackstone Group L.P. $ 134,168 $ 517,016 $ 763,616 $ 782,633 Basic Net Income Per Common Unit Weighted-Average Common Units Outstanding 631,881,205 606,690,740 628,597,331 604,123,284 Basic Net Income Per Common Unit $ 0.21 $ 0.85 $ 1.21 $ 1.30 Diluted Net Income Per Common Unit Weighted-Average Common Units Outstanding 631,881,205 606,690,740 628,597,331 604,123,284 Weighted-Average Unvested Deferred Restricted Common Units 2,311,444 3,207,089 4,133,258 3,674,476 Weighted-Average Diluted Common Units Outstanding 634,192,649 609,897,829 632,730,589 607,797,760 Diluted Net Income Per Common Unit $ 0.21 $ 0.85 $ 1.21 $ 1.29 The following table summarizes the anti-dilutive securities for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted-Average Blackstone Holdings Partnership Units 555,641,388 544,158,132 552,260,871 546,727,909 Unit Repurchase Program In January 2008, Blackstone announced that the Board of Directors of its general partner, Blackstone Group Management L.L.C., had authorized the repurchase by Blackstone of up to $500 million of Blackstone common units and Blackstone Holdings Partnership Units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of Blackstone common units and Blackstone Holdings Partnership Units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the six months ended June 30, 2015 and 2014, no units were repurchased. As of June 30, 2015, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
EQUITY-BASED COMPENSATION	15. EQUITY-BASED COMPENSATION The Partnership has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under the Partnership’s 2007 Equity Incentive Plan (the “Equity Plan”), the majority of which to date were granted in connection with Blackstone’s initial public offering (“IPO”). The Equity Plan allows for the granting of options, unit appreciation rights or other unit-based awards (units, restricted units, restricted common units, deferred restricted common units, phantom restricted common units or other unit-based awards based in whole or in part on the fair value of the Blackstone common units or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2015, the Partnership had the ability to grant 165,943,809 units under the Equity Plan. For the three and six months ended June 30, 2015, the Partnership recorded compensation expense of $210.3 million and $482.7 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $3.4 million and $27.0 million, respectively. For the three and six months ended June 30, 2014, the Partnership recorded compensation expense of $186.9 million and $381.6 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $6.4 million and $13.6 million, respectively. As of June 30, 2015, there was $1.1 billion of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 5.2 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,183,966,896 as of June 30, 2015. Total outstanding unvested phantom units were 12,012 as of June 30, 2015. A summary of the status of the Partnership’s unvested equity-based awards as of June 30, 2015 and of changes during the period January 1, 2015 through June 30, 2015 is presented below: Blackstone Holdings The Blackstone Group L.P. Equity Settled Awards Cash Settled Awards Unvested Units Partnership Weighted- Deferred Weighted- Phantom Weighted- Balance, December 31, 2014 33,498,237 $ 26.19 17,569,372 $ 16.95 1,455 $ 31.95 Granted 19,874,298 37.86 3,703,892 33.73 998 33.83 Vested (17,901,009 ) 30.20 (5,770,811 ) 18.83 (815 ) 32.62 Forfeited 43,916 25.17 (46,452 ) 23.87 — — Exchanged — — (10,374 ) 28.23 10,374 28.23 Balance, June 30, 2015 35,515,442 $ 30.70 15,445,627 $ 20.24 12,012 $ 28.85 Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2015, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 29,450,530 4.5 Deferred Restricted Blackstone Common Units 13,345,470 2.1 Total Equity-Based Awards 42,796,000 3.7 Phantom Units 8,606 3.5 Equity-Based Awards with Performance Conditions The Partnership has also granted certain equity-based awards with performance requirements. These awards are based on the performance of certain businesses over a three to five year period beginning January 2012, relative to a predetermined threshold. Blackstone has determined that it is probable that the relevant performance thresholds will be exceeded in future periods and, therefore, has recorded compensation expense since the beginning of the performance period of $3.0 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 2,365 $ 2,518 Primarily Interest Bearing Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees for Investments in Blackstone Funds 267,359 237,341 Amounts Due from Portfolio Companies and Funds 404,149 372,820 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 7,979 32,020 Management and Performance Fees Due from Non-Consolidated Funds 391,745 355,657 Payments Made on Behalf of Non-Consolidated Entities 169,339 111,796 Advances Made to Certain Non-Controlling Interest Holders and Blackstone Employees 14,375 16,256 $ 1,257,311 $ 1,128,408 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,244,731 $ 1,234,890 Accrual for Potential Repayment of Previously Received Performance Fees 3,453 3,889 Due to Note Holders of Consolidated CLO Vehicles 9,616 16,881 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 13,825 21,266 Payable to Affiliates for Consolidated Funds — 22,447 Distributions Received on Behalf of Blackstone Entities 75,506 176,304 Payments Made by Non-Consolidated Entities 29,335 14,411 $ 1,376,466 $ 1,490,088 Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance fee arrangements. As of June 30, 2015 and December 31, 2014, such investments aggregated $821.2 million and $1.0 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $31.6 million and $50.8 million for the three months ended June 30, 2015 and 2014, respectively, and $81.1 million and $95.7 million for the six months ended June 30, 2015 and 2014, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $28.8 million and $81.3 million for the three months ended June 30, 2015 and 2014, respectively. Management and Advisory Fees, Net earned from affiliates totaled $76.9 million and $155.4 million for the six months ended June 30, 2015 and 2014, respectively. Fees relate primarily to transaction and monitoring fees which are negotiated in the ordinary course of fundraising and investment activities. Loans to Affiliates Loans to affiliates consist of interest bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These loans earn interest at Blackstone’s cost of borrowing and such interest totaled $1.2 million and $1.0 million for the three months ended June 30, 2015 and 2014, respectively, and $3.3 million and $1.1 million for the six months ended June 30, 2015 and 2014, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Carried Interest distributions have guaranteed payment on a several basis (subject to a cap) to the Carry Funds of any clawback obligation with respect to the excess Carried Interest allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Fees represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the Carry Funds were to be liquidated based on the fair value of their underlying investments as of June 30, 2015. See Note 17. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)”. Aircraft and Other Services In the normal course of business, Blackstone personnel have made use of aircraft owned as personal assets by Stephen A. Schwarzman and an aircraft owned jointly as a personal asset by Hamilton E. James, Blackstone’s President and Chief Operating Officer, and Jonathan D. Gray, Blackstone’s Global Head of Real Estate and a Director of Blackstone (each such aircraft, “Personal Aircraft”). Mr. Schwarzman paid for his purchases of his Personal Aircraft himself and bears all operating, personnel and maintenance costs associated with their operation. Each of Mr. James and Mr. Gray paid for his respective interest in their jointly owned Personal Aircraft himself and bears all operating, personnel and maintenance costs associated with its operation. Payment by Blackstone for the use of the Personal Aircraft by Blackstone employees is made at market rates. In addition, on occasion, certain of Blackstone’s executive officers and employee directors and their families may make use of aircraft owned by Blackstone or in which Blackstone owns a fractional interest, as well as other assets of Blackstone. Any such personal use of Blackstone assets is charged to the executive officer or employee director based on market rates and usage. Personal use of Blackstone resources is also reimbursed to Blackstone based on market rates. The transactions described herein are not material to the Condensed Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and the sale of non-voting common units to Beijing Wonderful Investments to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for Blackstone common units on a one-for-one basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone’s wholly owned subsidiaries would otherwise be required to pay in the future. One of the subsidiaries of the Partnership which is a corporate taxpayer has entered into tax receivable agreements with each of the predecessor owners and additional tax receivable agreements have been executed, and will continue to be executed, with newly-admitted senior managing directors and others who acquire Blackstone Holdings Partnership Units. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements. Assuming no material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $1.3 billion over the next 15 years. The after-tax net present value of these estimated payments totals $392.4 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to Blackstone common units, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Interest Holders in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows. Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.3 billion of investment commitments as of June 30, 2015 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. The consolidated Blackstone Funds had signed investment commitments of $28.9 million as of June 30, 2015 which includes $14.2 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to the Partnership to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, the Partnership’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $4.6 million as of June 30, 2015. The Blackstone Holdings Partnerships provide guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Group International Partners LLP. The amount guaranteed as of June 30, 2015 was $109.5 million. Litigation From time to time, Blackstone is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. Contingent Obligations (Clawback) Carried Interest is subject to clawback to the extent that the Carried Interest received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. The lives of the carry funds with a potential clawback obligation, including available contemplated extensions, are currently anticipated to expire at various points through 2016. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, the general partners have recorded a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Carried Interest distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: June 30, 2015 December 31, 2014 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ 45 $ 1,624 $ 1,669 $ 130 $ 1,647 $ 1,777 Credit 1,043 741 1,784 1,241 871 2,112 Total $ 1,088 $ 2,365 $ 3,453 $ 1,371 $ 2,518 $ 3,889 A portion of the Carried Interest paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of the Partnership, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At June 30, 2015, $542.3 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2015
SEGMENT REPORTING	18. SEGMENT REPORTING Blackstone transacts its primary business in the United States and substantially all of its revenues are generated domestically. Blackstone conducts its alternative asset management and financial advisory businesses through five segments: • Private Equity — Blackstone’s Private Equity segment comprises its management of private equity funds, certain multi-asset class investment funds and secondary private funds of funds. • Real Estate — Blackstone’s Real Estate segment primarily comprises its management of global, European focused and Asian focused opportunistic real estate funds. In addition, the segment has debt investment funds and a publicly traded REIT targeting non-controlling real estate debt-related investment opportunities in the public and private markets, primarily in the United States and Europe. • Hedge Fund Solutions — Blackstone’s Hedge Fund Solutions segment is comprised principally of Blackstone Alternative Asset Management (“BAAM”), an institutional solutions provider utilizing hedge funds across a variety of strategies. • Credit — Blackstone’s Credit segment, which principally includes GSO Capital Partners LP (“GSO”), manages credit-focused products within private and public debt market strategies. GSO’s products include senior credit-focused funds, mezzanine funds, distressed debt funds, general credit-focused funds, registered investment companies, separately managed accounts and CLO vehicles. • Financial Advisory — Blackstone’s Financial Advisory segment comprises its financial and strategic advisory services, restructuring and reorganization advisory services, capital markets services and Park Hill Group, which provides fund placement services for alternative investment funds. These business segments are differentiated by their various sources of income. The Private Equity, Real Estate, Hedge Fund Solutions and Credit segments primarily earn their income from management fees and investment returns on assets under management, while the Financial Advisory segment primarily earns its income from fees related to investment banking services and advice and fund placement services. Blackstone uses Economic Income (“EI”) as a key measure of value creation, a benchmark of its performance and in making resource deployment and compensation decisions across its five segments. EI represents segment net income before taxes excluding transaction-related charges. Transaction-related charges arise from Blackstone’s IPO and long-term retention programs outside of annual deferred compensation and other corporate actions, including acquisitions. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets and contingent consideration associated with acquisitions. EI presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages. Economic Net Income (“ENI”) represents EI adjusted to include current period taxes. Taxes represent the current tax provision (benefit) calculated on Income (Loss) Before Provision for Taxes. Management makes operating decisions and assesses the performance of each of Blackstone’s business segments based on financial and operating metrics and data that is presented without the consolidation of any of the Blackstone Funds that are consolidated into the Condensed Consolidated Financial Statements. Consequently, all segment data excludes the assets, liabilities and operating results related to the Blackstone Funds. The following table presents the financial data for Blackstone’s five segments for the three months ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 121,918 $ 140,743 $ 130,216 $ 123,615 $ — $ 516,492 Advisory Fees — — — — 76,998 76,998 Transaction and Other Fees, Net (12,131 ) 21,510 — 2,060 289 11,728 Management Fee Offsets (9,028 ) (5,428 ) (608 ) (3,370 ) — (18,434 ) Total Management and Advisory Fees, Net 100,759 156,825 129,608 122,305 77,287 586,784 Performance Fees Realized Carried Interest 546,575 363,983 — 26,925 — 937,483 Incentive Fees — 1,220 16,915 29,684 — 47,819 Unrealized Carried Interest (305,573 ) (188,608 ) 8,014 44,218 — (441,949 ) Incentive Fees — 3,935 15,855 6,521 — 26,311 Total Performance Fees 241,002 180,530 40,784 107,348 — 569,664 Investment Income (Loss) Realized 50,258 85,432 (1,757 ) 2,723 (159 ) 136,497 Unrealized (22,301 ) (107,691 ) 2,032 2,760 (523 ) (125,723 ) Total Investment Income (Loss) 27,957 (22,259 ) 275 5,483 (682 ) 10,774 Interest and Dividend Revenue 7,667 10,259 3,970 5,938 3,192 31,026 Other 2,515 1,077 459 34 (112 ) 3,973 Total Revenues 379,900 326,432 175,096 241,108 79,685 1,202,221 Expenses Compensation and Benefits Compensation 67,079 79,484 45,841 47,124 49,824 289,352 Performance Fee Compensation Realized Carried Interest 106,502 116,168 — 15,362 — 238,032 Incentive Fees — 671 8,711 12,455 — 21,837 Unrealized Carried Interest (25,574 ) (50,559 ) 4,077 21,497 — (50,559 ) Incentive Fees — 230 3,764 2,137 — 6,131 Total Compensation and Benefits 148,007 145,994 62,393 98,575 49,824 504,793 Other Operating Expenses 62,458 43,346 20,499 23,539 18,559 168,401 Total Expenses 210,465 189,340 82,892 122,114 68,383 673,194 Economic Income $ 169,435 $ 137,092 $ 92,204 $ 118,994 $ 11,302 $ 529,027 Three Months Ended June 30, 2014 Private Real Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 103,204 $ 157,869 $ 123,008 $ 112,489 $ — $ 496,570 Advisory Fees — — — — 114,914 114,914 Transaction and Other Fees, Net 27,616 13,514 126 7,064 876 49,196 Management Fee Offsets (4,246 ) (7,702 ) (1,531 ) (6,739 ) — (20,218 ) Total Management and Advisory Fees, Net 126,574 163,681 121,603 112,814 115,790 640,462 Performance Fees Realized Carried Interest 212,394 417,826 — 11,439 — 641,659 Incentive Fees — 6,070 7,973 25,248 — 39,291 Unrealized Carried Interest 502,210 119,461 — 39,041 — 660,712 Incentive Fees — (3,483 ) 30,556 29,703 — 56,776 Total Performance Fees 714,604 539,874 38,529 105,431 — 1,398,438 Investment Income (Loss) Realized 74,812 122,664 2,394 2,223 106 202,199 Unrealized 17,662 (50,437 ) 1,057 4,521 969 (26,228 ) Total Investment Income 92,474 72,227 3,451 6,744 1,075 175,971 Interest and Dividend Revenue 4,666 8,009 2,340 4,892 2,187 22,094 Other 564 (218 ) (203 ) 11 (160 ) (6 ) Total Revenues 938,882 783,573 165,720 229,892 118,892 2,236,959 Expenses Compensation and Benefits Compensation 73,038 85,582 43,341 51,310 69,744 323,015 Performance Fee Compensation Realized Carried Interest 112,720 143,442 — 4,139 — 260,301 Incentive Fees — 3,081 2,918 12,510 — 18,509 Unrealized Carried Interest 66,194 27,339 — 20,803 — 114,336 Incentive Fees — (1,783 ) 11,252 15,223 — 24,692 Total Compensation and Benefits 251,952 257,661 57,511 103,985 69,744 740,853 Other Operating Expenses 39,193 36,542 25,101 22,159 22,116 145,111 Total Expenses 291,145 294,203 82,612 126,144 91,860 885,964 Economic Income $ 647,737 $ 489,370 $ 83,108 $ 103,748 $ 27,032 $ 1,350,995 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes for the three months ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,202,221 $ 22,981 (a) $ 1,225,202 $ 2,236,959 $ 20,901 (a) $ 2,257,860 Expenses $ 673,194 $ 241,238 (b) $ 914,432 $ 885,964 $ 203,817 (b) $ 1,089,781 Other Income $ — $ 82,015 (c) $ 82,015 $ — $ 138,585 (c) $ 138,585 Economic Income $ 529,027 $ (136,242) (d) $ 392,785 $ 1,350,995 $ (44,331) (d) $ 1,306,664 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended June 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (31,781 ) $ (21,040 ) Fund Expenses Added in Consolidation 33,677 765 Non-Controlling Interests in Income of Consolidated Entities 80,496 162,547 Transaction-Related Other Income (377 ) (3,687 ) Total Consolidation Adjustments and Reconciling Items $ 82,015 $ 138,585 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2015 2014 Economic Income $ 529,027 $ 1,350,995 Adjustments Amortization of Intangibles (24,720 ) (28,310 ) IPO and Acquisition-Related Charges (192,018 ) (178,568 ) Non-Controlling Interests in Income of Consolidated Entities 80,496 162,547 Total Consolidation Adjustments and Reconciling Items (136,242 ) (44,331 ) Income Before Provision for Taxes $ 392,785 $ 1,306,664 The following table presents the financial data for Blackstone’s segments as of and for the six months ended June 30, 2015 and 2014: June 30, 2015 and the Six Months Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 230,301 $ 293,091 $ 260,853 $ 248,644 $ — $ 1,032,889 Advisory Fees — — — — 161,236 161,236 Transaction and Other Fees, Net 8,228 36,726 25 3,517 305 48,801 Management Fee Offsets (13,977 ) (10,294 ) (888 ) (11,220 ) — (36,379 ) Total Management and Advisory Fees, Net 224,552 319,523 259,990 240,941 161,541 1,206,547 Performance Fees Realized Carried Interest 929,553 1,175,232 — 40,292 — 2,145,077 Incentive Fees — 1,943 27,431 48,115 — 77,489 Unrealized Carried Interest 261,249 (369,627 ) 8,014 32,267 — (68,097 ) Incentive Fees — 10,004 63,282 15,645 — 88,931 Total Performance Fees 1,190,802 817,552 98,727 136,319 — 2,243,400 Investment Income (Loss) Realized 95,074 156,776 (12,132 ) 4,960 (389 ) 244,289 Unrealized 9,186 (70,181 ) 6,515 9,647 959 (43,874 ) Total Investment Income (Loss) 104,260 86,595 (5,617 ) 14,607 570 200,415 Interest and Dividend Revenue 15,284 20,256 7,919 11,589 6,429 61,477 Other 690 (2,900 ) (1,148 ) 3,527 (1,068 ) (899 ) Total Revenues 1,535,588 1,241,026 359,871 406,983 167,472 3,710,940 Expenses Compensation and Benefits Compensation 137,168 164,318 101,945 97,001 118,758 619,190 Performance Fee Compensation Realized Carried Interest 145,984 362,664 — 21,632 — 530,280 Incentive Fees — 1,027 12,181 20,856 — 34,064 Unrealized Carried Interest 152,546 (148,643 ) 4,077 15,841 — 23,821 Incentive Fees — 2,805 19,415 8,872 — 31,092 Total Compensation and Benefits 435,698 382,171 137,618 164,202 118,758 1,238,447 Other Operating Expenses 101,213 83,489 41,705 45,375 39,901 311,683 Total Expenses 536,911 465,660 179,323 209,577 158,659 1,550,130 Economic Income $ 998,677 $ 775,366 $ 180,548 $ 197,406 $ 8,813 $ 2,160,810 Segment Assets as of June 30, 2015 $ 6,684,342 $ 7,757,463 $ 1,473,846 $ 2,873,517 $ 1,063,761 $ 19,852,929 Six Months Ended June 30, 2014 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 201,788 $ 317,205 $ 236,392 $ 218,063 $ — $ 973,448 Advisory Fees — — — — 184,877 184,877 Transaction and Other Fees, Net 70,463 27,078 219 10,408 938 109,106 Management Fee Offsets (5,959 ) (16,926 ) (2,986 ) (10,991 ) — (36,862 ) Total Management and Advisory Fees, Net 266,292 327,357 233,625 217,480 185,815 1,230,569 Performance Fees Realized Carried Interest 332,199 612,484 — 30,599 — 975,282 Incentive Fees — 6,044 47,818 39,266 — 93,128 Unrealized Carried Interest 669,275 259,698 — 62,027 — 991,000 Incentive Fees — (746 ) 48,641 70,147 — 118,042 Total Performance Fees 1,001,474 877,480 96,459 202,039 — 2,177,452 Investment Income (Loss) Realized 135,347 154,021 19,214 5,294 240 314,116 Unrealized 8,629 (45,058 ) 5,488 7,600 1,663 (21,678 ) Total Investment Income 143,976 108,963 24,702 12,894 1,903 292,438 Interest and Dividend Revenue 9,894 14,119 5,001 10,753 4,689 44,456 Other 1,428 99 (81 ) (248 ) (335 ) 863 Total Revenues 1,423,064 1,328,018 359,706 442,918 192,072 3,745,778 Expenses Compensation and Benefits Compensation 146,345 165,815 83,912 102,062 131,426 629,560 Performance Fee Compensation Realized Carried Interest 198,491 195,275 — 15,933 — 409,699 Incentive Fees — 3,065 16,189 22,890 — 42,144 Unrealized Carried Interest 39,046 84,324 — 31,656 — 155,026 Incentive Fees — (401 ) 18,013 30,611 — 48,223 Total Compensation and Benefits 383,882 448,078 118,114 203,152 131,426 1,284,652 Other Operating Expenses 72,199 69,649 44,581 54,998 43,458 284,885 Total Expenses 456,081 517,727 162,695 258,150 174,884 1,569,537 Economic Income $ 966,983 $ 810,291 $ 197,011 $ 184,768 $ 17,188 $ 2,176,241 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2015 and 2014: June 30, 2015 and the Six Months Then Ended Six Months Ended June 30, 2014 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,710,940 $ 26,620(a) $ 3,737,560 $ 3,745,778 $ 38,750(a) $ 3,784,528 Expenses $ 1,550,130 $ 506,870(b) $ 2,057,000 $ 1,569,537 $ 408,095(b) $ 1,977,632 Other Income $ — $ 175,570(c) $ 175,570 $ — $ 208,740(c) $ 208,740 Economic Income $ 2,160,810 $ (304,680)(d) $ 1,856,130 $ 2,176,241 $ (160,605)(d) $ 2,015,636 Total Assets $ 19,852,929 $ 4,830,572(e) $ 24,683,501 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Six Months Ended June 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (35,492 ) $ (38,918 ) Fund Expenses Added in Consolidation 43,044 19 Non-Controlling Interests in Income of Consolidated Entities 169,819 252,300 Transaction-Related Other Income (1,801 ) (4,661 ) Total Consolidation Adjustments and Reconciling Items $ 175,570 $ 208,740 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2015 2014 Economic Income $ 2,160,810 $ 2,176,241 Adjustments Amortization of Intangibles (50,619 ) (57,313 ) IPO and Acquisition-Related Charges (423,880 ) (355,592 ) Non-Controlling Interests in Income of Consolidated Entities 169,819 252,300 Total Consolidation Adjustments and Reconciling Items (304,680 ) (160,605 ) Income Before Provision for Taxes $ 1,856,130 $ 2,015,636 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS There have been no events since June 30, 2015 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of the Partnership, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which the Partnership is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is presumed to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows.
Consolidation	Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. The Partnership has a controlling interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick out rights or participating rights. Accordingly, the Partnership consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, the Partnership consolidates all variable interest entities (“VIE”) in which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance related fees), would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. The Partnership determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and reconsiders that conclusion continually. In evaluating whether the Partnership is the primary beneficiary, Blackstone evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Partnership is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Partnership, affiliates of the Partnership or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, the Partnership assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated variable interest entities that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The type of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. The Partnership does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. • Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Upon adoption of the new CLO measurement guidance adopted as of January 1, 2015, senior and subordinate notes issued by CLO vehicles are classified within Level II of the fair value hierarchy. • Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. For periods prior to the adoption of new CLO measurement guidance, senior and subordinate notes issued by CLO vehicles are classified within Level III of the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Transfers between levels of the fair value hierarchy are recognized at the beginning of the reporting period. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles, those held within Blackstone’s Treasury Cash Management Strategies and debt securities sold, not yet purchased and interests in investment funds. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: • Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. • Freestanding Derivatives and Derivative Instruments Designated as Fair Value Hedges are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. • Upon adoption of the new CLO measurement guidance adopted as of January 1, 2015, senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, certain funds of hedge funds and credit-focused investments. Private Equity Investments — Real Estate Investments — Credit-Focused Investments — Credit-Focused Liabilities — Level III Valuation Process Investments classified within Level III of the fair value hierarchy are valued on a quarterly basis, taking into consideration any changes in Blackstone’s weighted-average cost of capital assumptions, discounted cash flow projections and exit multiple assumptions, as well as any changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by an independent valuation party, at least annually for all investments, and quarterly for certain investments, to corroborate the values determined by management. The valuations of Blackstone’s investments are reviewed quarterly by a valuation committee that is chaired by Blackstone’s Vice Chairman and includes senior heads of each of Blackstone’s businesses, as well as representatives of legal and finance. Each quarter, the valuations of Blackstone’s investments are also reviewed by the Audit Committee in a meeting attended by the chairman of the valuation committee. The valuations are further tested by comparison to actual sales prices obtained on disposition of the investments.
Investments, at Fair Value	Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, the Partnership has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. The Partnership has applied the fair value option for certain loans and receivables and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. Accounting for these financial instruments at fair value is consistent with how the Partnership accounts for its other principal investments. Loans extended to third parties are recorded within Accounts Receivable within the Condensed Consolidated Statements of Financial Condition. Debt securities for which the fair value option has been elected are recorded within Investments. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. In addition, the Partnership has elected the fair value option for the assets and liabilities of CLO vehicles that are consolidated as of January 1, 2010, as a result of the initial adoption of variable interest entity consolidation guidance. The Partnership has also elected the fair value option for CLO vehicles consolidated as a result of the acquisitions of CLO management contracts or the acquisition of the share capital of CLO managers. Historically, the adjustment resulting from the difference between the fair value of assets and liabilities for each of these events was presented as a transition and acquisition adjustment to Appropriated Partners’ Capital. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income subsequent to adoption and acquisition are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Historically, amounts attributable to Non-Controlling Interests in Consolidated Entities had a corresponding adjustment to Appropriated Partners’ Capital. On the adoption of the new CLO measurement guidance, there is no attribution of amounts to Non-Controlling Interests and no corresponding adjustment to Appropriated Partners’ Capital. The Partnership has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option” to the Condensed Consolidated Financial Statements. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, the Partnership may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Partnership will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side pocket no longer exist. As the timing of either of these events is uncertain, the timing at which the Partnership may redeem an investment held in a side pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value”. Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which the Partnership is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting. Under the equity method of accounting, the Partnership’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. As the underlying investments of the Partnership’s equity method investments in Blackstone Funds are reported at fair value, the carrying value of the Partnership’s equity method investments approximates fair value.
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of repurchase and reverse repurchase agreements approximates fair value. The Partnership manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Partnership, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The Partnership takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. The Partnership also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to reverse repurchase and repurchase agreements are discussed in Note 10. “Reverse Repurchase and Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that the Partnership has borrowed and sold. The Partnership is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. The Partnership is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments The Partnership recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date the Partnership enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation is reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. The Partnership formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and the Partnership’s evaluation of effectiveness of its hedged transaction. At least monthly, the Partnership also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, the Partnership uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The Partnership may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, the Partnership presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by the Partnership, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets are recorded within Investments and freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. The Partnership has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Partnership, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Distributions	Distributions Distributions are reflected in the condensed consolidated financial statements when declared.
Recent Accounting Developments	Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The guidance introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and determining the transaction price and amounts allocated to performance obligations. Additional disclosures are required about assets recognized from the costs to obtain or fulfill a contract. The amended guidance is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The guidance may have a material impact on Blackstone’s consolidated financial statements if it is determined that both performance fees and carried interest are forms of variable consideration that may not be included in the transaction price. This may significantly delay the recognition of carried interest income and performance fees. In June 2014, the FASB issued amended guidance on transfers and servicing. Under the amended guidance, repurchase transactions previously accounted for as sales should be accounted for as secured borrowings. There are additional disclosures relating to repurchase agreements, secured lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings including a disaggregation of the gross obligations by the class of collateral pledged, the remaining contractual tenor of the agreements and a discussion of the potential risks associated with the agreements and the related collateral pledged. The accounting guidance is effective for the first interim or annual period beginning after December 15, 2014. Adoption did not have a material impact on Blackstone’s financial statements. The amended disclosure guidance is effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The amended disclosure requirements are presented in Note 10. “Reverse Repurchase and Repurchase Agreements”. Adoption did not have a material impact on Blackstone’s financial statements. In August 2014, the FASB issued amended guidance on the measurement of financial assets and financial liabilities of a consolidated collateralized financing entity. Under the amended guidance, a reporting entity that consolidates a collateralized financing entity may elect to measure the financial assets and the financial liabilities using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. When this measurement alternative is elected, a reporting entity’s consolidated net income (loss) should reflect the reporting entity’s own economic interest in the collateralized financing entity, including (a) changes in the fair value of the beneficial interests retained by the reporting entity and (b) beneficial interests that represent compensation for services. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of the annual period. The Partnership adopted the amended guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. As a result, prior periods have not been impacted. The guidance impacted the measurement of the financial liabilities of Blackstone’s consolidated CLOs. Adoption did not have a material impact on Blackstone’s financial statements. In February 2015, the FASB issued amended guidance on consolidation. The amended guidance modifies the analysis that companies must perform in order to determine whether a legal entity should be consolidated. The amended guidance simplifies current consolidation rules by (a) reducing the number of consolidation models, (b) eliminating the risk that a reporting entity may have to consolidate a legal entity solely based on a fee arrangement with another legal entity, (c) placing more weight on the risk of loss in order to identify the party that has a controlling financial interest, (d) reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest, and changing rules for companies in certain industries that ordinarily employ limited partnership or VIE structures. The amended guidance is effective for public entities for interim and annual periods beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Partnership adopted the guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. As a result, prior periods have not been impacted. As a result of adoption, certain Blackstone Funds were deconsolidated as of January 1, 2015 resulting in a reduction in consolidated assets and liabilities as of January 1, 2015 of $8.0 billion and $4.7 billion, respectively. The impact of adoption on Redeemable Non-Controlling Interests in Consolidated Entities, Appropriated Partners’ Capital, and Non-Controlling Interests in Consolidated Entities as of January 1, 2015 was a reduction of $2.3 billion, $90.9 million and $1.0 billion, respectively. Adoption of the amended guidance had no impact on Net Income Attributable to The Blackstone Group L.P. In April 2015, the FASB issued amended guidance to simplify the presentation of debt issuance costs. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability rather than as an Other Asset, consistent with debt discounts. The amendments are effective for fiscal years beginning after December 15, 2015 and interim periods within those years. Early adoption is permitted for financial statements that have not previously been issued. The Partnership adopted the guidance as of June 30, 2015 and applied the guidance retrospectively. Adoption of the amended guidance did not have a material impact on Blackstone’s financial statements. In May 2015, the FASB issued amended guidance on the disclosures for investments in certain entities that calculate NAV per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years. Early application is permitted. Blackstone adopted the guidance for the quarter ended June 30, 2015 and applied the guidance retrospectively. Adoption of the guidance did not have a material impact on Blackstone’s financial statements.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Intangible Assets, Net	Intangible Assets, Net consists of the following: June 30, 2015 December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,464,017 $ 1,464,017 Accumulated Amortization (1,054,189 ) (1,005,184 ) Intangible Assets, Net $ 409,828 $ 458,833

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Investments	Investments consists of the following: June 30, 2015 December 31, Investments of Consolidated Blackstone Funds $ 4,566,724 $ 11,375,407 Equity Method Investments 3,162,211 3,240,825 Blackstone’s Treasury Cash Management Strategies 1,699,912 1,666,061 Performance Fees 6,328,235 6,337,045 Other Investments 162,728 146,251 $ 15,919,810 $ 22,765,589
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Realized Gains $ 60,473 $ 20,226 $ 127,512 $ 33,939 Net Change in Unrealized Gains (Losses) (2,190 ) 68,333 1,743 41,119 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 58,283 88,559 129,255 75,058 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 23,732 50,026 46,315 133,682 Other Income — Net Gains from Fund Investment Activities $ 82,015 $ 138,585 $ 175,570 $ 208,740
Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies	The following table presents the realized and net change in unrealized gains (losses) on investments held by Blackstone’s Treasury Cash Management Strategies: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Realized Gains (Losses) $ (3,442 ) $ 1,071 $ (3,603 ) $ 4,165 Net Change in Unrealized Gains (Losses) (15,049 ) 7,122 (3,938 ) 16,092 $ (18,491 ) $ 8,193 $ (7,541 ) $ 20,257
Performance Fees Allocated to Funds	Performance Fees allocated to the general partner in respect of performance of certain Carry Funds, funds of hedge funds and credit-focused funds were as follows: Private Real Estate Hedge Fund Credit Total Performance Fees, December 31, 2014 $ 2,215,584 $ 3,721,751 $ 15,031 $ 384,679 $ 6,337,045 Performance Fees Allocated as a Result of Changes in Fund Fair Values 1,190,791 836,288 32,205 87,621 2,146,905 Foreign Exchange Loss — (20,380 ) — — (20,380 ) Fund Distributions (922,310 ) (1,149,900 ) (12,526 ) (50,599 ) (2,135,335 ) Performance Fees, June 30, 2015 $ 2,484,065 $ 3,387,759 $ 34,710 $ 421,701 $ 6,328,235
Realized and Net Change in Unrealized Gains (Losses), Other Investments	The following table presents Blackstone’s realized and net change in unrealized gains (losses) in other investments: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Realized Gains (Losses) $ (30 ) $ (695 ) $ (8 ) $ 5,612 Net Change in Unrealized Gains (Losses) (825 ) 13 (454 ) (6,491 ) $ (855 ) $ (682 ) $ (462 ) $ (879 )

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments	A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of June 30, 2015 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 26,569 $ — (a) (a) Credit Driven 280,204 — (b) (b) Event Driven 66,327 — (c) (c) Equity 247 — (d) (d) Commodities 2,749 — (e) (e) $ 376,096 $ — (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 56% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 44% of investments in this category are redeemable as of the reporting date. (b) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 36% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 60% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 4% of the total fair value in the credit driven category are subject to redemption restrictions such as the investee fund manager’s ability to limit the amount of redemptions. (c) The Event Driven category includes investments in hedge funds whose primary investing strategy is to identify certain event-driven investments. Withdrawals are not permitted in this category. Distributions will be received as the underlying investments are liquidated. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

DERIVATIVE FINANCIAL INSTRUME31

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. June 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 57,272 $ 525 $ — $ — $ 62,078 $ 523 $ — $ — Freestanding Derivatives Blackstone — Other Interest Rate Contracts $ 402,923 $ 2,476 $ 1,209,567 $ 4,815 $ 223,886 $ 407 $ 879,412 $ 4,590 Foreign Currency Contracts 201,936 2,154 119,061 757 192,163 2,798 148,873 681 Credit Default Swaps — — 98,500 4,445 19,500 85 56,000 868 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 63,531 1,134 106,827 7,580 199,364 8,915 250,244 21,875 Interest Rate Contracts — — — — 22,659 2,281 — — Credit Default Swaps — — 83,396 2,286 — — 91,372 2,514 668,390 5,764 1,617,351 19,883 657,572 14,486 1,425,901 30,528 Total $ 725,662 $ 6,289 $ 1,617,351 $ 19,883 $ 719,650 $ 15,009 $ 1,425,901 $ 30,528
Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (11 ) $ — $ 229 $ — Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (1,358 ) $ (570 ) $ (5,093 ) $ (1,403 ) Foreign Currency Contracts (3,160 ) (4,420 ) 8,903 (2,981 ) Credit Default Swaps 1,955 996 3,781 1,282 Total $ (2,563 ) $ (3,994 ) $ 7,591 $ (3,102 ) Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 4,707 $ (1,731 ) $ 3,961 $ (4,273 ) Foreign Currency Contracts 2,779 (13,827 ) (8,245 ) (21,944 ) Credit Default Swaps (2,469 ) 2,985 (5,391 ) 4,798 Total $ 5,017 $ (12,573 ) $ (9,675 ) $ (21,419 )

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: June 30, December 31, Assets Loans and Receivables $ 36,440 $ 40,397 Equity and Preferred Securities 127,191 102,907 Assets of Consolidated CLO Vehicles Corporate Loans 3,014,840 6,279,592 Corporate Bonds 247,083 292,690 Other 281 44,513 $ 3,425,835 $ 6,760,099 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 2,912,753 $ 6,448,352 Subordinated Notes 119,577 348,752 $ 3,032,330 $ 6,797,104
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 1,278 $ — $ — Equity and Preferred Securities (52 ) (4,663 ) (739 ) 796 Assets of Consolidated CLO Vehicles Corporate Loans (9,657 ) 21,295 (26,393 ) 33,898 Corporate Bonds 91 3,380 (3,284 ) 3,442 Other 1,318 (840 ) (1,703 ) 22,673 $ (8,300 ) $ 20,450 $ (32,119 ) $ 60,809 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (1,554 ) $ (39,764 ) Subordinated Notes — (7,199 ) — 18,659 $ — $ (7,199 ) $ (1,554 ) $ (21,105 ) Six Months Ended June 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (597 ) $ — $ — Equity and Preferred Securities (237 ) (7,491 ) (1,323 ) 5,914 Assets of Consolidated CLO Vehicles Corporate Loans (4,847 ) 40,881 (64,635 ) 48,957 Corporate Bonds 121 4,516 (2,186 ) 3,694 Other 3,273 (3,331 ) 13,294 19,555 $ (1,690 ) $ 33,978 $ (54,850 ) $ 78,120 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (4,092 ) $ (95,638 ) Subordinated Notes — (10,238 ) — 55,614 $ — $ (10,238 ) $ (4,092 ) $ (40,024 )
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2015 December 31, 2014 For Financial Assets For Financial Assets Past Excess Fair Excess Excess Fair Excess Loans and Receivables $ (6,060 ) $ — $ — $ (5,323 ) $ — $ — Assets of Consolidated CLO Vehicles Corporate Loans (4,199 ) 330 (4,209 ) (197,580 ) 4,369 (21,876 ) Corporate Bonds (1,441 ) — — (7,814 ) — — $ (11,700 ) $ 330 $ (4,209 ) $ (210,717 ) $ 4,369 $ (21,876 ) (a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

FAIR VALUE MEASUREMENTS OF FI33

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy and NAV: June 30, 2015 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 166,886 $ 166,886 Equity Securities 57,720 80,490 124,500 — 262,710 Partnership and LLC Interests — 146,316 514,769 — 661,085 Debt Instruments — 178,568 34,137 — 212,705 Assets of Consolidated CLO Vehicles Corporate Loans — 2,771,457 243,383 — 3,014,840 Corporate Bonds — 226,723 20,360 — 247,083 Freestanding Derivatives — Foreign Currency Contracts — 1,134 — — 1,134 Other — 281 — — 281 Total Investments of Consolidated Blackstone Funds 57,720 3,404,969 937,149 166,886 4,566,724 Blackstone’s Treasury Cash Management Strategies Investment Funds 235,520 — — — 235,520 Equity Securities 95,869 170 — — 96,039 Debt Instruments — 1,137,114 49,524 118,655 1,305,293 Other — — — 63,060 63,060 Total Blackstone’s Treasury Cash Management Strategies 331,389 1,137,284 49,524 181,715 1,699,912 Money Market Funds 636,975 — — — 636,975 Net Investment Hedges — Foreign Currency Contracts — 525 — — 525 Freestanding Derivatives Interest Rate Contracts 2,058 418 — — 2,476 Foreign Currency Contracts — 2,154 — — 2,154 Loans and Receivables — — 36,440 — 36,440 Other Investments 33,022 — 102,210 27,496 162,728 $ 1,061,164 $ 4,545,350 $ 1,125,323 $ 376,097 $ 7,107,934 June 30, 2015 Level I Level II Level III Total Liabilities Liabilities of Consolidated Funds and CLO Vehicles (a) Senior Secured Notes (b) $ — $ 2,912,753 $ — $ 2,912,753 Subordinated Notes (b) — 119,577 — 119,577 Freestanding Derivatives — Foreign Currency Contracts — 7,580 — 7,580 Freestanding Derivatives — Credit Default Swaps — 2,286 — 2,286 Freestanding Derivatives Interest Rate Contracts 2,388 2,427 — 4,815 Foreign Currency Contracts — 757 — 757 Credit Default Swaps — 4,445 — 4,445 Securities Sold, Not Yet Purchased — 138,783 — 138,783 $ 2,388 $ 3,188,608 $ — $ 3,190,996 December 31, 2014 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 1,103,210 $ 1,103,210 Equity Securities 58,934 114,115 179,311 — 352,360 Partnership and LLC Interests — 187,140 1,496,422 — 1,683,562 Debt Instruments — 1,502,314 105,970 — 1,608,284 Assets of Consolidated CLO Vehicles Corporate Loans — 5,691,517 588,075 — 6,279,592 Corporate Bonds — 292,690 — — 292,690 Freestanding Derivatives — Foreign Currency Contracts — 8,915 — — 8,915 Freestanding Derivatives — Interest Rate Contracts — 2,281 — — 2,281 Other 13 19,455 25,045 — 44,513 Total Investments of Consolidated Blackstone Funds 58,947 7,818,427 2,394,823 1,103,210 11,375,407 Blackstone’s Treasury Cash Management Strategies Investment Funds 307,111 — — — 307,111 Equity Securities 71,746 — — — 71,746 Debt Instruments — 1,090,794 84,894 50,507 1,226,195 Other — — — 61,009 61,009 Total Blackstone’s Treasury Cash Management Strategies 378,857 1,090,794 84,894 111,516 1,666,061 Money Market Funds 198,278 — — — 198,278 Net Investment Hedges — Foreign Currency Contracts — 523 — — 523 Freestanding Derivatives Interest Rate Contracts 263 144 — — 407 Foreign Currency Contracts — 2,798 — — 2,798 Credit Default Swaps — 85 — — 85 Loans and Receivables — — 40,397 — 40,397 Other Investments 31,731 436 104,491 9,593 146,251 $ 668,076 $ 8,913,207 $ 2,624,605 $ 1,224,319 $ 13,430,207 December 31, 2014 Level I Level II Level III Total Liabilities Liabilities of Consolidated Funds and CLO Vehicles (a) Senior Secured Notes $ — $ — $ 6,448,352 $ 6,448,352 Subordinated Notes — — 348,752 348,752 Freestanding Derivatives — Foreign Currency Contracts — 21,875 — 21,875 Freestanding Derivatives — Credit Default Swaps — 2,514 — 2,514 Freestanding Derivatives Interest Rate Contracts 1,357 3,233 — 4,590 Foreign Currency Contracts — 681 — 681 Credit Default Swaps — 868 — 868 Securities Sold, Not Yet Purchased — 85,878 — 85,878 $ 1,357 $ 115,049 $ 6,797,104 $ 6,913,510 (a) Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles, and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, is presumed to have control. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities. (b) Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.
Summary of Fair Value Transfers Between Level I and Level II	The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Transfers from Level I into Level II (a) $ — $ — $ — $ — Transfers from Level II into Level I (b) $ 89 $ 49,298 $ 5,777 $ 67,327 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of June 30, 2015: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 86,132 Discounted Cash Flows Discount Rate 8.7% - 25.0% 12.8% Revenue CAGR 1.8% - 22.0% 7.4% Exit Multiple - EBITDA 4.5x - 17.0x 9.3x Exit Multiple - P/E 10.5x - 15.0x 11.0x 32,784 Transaction Price N/A N/A N/A 184 Market Comparable Companies EBITDA Multiple 6.5x - 7.8x 6.9x 34 Third Party Pricing N/A N/A N/A 5,366 Other N/A N/A N/A Partnership and LLC Interests 483,105 Discounted Cash Flows Discount Rate 4.4% - 25.7% 9.4% Revenue CAGR -22.0% - 27.9% 8.4% Exit Multiple - EBITDA 3.0x - 23.3x 10.2x Exit Capitalization Rate 3.1% - 19.5% 6.3% 17,991 Transaction Price N/A N/A N/A 11,671 Third Party Pricing N/A N/A N/A 2,002 Other N/A N/A N/A Debt Instruments 9,501 Discounted Cash Flows Discount Rate 6.5% - 34.3% 14.6% Revenue CAGR 7.2% - 20.0% 16.1% Exit Multiple - EBITDA 6.3x - 9.5x 8.5x Exit Capitalization Rate 1.0% - 4.4% 2.0% 21,222 Third Party Pricing N/A N/A N/A 3,165 Transaction Pricing N/A N/A N/A 249 Market Comparable Companies EBITDA Multiple 6.4x N/A Assets of Consolidated CLO Vehicles 198,226 Third Party Pricing N/A N/A N/A 65,517 Market Comparable Companies EBITDA Multiple 4.5x - 7.0x 5.1x Total Investments of Consolidated Blackstone Funds 937,149 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Blackstone’s Treasury Cash Management Strategies $ 35,979 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 67.9% Recovery Lag 12 months N/A Pre-payment Rate 20.0% - 30.0% 29.6% Reinvestment Rate LIBOR + 350 bps LIBOR + 395 bps LIBOR + 450 bps Discount Rate 5.8% - 11.3% 6.7% 13,545 Third Party Pricing N/A N/A N/A Loans and Receivables 14,727 Discounted Cash Flows Discount Rate 14.8% N/A 21,713 Transaction Price N/A N/A N/A Other Investments 85,388 Discounted Cash Flows Discount Rate 1.3% - 12.5% 3.0% Default Rate 2.0% N/A Recovery Rate 70.0% N/A Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 446 Market Comparable Companies EBITDA Multiple 6.9x N/A 16,376 Transaction Price N/A N/A N/A Total $ 1,125,323 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2014: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 106,727 Discounted Cash Flows Discount Rate 8.4% - 24.7% 11.8% Revenue CAGR 0.7% - 24.4% 7.1% Exit Multiple - EBITDA 5.0x - 13.0x 10.1x Exit Multiple - P/E 10.5x - 17.0x 11.2x 67,706 Transaction Price N/A N/A N/A 163 Market Comparable Companies EBITDA Multiple 6.7x - 7.6x 6.9x 45 Third Party Pricing N/A N/A N/A 4,670 Other N/A N/A N/A Partnership and LLC Interests 485,748 Discounted Cash Flows Discount Rate 4.4% - 21.5% 9.5% Revenue CAGR -4.4% - 41.7% 6.5% Exit Multiple - EBITDA 1.0x - 19.1x 9.7x Exit Capitalization Rate 2.0% - 19.1% 6.8% 996,199 Transaction Price N/A N/A N/A 13,793 Third Party Pricing N/A N/A N/A 682 Other N/A N/A N/A Debt Instruments 9,570 Discounted Cash Flows Discount Rate 8.8% - 24.7% 16.1% Revenue CAGR 4.7% - 6.8% 5.0% Exit Multiple - EBITDA 5.9x - 11.3x 11.0x Exit Capitalization Rate 1.0% - 12.4% 9.3% Default Rate 2% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20% N/A Reinvestment Rate LIBOR + 400 bps N/A 95,542 Third Party Pricing N/A N/A N/A 686 Transaction Price N/A N/A N/A 172 Market Comparable Companies EBITDA Multiple 6.6x - 7.9x 6.6x Assets of Consolidated CLO Vehicles 318,636 Third Party Pricing N/A N/A N/A 290,658 Market Comparable Companies EBITDA Multiple 3.8x - 15.0x 6.1x 3,826 Discounted Cash Flows Discount Rate 8.0% N/A Total Investments of Consolidated Blackstone Funds 2,394,823 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Blackstone’s Treasury Cash Management Strategies $ 26,167 Discounted Cash Flows Default Rate 1.0% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 30.0% N/A Reinvestment Rate LIBOR + 450 bps N/A Discount Rate 5.8% - 10.0% 7.2% 54,257 Third Party Pricing N/A N/A N/A 4,470 Transaction Price N/A N/A N/A Loans and Receivables 26,247 Discounted Cash Flows Discount Rate 10.5% - 12.2% 10.9% 14,150 Transaction Price N/A N/A N/A Other Investments 11,887 Transaction Price N/A N/A N/A 92,604 Discounted Cash Flows Discount Rate 1.3% - 12.5% 2.9% Default Rate 2.0% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 400 bps N/A Total $ 2,624,605 Financial Liabilities Liabilities of Consolidated CLO Vehicles $ 6,797,104 Discounted Cash Flows Default Rate 2.0% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Discount Rate 0.3% - 19.3% 2.3% Reinvestment Rate LIBOR + 400 bps N/A N/A Not applicable. CAGR Compound annual growth rate. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used	Level III Financial Assets at Fair Value Three Months Ended June 30, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period (a) $ 920,448 $ 40,691 $ 163,798 $ 1,124,937 $ 2,442,346 $ 61,573 $ 123,525 $ 2,627,444 Transfer Out Due to Deconsolidation — — — — (140,393 ) — — (140,393 ) Transfer In to Level III (b) 59,939 — 2,772 62,711 196,770 — 4,293 201,063 Transfer Out of Level III (b) (156,054 ) — (24,480 ) (180,534 ) (234,833 ) — (9,735 ) (244,568 ) Purchases 154,173 — 8,407 162,580 160,206 12,403 55,791 228,400 Sales (98,872 ) (5,464 ) (1,819 ) (106,155 ) (210,913 ) (31,345 ) (4,126 ) (246,384 ) Settlements — (1,041 ) (115 ) (1,156 ) — (432 ) (145 ) (577 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income 57,515 2,254 3,171 62,940 47,672 526 (2,086 ) 46,112 Balance, End of Period $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 $ 2,260,855 $ 42,725 $ 167,517 $ 2,471,097 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 17,044 $ 2,255 $ 471 $ 19,770 $ 65,791 $ 526 $ (1,393 ) $ 64,924 Level III Financial Assets at Fair Value Six Months Ended June 30, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period (a) $ 2,394,821 $ 40,397 $ 189,384 $ 2,624,602 $ 2,460,907 $ 137,788 $ 44,774 $ 2,643,469 Transfer In Due to Consolidation and Acquisition (d) — — — — 205,890 — — 205,890 Transfer Out Due to Deconsolidation (1,460,538 ) — — (1,460,538 ) (238,399 ) — — (238,399 ) Transfer In to Level III (b) 58,184 — 19,897 78,081 222,991 — 7,972 230,963 Transfer Out of Level III (b) (149,636 ) — (47,164 ) (196,800 ) (292,469 ) — (10,744 ) (303,213 ) Purchases 227,260 6,186 33,339 266,785 315,009 93,645 133,430 542,084 Sales (178,391 ) (9,535 ) (36,973 ) (224,899 ) (487,333 ) (188,064 ) (7,573 ) (682,970 ) Settlements — (2,079 ) (218 ) (2,297 ) — (1,170 ) (301 ) (1,471 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income 45,449 1,471 (6,531 ) 40,389 74,259 526 (41 ) 74,744 Balance, End of Period $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 $ 2,260,855 $ 42,725 $ 167,517 $ 2,471,097 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 13,511 $ 1,343 $ 1,879 $ 16,733 $ 86,668 $ 526 $ 1,172 $ 88,366
Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used	Level III Financial Liabilities at Fair Value Three Months Ended June 30, 2015 2014 Collateralized Notes Collateralized Total Collateralized Notes Collateralized Total Balance, Beginning of Period $ — $ — $ — $ 7,795,523 $ 619,188 $ 8,414,711 Transfer In Due to Consolidation and Acquisition (d) — — — 32,197 10,000 42,197 Transfer Out Due to Deconsolidation — — — (814,300 ) (133,454 ) (947,754 ) Settlements — — — (609,646 ) — (609,646 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income — — — 4,064 (20,977 ) (16,913 ) Balance, End of Period $ — $ — $ — $ 6,407,838 $ 474,757 $ 6,882,595 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ 2,510 $ (20,977 ) $ (18,467 ) Level III Financial Liabilities at Fair Value Six Months Ended June 30, 2015 2014 Collateralized Notes Collateralized Total Collateralized Notes Collateralized Total Balance, Beginning of Period $ 6,448,352 $ 348,752 $ 6,797,104 $ 8,302,572 $ 610,435 $ 8,913,007 Transfer In Due to Consolidation and Acquisition (d) — — — 504,216 96,182 600,398 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) (1,453,391 ) (173,252 ) (1,626,643 ) Transfer Out Due to Amended CLO Guidance (e) (2,279,947 ) (86,818 ) (2,366,765 ) — — — Issuances — — — — — — Settlements — — — (998,633 ) (110 ) (998,743 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income — — — 53,074 (58,498 ) (5,424 ) Balance, End of Period $ — $ — $ — $ 6,407,838 $ 474,757 $ 6,882,595 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ 48,982 $ (58,498 ) $ (9,516 ) (a) Beginning of period 2015 balances have been adjusted to remove investments for which fair value is based on NAV. Pursuant to amended fair value guidance, disclosure in the fair value hierarchy is no longer required. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. (c) Represents Blackstone’s Treasury Cash Management Strategies and Other Investments. (d) Represents the transfer into Level III of financial assets and liabilities as a result of the consolidation of certain fund entities. (e) Transfers out due to amended CLO measurement guidance represents the transfer out of Level III for liabilities of consolidated CLO vehicles for which fair value is based on the more observable fair value of CLO assets. Such liabilities are classified as Level II within the fair value hierarchy. As the guidance was adopted as of January 1, 2015, there are no transfers for the three months ending June 30, 2015.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss	The assets and liabilities recognized in the Partnership’s Condensed Consolidated Statements of Financial Condition related to the Partnership’s interest in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: June 30, 2015 December 31, 2014 Investments $ 774,579 $ 776,079 Accounts Receivable 28,729 125,316 Due from Affiliates 34,722 53,751 Total VIE Assets 838,030 955,146 Due to Affiliates 30 108 Accounts Payable, Accrued Expenses and Other Liabilities 244 124 Potential Clawback Obligation 260,198 206,725 Maximum Exposure to Loss $ 1,098,502 $ 1,162,103

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following table provides information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged as of June 30, 2015: June 30, 2015 Remaining Contractual Maturity of the Agreements Overnight Up to 30 - 90 Greater Total Repurchase Agreements U.S. Treasury and Agency Securities $ 1,847 $ — $ — $ — $ 1,847 Asset-Backed Securities — 750 39,057 — 39,807 Total $ 1,847 $ 750 $ 39,057 $ — $ 41,654 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 41,654 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIAB36

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Offsetting of Assets and Liabilities	The following tables present the offsetting of assets and liabilities as of June 30, 2015: Gross and Net Financial Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Assets Net Investment Hedge $ 525 $ — $ — $ 525 Freestanding Derivatives 4,630 1,981 659 1,990 Reverse Repurchase Agreements 61,376 61,150 — 226 Total $ 66,531 $ 63,131 $ 659 $ 2,741 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 12,303 $ 1,981 $ 10,309 $ 13 Repurchase Agreements 41,654 40,983 671 — Total $ 53,957 $ 42,964 $ 10,980 $ 13 The following tables present the offsetting of assets and liabilities as of December 31, 2014: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 523 $ — $ — $ 523 Freestanding Derivatives 3,290 1,132 352 1,806 Total $ 3,813 $ 1,132 $ 352 $ 2,329 Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 8,653 $ 1,132 $ 7,424 $ 97 Repurchase Agreements 29,907 29,438 469 — Total $ 38,560 $ 30,570 $ 7,893 $ 97
Components of Other Assets	The following table presents the components of Other Assets: June 30, 2015 December 31, 2014 Furniture, Equipment and Leasehold Improvements, Net $ 138,902 $ 135,740 Prepaid Expenses 159,283 102,503 Other Assets 34,937 82,704 Freestanding Derivatives 4,630 3,290 Net Investment Hedges 525 523 $ 338,277 $ 324,760

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2015
Carrying Value and Fair Value of Blackstone Issued Notes	The carrying value and fair value of the Blackstone issued notes, included in Loans Payable within the Condensed Consolidated Statements of Financial Condition, were: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Blackstone Issued 6.625%, $600 Million Par, Notes Due $ 618,812 $ 678,776 $ 622,552 $ 684,158 Blackstone Issued 5.875%, $400 Million Par, Notes Due 3/15/2021 $ 397,536 $ 460,960 $ 397,357 $ 462,360 Blackstone Issued 4.750%, $400 Million Par, Notes Due 2/15/2023 $ 391,775 $ 428,840 $ 391,344 $ 436,240 Blackstone Issued 6.250%, $250 Million Par, Notes Due 8/15/2042 $ 237,564 $ 290,850 $ 237,487 $ 307,125 Blackstone Issued 5.000%, $500 Million Par, Notes Due 6/15/2044 $ 488,066 $ 497,900 $ 487,966 $ 527,500 Blackstone Issued 4.450%, $350 Million Par, Notes Due 7/15/2045 $ 343,952 $ 318,780 $ — $ — Blackstone Issued 2.000%, €300 Million Par, Notes Due 5/19/2025 $ 331,929 $ 329,293 $ — $ — (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The carrying and fair values are determined using the original $600 million par amount less $15 million attributable to these notes which were acquired but not retired by Blackstone during 2012. (c) The carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct deduction from the related liability for all periods presented in accordance with amended guidance on simplifying the presentation of such costs.
Partnership's Borrowings Through Consolidated CLO Vehicles	Borrowings through the consolidated CLO vehicles consisted of the following: June 30, 2015 December 31, 2014 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 2,912,753 1.94 % 4.5 $ 6,594,266 1.27 % 3.8 Subordinated Notes 181,480 (a ) N/A 740,050 (a ) N/A $ 3,094,233 $ 7,334,316 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.
Components of Senior Secured Notes and Subordinated Notes	Senior Secured Notes and Subordinated Notes comprise the following amounts: June 30, 2015 December 31, 2014 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Value Fair Value Borrowing Fair Value Senior Secured Notes $ 2,912,753 $ — $ — $ 6,448,352 $ 2,500 $ 2,504 Subordinated Notes $ 119,577 $ 10,000 $ 9,616 $ 348,752 $ 24,200 $ 14,377
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of June 30, 2015 were as follows: Operating Blackstone Fund Total 2015 $ — $ 4,166 $ 4,166 2016 — 69 69 2017 — 392,436 392,436 2018 — — — 2019 585,000 — 585,000 Thereafter 2,237,080 2,701,797 4,938,877 Total $ 2,822,080 $ 3,098,468 $ 5,920,548

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	6 Months Ended
	Jun. 30, 2015
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three and six months ended June 30, 2015 and June 30, 2014 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Income Attributable to The Blackstone Group L.P. $ 134,168 $ 517,016 $ 763,616 $ 782,633 Basic Net Income Per Common Unit Weighted-Average Common Units Outstanding 631,881,205 606,690,740 628,597,331 604,123,284 Basic Net Income Per Common Unit $ 0.21 $ 0.85 $ 1.21 $ 1.30 Diluted Net Income Per Common Unit Weighted-Average Common Units Outstanding 631,881,205 606,690,740 628,597,331 604,123,284 Weighted-Average Unvested Deferred Restricted Common Units 2,311,444 3,207,089 4,133,258 3,674,476 Weighted-Average Diluted Common Units Outstanding 634,192,649 609,897,829 632,730,589 607,797,760 Diluted Net Income Per Common Unit $ 0.21 $ 0.85 $ 1.21 $ 1.29
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted-Average Blackstone Holdings Partnership Units 555,641,388 544,158,132 552,260,871 546,727,909

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of the Partnership’s unvested equity-based awards as of June 30, 2015 and of changes during the period January 1, 2015 through June 30, 2015 is presented below: Blackstone Holdings The Blackstone Group L.P. Equity Settled Awards Cash Settled Awards Unvested Units Partnership Weighted- Deferred Weighted- Phantom Weighted- Balance, December 31, 2014 33,498,237 $ 26.19 17,569,372 $ 16.95 1,455 $ 31.95 Granted 19,874,298 37.86 3,703,892 33.73 998 33.83 Vested (17,901,009 ) 30.20 (5,770,811 ) 18.83 (815 ) 32.62 Forfeited 43,916 25.17 (46,452 ) 23.87 — — Exchanged — — (10,374 ) 28.23 10,374 28.23 Balance, June 30, 2015 35,515,442 $ 30.70 15,445,627 $ 20.24 12,012 $ 28.85
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of June 30, 2015, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 29,450,530 4.5 Deferred Restricted Blackstone Common Units 13,345,470 2.1 Total Equity-Based Awards 42,796,000 3.7 Phantom Units 8,606 3.5

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 2,365 $ 2,518 Primarily Interest Bearing Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees for Investments in Blackstone Funds 267,359 237,341 Amounts Due from Portfolio Companies and Funds 404,149 372,820 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 7,979 32,020 Management and Performance Fees Due from Non-Consolidated Funds 391,745 355,657 Payments Made on Behalf of Non-Consolidated Entities 169,339 111,796 Advances Made to Certain Non-Controlling Interest Holders and Blackstone Employees 14,375 16,256 $ 1,257,311 $ 1,128,408 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,244,731 $ 1,234,890 Accrual for Potential Repayment of Previously Received Performance Fees 3,453 3,889 Due to Note Holders of Consolidated CLO Vehicles 9,616 16,881 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 13,825 21,266 Payable to Affiliates for Consolidated Funds — 22,447 Distributions Received on Behalf of Blackstone Entities 75,506 176,304 Payments Made by Non-Consolidated Entities 29,335 14,411 $ 1,376,466 $ 1,490,088

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2015
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: June 30, 2015 December 31, 2014 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ 45 $ 1,624 $ 1,669 $ 130 $ 1,647 $ 1,777 Credit 1,043 741 1,784 1,241 871 2,112 Total $ 1,088 $ 2,365 $ 3,453 $ 1,371 $ 2,518 $ 3,889

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Data of Segments	The following table presents the financial data for Blackstone’s five segments for the three months ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 121,918 $ 140,743 $ 130,216 $ 123,615 $ — $ 516,492 Advisory Fees — — — — 76,998 76,998 Transaction and Other Fees, Net (12,131 ) 21,510 — 2,060 289 11,728 Management Fee Offsets (9,028 ) (5,428 ) (608 ) (3,370 ) — (18,434 ) Total Management and Advisory Fees, Net 100,759 156,825 129,608 122,305 77,287 586,784 Performance Fees Realized Carried Interest 546,575 363,983 — 26,925 — 937,483 Incentive Fees — 1,220 16,915 29,684 — 47,819 Unrealized Carried Interest (305,573 ) (188,608 ) 8,014 44,218 — (441,949 ) Incentive Fees — 3,935 15,855 6,521 — 26,311 Total Performance Fees 241,002 180,530 40,784 107,348 — 569,664 Investment Income (Loss) Realized 50,258 85,432 (1,757 ) 2,723 (159 ) 136,497 Unrealized (22,301 ) (107,691 ) 2,032 2,760 (523 ) (125,723 ) Total Investment Income (Loss) 27,957 (22,259 ) 275 5,483 (682 ) 10,774 Interest and Dividend Revenue 7,667 10,259 3,970 5,938 3,192 31,026 Other 2,515 1,077 459 34 (112 ) 3,973 Total Revenues 379,900 326,432 175,096 241,108 79,685 1,202,221 Expenses Compensation and Benefits Compensation 67,079 79,484 45,841 47,124 49,824 289,352 Performance Fee Compensation Realized Carried Interest 106,502 116,168 — 15,362 — 238,032 Incentive Fees — 671 8,711 12,455 — 21,837 Unrealized Carried Interest (25,574 ) (50,559 ) 4,077 21,497 — (50,559 ) Incentive Fees — 230 3,764 2,137 — 6,131 Total Compensation and Benefits 148,007 145,994 62,393 98,575 49,824 504,793 Other Operating Expenses 62,458 43,346 20,499 23,539 18,559 168,401 Total Expenses 210,465 189,340 82,892 122,114 68,383 673,194 Economic Income $ 169,435 $ 137,092 $ 92,204 $ 118,994 $ 11,302 $ 529,027 Three Months Ended June 30, 2014 Private Real Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 103,204 $ 157,869 $ 123,008 $ 112,489 $ — $ 496,570 Advisory Fees — — — — 114,914 114,914 Transaction and Other Fees, Net 27,616 13,514 126 7,064 876 49,196 Management Fee Offsets (4,246 ) (7,702 ) (1,531 ) (6,739 ) — (20,218 ) Total Management and Advisory Fees, Net 126,574 163,681 121,603 112,814 115,790 640,462 Performance Fees Realized Carried Interest 212,394 417,826 — 11,439 — 641,659 Incentive Fees — 6,070 7,973 25,248 — 39,291 Unrealized Carried Interest 502,210 119,461 — 39,041 — 660,712 Incentive Fees — (3,483 ) 30,556 29,703 — 56,776 Total Performance Fees 714,604 539,874 38,529 105,431 — 1,398,438 Investment Income (Loss) Realized 74,812 122,664 2,394 2,223 106 202,199 Unrealized 17,662 (50,437 ) 1,057 4,521 969 (26,228 ) Total Investment Income 92,474 72,227 3,451 6,744 1,075 175,971 Interest and Dividend Revenue 4,666 8,009 2,340 4,892 2,187 22,094 Other 564 (218 ) (203 ) 11 (160 ) (6 ) Total Revenues 938,882 783,573 165,720 229,892 118,892 2,236,959 Expenses Compensation and Benefits Compensation 73,038 85,582 43,341 51,310 69,744 323,015 Performance Fee Compensation Realized Carried Interest 112,720 143,442 — 4,139 — 260,301 Incentive Fees — 3,081 2,918 12,510 — 18,509 Unrealized Carried Interest 66,194 27,339 — 20,803 — 114,336 Incentive Fees — (1,783 ) 11,252 15,223 — 24,692 Total Compensation and Benefits 251,952 257,661 57,511 103,985 69,744 740,853 Other Operating Expenses 39,193 36,542 25,101 22,159 22,116 145,111 Total Expenses 291,145 294,203 82,612 126,144 91,860 885,964 Economic Income $ 647,737 $ 489,370 $ 83,108 $ 103,748 $ 27,032 $ 1,350,995 The following table presents the financial data for Blackstone’s segments as of and for the six months ended June 30, 2015 and 2014: June 30, 2015 and the Six Months Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 230,301 $ 293,091 $ 260,853 $ 248,644 $ — $ 1,032,889 Advisory Fees — — — — 161,236 161,236 Transaction and Other Fees, Net 8,228 36,726 25 3,517 305 48,801 Management Fee Offsets (13,977 ) (10,294 ) (888 ) (11,220 ) — (36,379 ) Total Management and Advisory Fees, Net 224,552 319,523 259,990 240,941 161,541 1,206,547 Performance Fees Realized Carried Interest 929,553 1,175,232 — 40,292 — 2,145,077 Incentive Fees — 1,943 27,431 48,115 — 77,489 Unrealized Carried Interest 261,249 (369,627 ) 8,014 32,267 — (68,097 ) Incentive Fees — 10,004 63,282 15,645 — 88,931 Total Performance Fees 1,190,802 817,552 98,727 136,319 — 2,243,400 Investment Income (Loss) Realized 95,074 156,776 (12,132 ) 4,960 (389 ) 244,289 Unrealized 9,186 (70,181 ) 6,515 9,647 959 (43,874 ) Total Investment Income (Loss) 104,260 86,595 (5,617 ) 14,607 570 200,415 Interest and Dividend Revenue 15,284 20,256 7,919 11,589 6,429 61,477 Other 690 (2,900 ) (1,148 ) 3,527 (1,068 ) (899 ) Total Revenues 1,535,588 1,241,026 359,871 406,983 167,472 3,710,940 Expenses Compensation and Benefits Compensation 137,168 164,318 101,945 97,001 118,758 619,190 Performance Fee Compensation Realized Carried Interest 145,984 362,664 — 21,632 — 530,280 Incentive Fees — 1,027 12,181 20,856 — 34,064 Unrealized Carried Interest 152,546 (148,643 ) 4,077 15,841 — 23,821 Incentive Fees — 2,805 19,415 8,872 — 31,092 Total Compensation and Benefits 435,698 382,171 137,618 164,202 118,758 1,238,447 Other Operating Expenses 101,213 83,489 41,705 45,375 39,901 311,683 Total Expenses 536,911 465,660 179,323 209,577 158,659 1,550,130 Economic Income $ 998,677 $ 775,366 $ 180,548 $ 197,406 $ 8,813 $ 2,160,810 Segment Assets as of June 30, 2015 $ 6,684,342 $ 7,757,463 $ 1,473,846 $ 2,873,517 $ 1,063,761 $ 19,852,929 Six Months Ended June 30, 2014 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 201,788 $ 317,205 $ 236,392 $ 218,063 $ — $ 973,448 Advisory Fees — — — — 184,877 184,877 Transaction and Other Fees, Net 70,463 27,078 219 10,408 938 109,106 Management Fee Offsets (5,959 ) (16,926 ) (2,986 ) (10,991 ) — (36,862 ) Total Management and Advisory Fees, Net 266,292 327,357 233,625 217,480 185,815 1,230,569 Performance Fees Realized Carried Interest 332,199 612,484 — 30,599 — 975,282 Incentive Fees — 6,044 47,818 39,266 — 93,128 Unrealized Carried Interest 669,275 259,698 — 62,027 — 991,000 Incentive Fees — (746 ) 48,641 70,147 — 118,042 Total Performance Fees 1,001,474 877,480 96,459 202,039 — 2,177,452 Investment Income (Loss) Realized 135,347 154,021 19,214 5,294 240 314,116 Unrealized 8,629 (45,058 ) 5,488 7,600 1,663 (21,678 ) Total Investment Income 143,976 108,963 24,702 12,894 1,903 292,438 Interest and Dividend Revenue 9,894 14,119 5,001 10,753 4,689 44,456 Other 1,428 99 (81 ) (248 ) (335 ) 863 Total Revenues 1,423,064 1,328,018 359,706 442,918 192,072 3,745,778 Expenses Compensation and Benefits Compensation 146,345 165,815 83,912 102,062 131,426 629,560 Performance Fee Compensation Realized Carried Interest 198,491 195,275 — 15,933 — 409,699 Incentive Fees — 3,065 16,189 22,890 — 42,144 Unrealized Carried Interest 39,046 84,324 — 31,656 — 155,026 Incentive Fees — (401 ) 18,013 30,611 — 48,223 Total Compensation and Benefits 383,882 448,078 118,114 203,152 131,426 1,284,652 Other Operating Expenses 72,199 69,649 44,581 54,998 43,458 284,885 Total Expenses 456,081 517,727 162,695 258,150 174,884 1,569,537 Economic Income $ 966,983 $ 810,291 $ 197,011 $ 184,768 $ 17,188 $ 2,176,241
Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets	The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes for the three months ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,202,221 $ 22,981 (a) $ 1,225,202 $ 2,236,959 $ 20,901 (a) $ 2,257,860 Expenses $ 673,194 $ 241,238 (b) $ 914,432 $ 885,964 $ 203,817 (b) $ 1,089,781 Other Income $ — $ 82,015 (c) $ 82,015 $ — $ 138,585 (c) $ 138,585 Economic Income $ 529,027 $ (136,242) (d) $ 392,785 $ 1,350,995 $ (44,331) (d) $ 1,306,664 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended June 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (31,781 ) $ (21,040 ) Fund Expenses Added in Consolidation 33,677 765 Non-Controlling Interests in Income of Consolidated Entities 80,496 162,547 Transaction-Related Other Income (377 ) (3,687 ) Total Consolidation Adjustments and Reconciling Items $ 82,015 $ 138,585 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2015 2014 Economic Income $ 529,027 $ 1,350,995 Adjustments Amortization of Intangibles (24,720 ) (28,310 ) IPO and Acquisition-Related Charges (192,018 ) (178,568 ) Non-Controlling Interests in Income of Consolidated Entities 80,496 162,547 Total Consolidation Adjustments and Reconciling Items (136,242 ) (44,331 ) Income Before Provision for Taxes $ 392,785 $ 1,306,664 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2015 and 2014: June 30, 2015 and the Six Months Then Ended Six Months Ended June 30, 2014 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,710,940 $ 26,620(a) $ 3,737,560 $ 3,745,778 $ 38,750(a) $ 3,784,528 Expenses $ 1,550,130 $ 506,870(b) $ 2,057,000 $ 1,569,537 $ 408,095(b) $ 1,977,632 Other Income $ — $ 175,570(c) $ 175,570 $ — $ 208,740(c) $ 208,740 Economic Income $ 2,160,810 $ (304,680)(d) $ 1,856,130 $ 2,176,241 $ (160,605)(d) $ 2,015,636 Total Assets $ 19,852,929 $ 4,830,572(e) $ 24,683,501 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Six Months Ended June 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (35,492 ) $ (38,918 ) Fund Expenses Added in Consolidation 43,044 19 Non-Controlling Interests in Income of Consolidated Entities 169,819 252,300 Transaction-Related Other Income (1,801 ) (4,661 ) Total Consolidation Adjustments and Reconciling Items $ 175,570 $ 208,740 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2015 2014 Economic Income $ 2,160,810 $ 2,176,241 Adjustments Amortization of Intangibles (50,619 ) (57,313 ) IPO and Acquisition-Related Charges (423,880 ) (355,592 ) Non-Controlling Interests in Income of Consolidated Entities 169,819 252,300 Total Consolidation Adjustments and Reconciling Items (304,680 ) (160,605 ) Income Before Provision for Taxes $ 1,856,130 $ 2,015,636 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail) - 6 months ended Jun. 30, 2015	SegmentPersonTimes
Organization [Line Items]
Number of business segments | Segment	5
Number of Blackstone founders managing the Partnership | Person	1
Number of times per year, holders of limited partnership interest can exchange their limited partnership interest	4
Partnership Unit to Blackstone Common Unit ratio	100.00%

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Additional Information (Detail) - Adoption of new accounting guidance $ in Millions	Jan. 01, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reduction in consolidated assets	$ 8,000
Reduction in consolidated liabilities	4,700
Redeemable NonControlling Interests in Consolidated Entities
Summary Of Significant Accounting Policies [Line Items]
Changes in assets and liabilities	2,300
Appropriated Partners' Capital
Summary Of Significant Accounting Policies [Line Items]
Changes in assets and liabilities	90.9
Non-Controlling Interests in Consolidated Entities
Summary Of Significant Accounting Policies [Line Items]
Changes in assets and liabilities	$ 1,000

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,464,017	$ 1,464,017
Accumulated Amortization	(1,054,189)	(1,005,184)
Intangible Assets, Net	$ 409,828	$ 458,833

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets [Line Items]
Amortization Expense	$ 23,600	$ 25,600	$ 48,422	$ 51,824
Expected amortization of intangibles, 2015	95,600		95,600
Expected amortization of intangibles, 2016	85,600		85,600
Expected amortization of intangibles, 2017	46,500		46,500
Expected amortization of intangibles, 2018	46,500		46,500
Expected amortization of intangibles, 2019	$ 46,400		$ 46,400
Intangible assets expected to amortize over a weighted-average period			6 years 7 months 6 days

Investments (Detail)

Investments (Detail) - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Investments of Consolidated Blackstone Funds	$ 4,566,724	$ 11,375,407
Equity Method Investments	3,162,211	3,240,825
Blackstone's Treasury Cash Management Strategies	1,699,912	1,666,061
Performance Fees	6,328,235	6,337,045
Other Investments	162,728	146,251
Investments	$ 15,919,810	$ 22,765,589

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investment [Line Items]
Recognized net gains related to equity method investments	$ 19.5	$ 135.8	$ 181.6	$ 233
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 522.5		$ 522.5		$ 704.9

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 60,473	$ 20,226	$ 127,512	$ 33,939
Net Change in Unrealized Gains (Losses)	(2,190)	68,333	1,743	41,119
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	58,283	88,559	129,255	75,058
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	23,732	50,026	46,315	133,682
Other Income - Net Gains from Fund Investment Activities	$ 82,015	$ 138,585	$ 175,570	$ 208,740

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - Blackstone's Treasury Cash Management Strategies - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ (3,442)	$ 1,071	$ (3,603)	$ 4,165
Net Change in Unrealized Gains (Losses)	(15,049)	7,122	(3,938)	16,092
Total realized and net change in unrealized gains (losses)	$ (18,491)	$ 8,193	$ (7,541)	$ 20,257

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2014	$ 6,337,045
Performance Fees Allocated as a Result of Changes in Fund Fair Values	2,146,905
Foreign Exchange Loss	(20,380)
Fund Distributions	(2,135,335)
Performance Fees, June 30, 2015	6,328,235
Private Equity Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2014	2,215,584
Performance Fees Allocated as a Result of Changes in Fund Fair Values	1,190,791
Fund Distributions	(922,310)
Performance Fees, June 30, 2015	2,484,065
Real Estate Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2014	3,721,751
Performance Fees Allocated as a Result of Changes in Fund Fair Values	836,288
Foreign Exchange Loss	(20,380)
Fund Distributions	(1,149,900)
Performance Fees, June 30, 2015	3,387,759
Hedge Fund Solutions Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2014	15,031
Performance Fees Allocated as a Result of Changes in Fund Fair Values	32,205
Fund Distributions	(12,526)
Performance Fees, June 30, 2015	34,710
Credit Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2014	384,679
Performance Fees Allocated as a Result of Changes in Fund Fair Values	87,621
Fund Distributions	(50,599)
Performance Fees, June 30, 2015	$ 421,701

Realized and Net Change in Un52

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ (30)	$ (695)	$ (8)	$ 5,612
Net Change in Unrealized Gains (Losses)on other investments	(825)	13	(454)	(6,491)
Total realized and net change in unrealized gains (losses)	$ (855)	$ (682)	$ (462)	$ (879)

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands		Jun. 30, 2015USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value		$ 376,096
Unfunded Commitments		0
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	[1]	26,569
Unfunded Commitments	[1]	0
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	[2]	280,204
Unfunded Commitments	[2]	0
Event Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	[3]	66,327
Unfunded Commitments	[3]	0
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	[4]	247
Unfunded Commitments	[4]	0
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	[5]	2,749
Unfunded Commitments	[5]	$ 0
[1]	Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 56% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 44% of investments in this category are redeemable as of the reporting date.
[2]	The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 36% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 60% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 4% of the total fair value in the credit driven category are subject to redemption restrictions such as the investee fund manager's ability to limit the amount of redemptions.
[3]	The Event Driven category includes investments in hedge funds whose primary investing strategy is to identify certain event-driven investments. Withdrawals are not permitted in this category. Distributions will be received as the underlying investments are liquidated.
[4]	The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.
[5]	The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

Summary of Fair Value by Stra54

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	Jun. 30, 2015
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	56.00%
Percentage of investments side pocketed as of reporting date	44.00%
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	36.00%
Percentage of investments elected to side pocket	60.00%
Percentage of investments redeemable as of reporting date	4.00%

Derivative Financial Instrume55

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative [Line Items]
Gains and losses due to change in fair value attributable to changes in spot exchange rates	$ 14,876	$ (564)	$ (32,912)	$ (1,730)
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Gains and losses due to change in fair value attributable to changes in spot exchange rates	$ (2,100)		$ 5,200

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 725,662	$ 719,650
Derivative Liabilities, Notional	1,617,351	1,425,901
Derivative Assets, Fair Value	6,289	15,009
Derivative Liabilities, Fair Value	19,883	30,528
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	57,272	62,078
Derivative Assets, Fair Value	525	523
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	668,390	657,572
Derivative Liabilities, Notional	1,617,351	1,425,901
Derivative Assets, Fair Value	5,764	14,486
Derivative Liabilities, Fair Value	19,883	30,528
Freestanding Derivatives | Foreign Currency Contracts | Blackstone - Other
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	201,936	192,163
Derivative Liabilities, Notional	119,061	148,873
Derivative Assets, Fair Value	2,154	2,798
Derivative Liabilities, Fair Value	757	681
Freestanding Derivatives | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	63,531	199,364
Derivative Liabilities, Notional	106,827	250,244
Derivative Assets, Fair Value	1,134	8,915
Derivative Liabilities, Fair Value	7,580	21,875
Freestanding Derivatives | Interest Rate Contracts | Blackstone - Other
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	402,923	223,886
Derivative Liabilities, Notional	1,209,567	879,412
Derivative Assets, Fair Value	2,476	407
Derivative Liabilities, Fair Value	4,815	4,590
Freestanding Derivatives | Interest Rate Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		22,659
Derivative Assets, Fair Value		2,281
Freestanding Derivatives | Credit Default Swaps | Blackstone - Other
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		19,500
Derivative Liabilities, Notional	98,500	56,000
Derivative Assets, Fair Value		85
Derivative Liabilities, Fair Value	4,445	868
Freestanding Derivatives | Credit Default Swaps | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	83,396	91,372
Derivative Liabilities, Fair Value	$ 2,286	$ 2,514

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Financial Instruments [Line Items]
Realized Gains (Losses)	$ (2,563)	$ (3,994)	$ 7,591	$ (3,102)
Net Change in Unrealized Gain (Loss)	5,017	(12,573)	(9,675)	(21,419)
Net Investment Hedges | Foreign Currency Contracts
Derivative Financial Instruments [Line Items]
Hedge Ineffectiveness	(11)		229
Freestanding Derivatives | Foreign Currency Contracts
Derivative Financial Instruments [Line Items]
Realized Gains (Losses)	(3,160)	(4,420)	8,903	(2,981)
Net Change in Unrealized Gain (Loss)	2,779	(13,827)	(8,245)	(21,944)
Freestanding Derivatives | Interest Rate Contracts
Derivative Financial Instruments [Line Items]
Realized Gains (Losses)	(1,358)	(570)	(5,093)	(1,403)
Net Change in Unrealized Gain (Loss)	4,707	(1,731)	3,961	(4,273)
Freestanding Derivatives | Credit Default Swaps
Derivative Financial Instruments [Line Items]
Realized Gains (Losses)	1,955	996	3,781	1,282
Net Change in Unrealized Gain (Loss)	$ (2,469)	$ 2,985	$ (5,391)	$ 4,798

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and Preferred Securities	$ 127,191	$ 102,907
Total Assets	3,425,835	6,760,099
Total Liabilities	3,032,330	6,797,104
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Bonds	247,083	292,690
Senior Secured Notes | Liabilities of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	2,912,753	6,448,352
Subordinated Notes | Liabilities of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	119,577	348,752
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Other	281	44,513
Loans And Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables	36,440	40,397
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Loans	$ 3,014,840	$ 6,279,592

Realized and Net Change in Un59

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Realized Gains (Losses) | Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		$ (1,554)		$ (4,092)
Realized Gains (Losses) | Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (8,300)	(32,119)	$ (1,690)	(54,850)
Realized Gains (Losses) | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	91	(3,284)	121	(2,186)
Realized Gains (Losses) | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(1,554)		(4,092)
Realized Gains (Losses) | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1,318	(1,703)	3,273	13,294
Realized Gains (Losses) | Equity and Preferred Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(52)	(739)	(237)	(1,323)
Realized Gains (Losses) | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(9,657)	(26,393)	(4,847)	(64,635)
Net Change In Unrealized Gains (Losses) | Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(7,199)	(21,105)	(10,238)	(40,024)
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	20,450	60,809	33,978	78,120
Net Change In Unrealized Gains (Losses) | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	3,380	3,442	4,516	3,694
Net Change In Unrealized Gains (Losses) | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(39,764)		(95,638)
Net Change In Unrealized Gains (Losses) | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(7,199)	18,659	(10,238)	55,614
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(840)	22,673	(3,331)	19,555
Net Change In Unrealized Gains (Losses) | Loans And Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1,278		(597)
Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(4,663)	796	(7,491)	5,914
Net Change In Unrealized Gains (Losses) | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 21,295	$ 33,898	$ 40,881	$ 48,957

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		$ (11,700,000)	$ (210,717,000)
Fair value of financial instruments more than one day past due	[1]	330,000	4,369,000
Uncollected principal balance on financial instruments that exceeds fair value more than one day past due	[1]	(4,209,000)	(21,876,000)
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		(1,441,000)	(7,814,000)
Fair value of financial instruments more than one day past due		0	0
Loans And Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		(6,060,000)	(5,323,000)
Fair value of financial instruments more than one day past due			0
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		(4,199,000)	(197,580,000)
Fair value of financial instruments more than one day past due	[1]	330,000	4,369,000
Uncollected principal balance on financial instruments that exceeds fair value more than one day past due	[1]	$ (4,209,000)	$ (21,876,000)
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Information for Financial Ins61

Information for Financial Instruments on Which Fair Value Option was Elected (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and bonds contractual payment past due, number days	1 day	1 day

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	[1]	$ 330,000	$ 4,369,000
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due		0	0
Fair value of financial instruments with non-accrual status		$ 0	0
Loans And Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due			0
Fair value of financial instruments with non-accrual status			$ 0
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Blackstone's Treasury Cash Management Strategies		$ 1,699,912		$ 1,666,061
Money Market Funds		636,975		198,278
Freestanding Derivatives, Assets		6,289		15,009
Net Investment Hedges - Foreign Currency Contracts		525		523
Freestanding Derivatives, Liabilities		19,883		30,528
Investments of Consolidated Funds		4,566,724		11,375,407
Other Investments		162,728		146,251
Total Financial Assets		7,107,934		13,430,207
Securities Sold, Not Yet Purchased		138,783		85,878
Total Financial Liabilities		3,190,996		6,913,510
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		5,764		14,486
Freestanding Derivatives, Liabilities		19,883		30,528
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		3,014,840		6,279,592
Loans And Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		36,440		40,397
Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	166,886		1,103,210
Equity Securities	[1]	262,710		352,360
Partnership and LLC Interests	[1]	661,085		1,683,562
Debt Instruments	[1]	212,705		1,608,284
Investments of Consolidated Funds	[1]	4,566,724		11,375,407
Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans	[1]	3,014,840		6,279,592
Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds		235,520		307,111
Equity Securities		96,039		71,746
Debt Instruments		1,305,293		1,226,195
Other		63,060		61,009
Total Blackstone's Treasury Cash Management Strategies		1,699,912		1,666,061
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds		247,083		292,690
Corporate Bonds | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds	[1]	247,083		292,690
Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts		525		523
Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,154		2,798
Freestanding Derivatives, Liabilities		757		681
Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	1,134		8,915
Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,476		407
Freestanding Derivatives, Liabilities		4,815
Interest Rate Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]			2,281
Credit Default Swaps | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets				85
Freestanding Derivatives, Liabilities		4,445		868
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other		281		44,513
Other | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]	281		44,513
Liabilities of Consolidated Funds and CLO Vehicles | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	7,580		21,875
Liabilities of Consolidated Funds and CLO Vehicles | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities				4,590
Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swaps | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	2,286		2,514
Liabilities of Consolidated Funds and CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1]	2,912,753	[2]	6,448,352
Liabilities of Consolidated Funds and CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1]	119,577	[2]	348,752
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds		636,975		198,278
Other Investments		33,022		31,731
Total Financial Assets		1,061,164		668,076
Total Financial Liabilities		2,388		1,357
Level 1 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	57,720		58,934
Investments of Consolidated Funds	[1]	57,720		58,947
Level 1 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds		235,520		307,111
Equity Securities		95,869		71,746
Total Blackstone's Treasury Cash Management Strategies		331,389		378,857
Level 1 | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,058		263
Freestanding Derivatives, Liabilities		2,388
Level 1 | Other | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]			13
Level 1 | Liabilities of Consolidated Funds and CLO Vehicles | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities				1,357
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments				436
Total Financial Assets		4,545,350		8,913,207
Securities Sold, Not Yet Purchased		138,783		85,878
Total Financial Liabilities		3,188,608		115,049
Level 2 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	80,490		114,115
Partnership and LLC Interests	[1]	146,316		187,140
Debt Instruments	[1]	178,568		1,502,314
Investments of Consolidated Funds	[1]	3,404,969		7,818,427
Level 2 | Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans	[1]	2,771,457		5,691,517
Level 2 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		170
Debt Instruments		1,137,114		1,090,794
Total Blackstone's Treasury Cash Management Strategies		1,137,284		1,090,794
Level 2 | Corporate Bonds | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds	[1]	226,723		292,690
Level 2 | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts		525		523
Level 2 | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,154		2,798
Freestanding Derivatives, Liabilities		757		681
Level 2 | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	1,134		8,915
Level 2 | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		418		144
Freestanding Derivatives, Liabilities		2,427
Level 2 | Interest Rate Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]			2,281
Level 2 | Credit Default Swaps | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets				85
Freestanding Derivatives, Liabilities		4,445		868
Level 2 | Other | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]	281		19,455
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	7,580		21,875
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities				3,233
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swaps | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	2,286		2,514
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	2,912,753
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	119,577
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments		102,210		104,491
Total Financial Assets		1,125,323		2,624,605
Total Financial Liabilities				6,797,104
Level 3 | Loans And Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		36,440		40,397
Level 3 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	124,500		179,311
Partnership and LLC Interests	[1]	514,769		1,496,422
Debt Instruments	[1]	34,137		105,970
Investments of Consolidated Funds	[1]	937,149		2,394,823
Level 3 | Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans	[1]	243,383		588,075
Level 3 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		49,524		84,894
Total Blackstone's Treasury Cash Management Strategies		49,524		84,894
Level 3 | Corporate Bonds | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds	[1]	20,360
Level 3 | Other | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]			25,045
Level 3 | Liabilities of Consolidated Funds and CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1]			6,448,352
Level 3 | Liabilities of Consolidated Funds and CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1]			348,752
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments		27,496		9,593
Total Financial Assets		376,097		1,224,319
Net Asset Value | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	166,886		1,103,210
Investments of Consolidated Funds	[1]	166,886		1,103,210
Net Asset Value | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		118,655		50,507
Other		63,060		61,009
Total Blackstone's Treasury Cash Management Strategies		$ 181,715		$ 111,516
[1]	Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles, and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, is presumed to have control. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities.
[2]	Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.

Summary of Fair Value Transfers

Summary of Fair Value Transfers Between Level I and Level II (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]	$ 0	$ 0	$ 0	$ 0
Transfers from Level II into Level I	[2]	$ 89	$ 49,298	$ 5,777	$ 67,327
[1]	Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.
[2]	Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 3,425,835	$ 6,760,099
Fair value liabilities		3,032,330	6,797,104
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 1,125,323	$ 2,624,605
Discounted Cash Flows | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate			2.00%
Pre-payment Rate			20.00%
Recovery Lag			12 months
Discounted Cash Flows | Liabilities of Consolidated CLO Vehicles | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value liabilities			$ 6,797,104
Discounted Cash Flows | Liabilities of Consolidated CLO Vehicles | LIBOR
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate			4.00%
Discounted Cash Flows | Weighted Average | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]		2.30%
Recovery Rate	[1]		66.00%
Discounted Cash Flows | Minimum | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate			0.30%
Recovery Rate			30.00%
Discounted Cash Flows | Maximum | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate			19.30%
Recovery Rate			70.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate			1.00%
Pre-payment Rate			30.00%
Recovery Lag		12 months	12 months
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 35,979	$ 26,167
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | LIBOR
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate			4.50%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]	6.70%	7.20%
Default Rate	[1]	1.90%
Recovery Rate	[1]	67.90%	66.00%
Reinvestment Rate	[1]	3.95%
Pre-payment Rate	[1]	29.60%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		5.80%	5.80%
Default Rate		1.00%
Recovery Rate		30.00%	30.00%
Pre-payment Rate		20.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Minimum | LIBOR
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		3.50%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		11.30%	10.00%
Default Rate		2.00%
Recovery Rate		70.00%	70.00%
Pre-payment Rate		30.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Maximum | LIBOR
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.50%
Blackstone's Treasury Cash Management Strategies | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets			$ 4,470
Blackstone's Treasury Cash Management Strategies | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 13,545	54,257
Loans And Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		14.80%
Loans And Receivables | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 14,727	$ 26,247
Loans And Receivables | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]		10.90%
Loans And Receivables | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate			10.50%
Loans And Receivables | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate			12.20%
Loans And Receivables | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 21,713	$ 14,150
Other | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate		2.00%	2.00%
Recovery Rate		70.00%
Pre-payment Rate		20.00%	20.00%
Recovery Lag		12 months	12 months
Other | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 85,388	$ 92,604
Other | Discounted Cash Flows | LIBOR
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.00%	4.00%
Other | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]	3.00%	2.90%
Recovery Rate	[1]		66.00%
Other | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		1.30%	1.30%
Recovery Rate			30.00%
Other | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		12.50%	12.50%
Recovery Rate			70.00%
Other | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.9
Other | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 446
Other | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		16,376	$ 11,887
Investments Of Consolidated Blackstone Funds | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		937,149	2,394,823
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 86,132	$ 106,727
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]	12.80%	11.80%
Revenue CAGR	[1]	7.40%	7.10%
Exit Multiple - EBITDA	[1]	9.3	10.1
Exit Multiple - P/E	[1]	11	11.2
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		8.70%	8.40%
Revenue CAGR		1.80%	0.70%
Exit Multiple - EBITDA		4.5	5
Exit Multiple - P/E		10.5	10.5
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		25.00%	24.70%
Revenue CAGR		22.00%	24.40%
Exit Multiple - EBITDA		17	13
Exit Multiple - P/E		15	17
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 184	$ 163
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	[1]	6.9	6.9
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.5	6.7
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		7.8	7.6
Investments Of Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 32,784	$ 67,706
Investments Of Consolidated Blackstone Funds | Equity Securities | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		34	45
Investments Of Consolidated Blackstone Funds | Equity Securities | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		5,366	4,670
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 483,105	$ 485,748
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]	9.40%	9.50%
Revenue CAGR	[1]	8.40%	6.50%
Exit Multiple - EBITDA	[1]	10.2	9.7
Exit Capitalization Rate	[1]	6.30%	6.80%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		4.40%	4.40%
Revenue CAGR		(22.00%)	(4.40%)
Exit Multiple - EBITDA		3	1
Exit Capitalization Rate		3.10%	2.00%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		25.70%	21.50%
Revenue CAGR		27.90%	41.70%
Exit Multiple - EBITDA		23.3	19.1
Exit Capitalization Rate		19.50%	19.10%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 17,991	$ 996,199
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		11,671	13,793
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		2,002	$ 682
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate			2.00%
Pre-payment Rate			20.00%
Recovery Lag			12 months
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 9,501	$ 9,570
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | LIBOR
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate			4.00%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]	14.60%	16.10%
Recovery Rate	[1]		66.00%
Revenue CAGR	[1]	16.10%	5.00%
Exit Multiple - EBITDA	[1]	8.5	11
Exit Capitalization Rate	[1]	2.00%	9.30%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		6.50%	8.80%
Recovery Rate			30.00%
Revenue CAGR		7.20%	4.70%
Exit Multiple - EBITDA		6.3	5.9
Exit Capitalization Rate		100.00%	1.00%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		34.30%	24.70%
Recovery Rate			70.00%
Revenue CAGR		20.00%	6.80%
Exit Multiple - EBITDA		9.5	11.3
Exit Capitalization Rate		440.00%	12.40%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.4
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 249	$ 172
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	[1]		6.6
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple			6.6
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple			7.9
Investments Of Consolidated Blackstone Funds | Debt Instruments | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		3,165	$ 686
Investments Of Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		21,222	$ 95,542
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate			8.00%
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets			$ 3,826
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 65,517	$ 290,658
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	[1]	5.1	6.1
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		4.5	3.8
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		7	15
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 198,226	$ 318,636
[1]	Unobservable inputs were weighted based on the fair value of the investments included in the range.

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1]	$ 1,124,937	$ 2,627,444	$ 2,624,602	$ 2,643,469
Transfer In Due to Consolidation and Acquisition	[2]				205,890
Transfer In (Out) Due to Deconsolidation			(140,393)	(1,460,538)	(238,399)
Transfer In to Level III	[3]	62,711	201,063	78,081	230,963
Transfer Out of Level III	[3]	(180,534)	(244,568)	(196,800)	(303,213)
Purchases		162,580	228,400	266,785	542,084
Sales		(106,155)	(246,384)	(224,899)	(682,970)
Settlements		(1,156)	(577)	(2,297)	(1,471)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income		62,940	46,112	40,389	74,744
Balance, End of Period		1,125,323	2,471,097	1,125,323	2,471,097
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		19,770	64,924	16,733	88,366
Investments Of Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1]	920,448	2,442,346	2,394,821	2,460,907
Transfer In Due to Consolidation and Acquisition	[2]				205,890
Transfer In (Out) Due to Deconsolidation			(140,393)	(1,460,538)	(238,399)
Transfer In to Level III	[3]	59,939	196,770	58,184	222,991
Transfer Out of Level III	[3]	(156,054)	(234,833)	(149,636)	(292,469)
Purchases		154,173	160,206	227,260	315,009
Sales		(98,872)	(210,913)	(178,391)	(487,333)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income		57,515	47,672	45,449	74,259
Balance, End of Period		937,149	2,260,855	937,149	2,260,855
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		17,044	65,791	13,511	86,668
Loans And Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1]	40,691	61,573	40,397	137,788
Purchases			12,403	6,186	93,645
Sales		(5,464)	(31,345)	(9,535)	(188,064)
Settlements		(1,041)	(432)	(2,079)	(1,170)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income		2,254	526	1,471	526
Balance, End of Period		36,440	42,725	36,440	42,725
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		2,255	526	1,343	526
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1],[4]	163,798	123,525	189,384	44,774
Transfer In to Level III	[3],[4]	2,772	4,293	19,897	7,972
Transfer Out of Level III	[3],[4]	(24,480)	(9,735)	(47,164)	(10,744)
Purchases	[4]	8,407	55,791	33,339	133,430
Sales	[4]	(1,819)	(4,126)	(36,973)	(7,573)
Settlements	[4]	(115)	(145)	(218)	(301)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income	[4]	3,171	(2,086)	(6,531)	(41)
Balance, End of Period	[4]	151,734	167,517	151,734	167,517
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date	[4]	$ 471	$ (1,393)	$ 1,879	$ 1,172
[1]	Beginning of period 2015 balances have been adjusted to remove investments for which fair value is based on NAV. Pursuant to amended fair value guidance, disclosure in the fair value hierarchy is no longer required.
[2]	Represents the transfer into Level III of financial assets and liabilities as a result of the consolidation of certain fund entities.
[3]	Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
[4]	Represents Blackstone's Treasury Cash Management Strategies and Other Investments.

Summary of Changes in Financi67

Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 8,414,711	$ 6,797,104	$ 8,913,007
Transfer In Due to Consolidation and Acquisition	[1]	42,197		600,398
Transfer Out Due to Deconsolidation		(947,754)	(4,430,339)	(1,626,643)
Transfer Out Due to Amended CLO Guidance	[2]		(2,366,765)
Issuances			0	0
Settlements		(609,646)		(998,743)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income		(16,913)		(5,424)
Balance, End of Period		6,882,595		6,882,595
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		(18,467)		(9,516)
Collateralized Loan Obligations Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		7,795,523	6,448,352	8,302,572
Transfer In Due to Consolidation and Acquisition	[1]	32,197		504,216
Transfer Out Due to Deconsolidation		(814,300)	(4,168,405)	(1,453,391)
Transfer Out Due to Amended CLO Guidance	[2]		(2,279,947)
Issuances			0	0
Settlements		(609,646)		(998,633)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income		4,064		53,074
Balance, End of Period		6,407,838		6,407,838
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		2,510		48,982
Collateralized Loan Obligations Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		619,188	348,752	610,435
Transfer In Due to Consolidation and Acquisition	[1]	10,000		96,182
Transfer Out Due to Deconsolidation		(133,454)	(261,934)	(173,252)
Transfer Out Due to Amended CLO Guidance	[2]		(86,818)
Issuances			$ 0	0
Settlements				(110)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income		(20,977)		(58,498)
Balance, End of Period		474,757		474,757
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		$ (20,977)		$ (58,498)
[1]	Represents the transfer into Level III of financial assets and liabilities as a result of the consolidation of certain fund entities.
[2]	Transfers out due to amended CLO measurement guidance represents the transfer out of Level III for liabilities of consolidated CLO vehicles for which fair value is based on the more observable fair value of CLO assets. Such liabilities are classified as Level II within the fair value hierarchy. As the guidance was adopted as of January 1, 2015, there are no transfers for the three months ending June 30, 2015.

Assets and Liabilities Related

Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Investments	$ 774,579,000	$ 776,079,000
Accounts Receivable	28,729,000	125,316,000
Due from Affiliates	34,722,000	53,751,000
Total VIE Assets	838,030,000	955,146,000
Due to Affiliates	30,000	108,000
Accounts Payable, Accrued Expenses and Other Liabilities	244,000	124,000
Potential Clawback Obligation	260,198,000	206,725,000
Maximum Exposure to Loss	$ 1,098,502,000	$ 1,162,103,000

Reverse Repurchase and Repurc69

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Securities Financing Transaction [Line Items]
U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt	$ 61.2
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	61.2
Pledged securities with carrying value to collateralize its repurchase agreements	$ 64.4	$ 44.8

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 41,654	$ 29,907
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	53,957	38,560
Net Amount, Liabilities	13	97
Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	1,847
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	39,807
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	41,654	$ 29,907
Net Amount, Liabilities	0
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	1,847
Overnight and Continuous | Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	1,847
Overnight and Continuous | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	750
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	750
Up to 30 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
30 - 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	39,057
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	39,057
30 - 90 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
Greater than 90 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	$ 0

Offsetting of Assets and Liab71

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 66,531	$ 3,813
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	63,131	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	659	352
Net Amount, Assets	2,741	2,329
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	53,957	38,560
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	42,964	30,570
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	10,980	7,893
Net Amount, Liabilities	13	97
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	41,654	29,907
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	40,983	29,438
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	671	469
Net Amount, Liabilities	0
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	4,630	3,290
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	1,981	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	659	352
Net Amount, Assets	1,990	1,806
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	12,303	8,653
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	1,981	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	10,309	7,424
Net Amount, Liabilities	13	97
Reverse Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	61,376
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	61,150
Net Amount, Assets	226
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	525	523
Net Amount, Assets	$ 525	$ 523

Components of Other Assets (Det

Components of Other Assets (Detail) - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 138,902	$ 135,740
Prepaid Expenses	159,283	102,503
Other Assets	34,937	82,704
Freestanding Derivatives	4,630	3,290
Net Investment Hedges	525	523
Total Other Assets	$ 338,277	$ 324,760

Offsetting Of Assets And Liab73

Offsetting Of Assets And Liabilities - Additional Information (Detail) $ in Billions	Jun. 30, 2015USD ($)
Cash Pooling Arrangement
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.2

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Entity [Domain] - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
6.625% Notes
Debt Instrument [Line Items]
Carrying value of issued notes	[1]	$ 618,812	$ 622,552	[2]
Debt instrument, fair value	[1],[3]	678,776	684,158
5.875% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		397,536	397,357	[2]
Debt instrument, fair value	[3]	460,960	462,360
4.750% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		391,775	391,344	[2]
Debt instrument, fair value	[3]	428,840	436,240
6.250% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		237,564	237,487	[2]
Debt instrument, fair value	[3]	290,850	307,125
5.000% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		488,066	487,966	[2]
Debt instrument, fair value	[3]	497,900	$ 527,500
4.450% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		343,952
Debt instrument, fair value	[3]	318,780
2.000% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		331,929
Debt instrument, fair value	[3]	$ 329,293
[1]	The carrying and fair values are determined using the original $600 million par amount less $15 million attributable to these notes which were acquired but not retired by Blackstone during 2012.
[2]	The carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct deduction from the related liability for all periods presented in accordance with amended guidance on simplifying the presentation of such costs.
[3]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Carrying Value and Fair Value75

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015EUR (€)	Dec. 31, 2012USD ($)
Debt Instrument [Line Items]
Senior Notes			$ 600
Notes acquired not retired			$ 15
6.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.625%	6.625%
Debt instrument, maturity date	Aug. 15, 2019
Senior Notes	$ 600
5.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.875%	5.875%
Debt instrument, maturity date	Mar. 15, 2021
Senior Notes	$ 400
4.750% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%	4.75%
Debt instrument, maturity date	Feb. 15, 2023
Senior Notes	$ 400
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%	6.25%
Debt instrument, maturity date	Aug. 15, 2042
Senior Notes	$ 250
5.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%	5.00%
Debt instrument, maturity date	Jun. 15, 2044
Senior Notes	$ 500
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%	4.45%
Debt instrument, maturity date	Jul. 15, 2045
Senior Notes	$ 350
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%	2.00%
Debt instrument, maturity date	May 19, 2025
Senior Notes | €		€ 300

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - Entity [Domain] - Partnership's Borrowings Through Consolidated CLO Vehicles - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowing Outstanding		$ 3,094,233	$ 7,334,316
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 2,912,753	$ 6,594,266
Weighted Average Interest Rate		1.94%	1.27%
Weighted Average Remaining Maturity in Years		4 years 6 months	3 years 9 months 18 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 181,480	$ 740,050
Weighted Average Interest Rate	[1]
[1]	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	$ 2,912,753	$ 6,448,352
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	119,577	348,752
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		2,500
Fair Value		2,504
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	24,200
Fair Value	$ 9,616	$ 14,377

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 3.9	$ 8

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
2,015	$ 4,166
2,016	69
2,017	392,436
2,018	0
2,019	585,000
Thereafter	4,938,877
Total	5,920,548
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
Thereafter	2,237,080
Total	2,822,080
Blackstone Fund Facilities Clo Vehicles
Debt Instrument [Line Items]
2,015	4,166
2,016	69
2,017	392,436
2,018	0
Thereafter	2,701,797
Total	$ 3,098,468

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Line Items]
Effective tax rate	11.00%	6.40%	7.70%	6.80%
Provision for Taxes	$ 43,251	$ 83,282	$ 142,595	$ 137,379

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P.	$ 134,168	$ 517,016	$ 763,616	$ 782,633
Weighted-Average Common Units Outstanding	631,881,205	606,690,740	628,597,331	604,123,284
Basic Net Income Per Common Unit	$ 0.21	$ 0.85	$ 1.21	$ 1.30
Weighted-Average Common Units Outstanding	631,881,205	606,690,740	628,597,331	604,123,284
Weighted-Average Unvested Deferred Restricted Common Units	2,311,444	3,207,089	4,133,258	3,674,476
Weighted-Average Diluted Common Units Outstanding	634,192,649	609,897,829	632,730,589	607,797,760
Diluted Net Income Per Common Unit	$ 0.21	$ 0.85	$ 1.21	$ 1.29

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	555,641,388	544,158,132	552,260,871	546,727,909

Net Income Per Common Unit - Ad

Net Income Per Common Unit - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jan. 31, 2008
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 335,800,000
Common stock repurchased, units	0	0
Blackstone
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program			$ 500,000,000

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 01, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units					165,943,809
Compensation expense in relation to equity-based awards	$ 210,300	$ 186,900	$ 482,683	$ 381,553
Tax benefits in relation to equity-based awards	3,400	$ 6,400	27,000	$ 13,600
Estimated unrecognized compensation expense related to unvested awards	$ 1,100,000		$ 1,100,000
Weighted-average period for recognized compensation expense related to unvested awards, years	5 years 2 months 12 days
Total vested and unvested outstanding units	1,183,966,896		1,183,966,896
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	12,012		12,012
Equity-Based Awards With Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense in relation to equity-based awards			$ 3,000
Equity-Based Awards With Performance Conditions | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period of equity-based awards, in years			3 years
Equity-Based Awards With Performance Conditions | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period of equity-based awards, in years			5 years

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	33,498,237
Granted (Units)	19,874,298
Vested (Units)	(17,901,009)
Forfeited (Units)	43,916
Ending Balance	35,515,442
Beginning Balance	$ 26.19
Granted (Weighted-Average Grant Date Fair Value)	37.86
Vested (Weighted-Average Grant Date Fair Value)	30.20
Forfeited (Weighted-Average Grant Date Fair Value)	25.17
Ending Balance	30.70
Blackstone Group L P | Equity Settled Awards Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	16.95
Granted (Weighted-Average Grant Date Fair Value)	33.73
Vested (Weighted-Average Grant Date Fair Value)	18.83
Forfeited (Weighted-Average Grant Date Fair Value)	23.87
Exchanged (Weighted-Average Grant Date Fair Value)	28.23
Ending Balance	20.24
Blackstone Group L P | Cash Settled Awards Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	31.95
Granted (Weighted-Average Grant Date Fair Value)	33.83
Vested (Weighted-Average Grant Date Fair Value)	32.62
Exchanged (Weighted-Average Grant Date Fair Value)	28.23
Ending Balance	$ 28.85
Blackstone Group L P | Equity Settled Awards Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	17,569,372
Granted (Units)	3,703,892
Vested (Units)	(5,770,811)
Forfeited (Units)	(46,452)
Exchanged (Units)	(10,374)
Ending Balance	15,445,627
Blackstone Group L P | Cash Settled Awards Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	1,455
Granted (Units)	998
Vested (Units)	(815)
Exchanged (Units)	10,374
Ending Balance	12,012

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail) - Jun. 30, 2015 - shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	29,450,530
Deferred Restricted Blackstone Common Units	13,345,470
Total Equity-Based Awards (Units)	42,796,000
Phantom Units (Units)	8,606
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	4 years 6 months
Deferred Restricted Blackstone Common Units	2 years 1 month 6 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 8 months 12 days
Phantom Units (Weighted-Average Service Period in Years)	3 years 6 months

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accrual for Potential Clawback of Previously Distributed Carried Interest	$ 2,365	$ 2,518
Primarily Interest Bearing Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees for Investments in Blackstone Funds	267,359	237,341
Amounts Due from Portfolio Companies and Funds	404,149	372,820
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	7,979	32,020
Management and Performance Fees Due from Non-Consolidated Funds	391,745	355,657
Payments Made on Behalf of Non-Consolidated Entities	169,339	111,796
Advances Made to Certain Non-Controlling Interest Holders and Blackstone Employees	14,375	16,256
Due from Affiliates, total	1,257,311	1,128,408
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,244,731	1,234,890
Accrual for Potential Repayment of Previously Received Performance Fees	3,453	3,889
Due to Note Holders of Consolidated CLO Vehicles	9,616	16,881
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	13,825	21,266
Payable to Affiliates for Consolidated Funds		22,447
Distributions Received on Behalf of Blackstone Entities	75,506	176,304
Payments Made by Non-Consolidated Entities	29,335	14,411
Due to Affiliates, total	$ 1,376,466	$ 1,490,088

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Founder's, other senior managing directors' and employees' investments	$ 821,200		$ 821,200		$ 1,000,000
Founder's, other senior managing directors' and employees' share of the Net Income Attributable to Redeemable Non-Controlling Interests	31,600	$ 50,800	81,100	$ 95,700
Management and Advisory Fees, Net from Affiliates	28,831	81,343	76,943	155,375
Interest from loans to affiliates	1,200	$ 1,000	$ 3,300	$ 1,100
Partnership Unit to Blackstone Common Unit ratio			100.00%
Cash saving in tax receivable agreements, percentage			85.00%
Expected future payments under the tax receivable agreements	1,300,000		$ 1,300,000
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 392,400		$ 392,400
After-tax net present value discount rate assumption	15.00%		15.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,300
Total investments at risk in respect of guarantees extended	$ 4.6
Contingent obligations currently anticipated to expire end	2,016
Provision for cash clawback	$ 542.3
Blackstone Holdings Finance Co. L.L.C.
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	109.5
Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	28.9
Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 14.2

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Product Liability Contingency [Line Items]
Clawback obligations	$ 3,453	$ 3,889
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations	1,669	1,777
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	1,784	2,112
Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	1,088	1,371
Blackstone Holdings Finance Co. L.L.C. | Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations partnerships	45	130
Blackstone Holdings Finance Co. L.L.C. | Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations partnerships	1,043	1,241
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	2,365	2,518
Current And Former Blackstone Personnel | Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	1,624	1,647
Current And Former Blackstone Personnel | Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	$ 741	$ 871

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of business segments	5

Financial Data of Segments (Det

Financial Data of Segments (Detail) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 574,132	$ 619,523	$ 1,190,900	$ 1,192,683
Performance Fees Realized - Carried Interest	937,483	641,659	2,145,077	975,282
Performance Fees Realized - Incentive Fees	47,682	39,504	77,320	83,298
Performance Fees Unrealized - Carried Interest	(441,930)	660,682	(68,090)	991,076
Performance Fees Unrealized - Incentive Fees	25,070	54,639	87,106	118,872
Total Performance Fees	568,305	1,396,484	2,241,413	2,168,528
Investment Income (Loss), Realized	157,823	215,710	345,753	368,736
Investment Income (Loss), Unrealized	(100,999)	10,809	(82,726)	24,309
Total Investment Income	56,824	226,519	263,027	393,045
Interest and Dividend Revenue	21,965	15,340	43,885	29,409
Other	3,976	(6)	(1,665)	863
Total Revenues	1,225,202	2,257,860	3,737,560	3,784,528
Compensation and Benefits Compensation	473,019	500,641	1,032,578	985,992
Performance Fee Compensation - Realized Carried Interest	238,033	260,301	530,281	409,699
Performance Fee Compensation - Realized Incentive Fees	21,837	18,509	34,064	42,144
Performance Fee Compensation - Unrealized Carried Interest	(50,559)	114,296	23,821	155,026
Performance Fee Compensation - Unrealized Incentive Fees	6,130	24,692	31,091	48,223
Total Compensation and Benefits	688,460	918,439	1,651,835	1,641,084
Total Expenses	914,432	1,089,781	2,057,000	1,977,632
Economic Income	392,785	1,306,664	1,856,130	2,015,636
Segment Assets	24,683,501		24,683,501		$ 31,497,097
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	516,492	496,570	1,032,889	973,448
Management and Advisory Fees, Advisory Fees	76,998	114,914	161,236	184,877
Management and Advisory Fees, Transaction and Other Fees, Net	11,728	49,196	48,801	109,106
Management and Advisory Fees, Management Fee Offsets	(18,434)	(20,218)	(36,379)	(36,862)
Total Management and Advisory Fees, Net	586,784	640,462	1,206,547	1,230,569
Performance Fees Realized - Carried Interest	937,483	641,659	2,145,077	975,282
Performance Fees Realized - Incentive Fees	47,819	39,291	77,489	93,128
Performance Fees Unrealized - Carried Interest	(441,949)	660,712	(68,097)	991,000
Performance Fees Unrealized - Incentive Fees	26,311	56,776	88,931	118,042
Total Performance Fees	569,664	1,398,438	2,243,400	2,177,452
Investment Income (Loss), Realized	136,497	202,199	244,289	314,116
Investment Income (Loss), Unrealized	(125,723)	(26,228)	(43,874)	(21,678)
Total Investment Income	10,774	175,971	200,415	292,438
Interest and Dividend Revenue	31,026	22,094	61,477	44,456
Other	3,973	(6)	(899)	863
Total Revenues	1,202,221	2,236,959	3,710,940	3,745,778
Compensation and Benefits Compensation	289,352	323,015	619,190	629,560
Performance Fee Compensation - Realized Carried Interest	238,032	260,301	530,280	409,699
Performance Fee Compensation - Realized Incentive Fees	21,837	18,509	34,064	42,144
Performance Fee Compensation - Unrealized Carried Interest	(50,559)	114,336	23,821	155,026
Performance Fee Compensation - Unrealized Incentive Fees	6,131	24,692	31,092	48,223
Total Compensation and Benefits	504,793	740,853	1,238,447	1,284,652
Other Operating Expenses	168,401	145,111	311,683	284,885
Total Expenses	673,194	885,964	1,550,130	1,569,537
Economic Income	529,027	1,350,995	2,160,810	2,176,241
Segment Assets	19,852,929		19,852,929
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	121,918	103,204	230,301	201,788
Management and Advisory Fees, Transaction and Other Fees, Net	(12,131)	27,616	8,228	70,463
Management and Advisory Fees, Management Fee Offsets	(9,028)	(4,246)	(13,977)	(5,959)
Total Management and Advisory Fees, Net	100,759	126,574	224,552	266,292
Performance Fees Realized - Carried Interest	546,575	212,394	929,553	332,199
Performance Fees Unrealized - Carried Interest	(305,573)	502,210	261,249	669,275
Total Performance Fees	241,002	714,604	1,190,802	1,001,474
Investment Income (Loss), Realized	50,258	74,812	95,074	135,347
Investment Income (Loss), Unrealized	(22,301)	17,662	9,186	8,629
Total Investment Income	27,957	92,474	104,260	143,976
Interest and Dividend Revenue	7,667	4,666	15,284	9,894
Other	2,515	564	690	1,428
Total Revenues	379,900	938,882	1,535,588	1,423,064
Compensation and Benefits Compensation	67,079	73,038	137,168	146,345
Performance Fee Compensation - Realized Carried Interest	106,502	112,720	145,984	198,491
Performance Fee Compensation - Unrealized Carried Interest	(25,574)	66,194	152,546	39,046
Total Compensation and Benefits	148,007	251,952	435,698	383,882
Other Operating Expenses	62,458	39,193	101,213	72,199
Total Expenses	210,465	291,145	536,911	456,081
Economic Income	169,435	647,737	998,677	966,983
Segment Assets	6,684,342		6,684,342
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	140,743	157,869	293,091	317,205
Management and Advisory Fees, Transaction and Other Fees, Net	21,510	13,514	36,726	27,078
Management and Advisory Fees, Management Fee Offsets	(5,428)	(7,702)	(10,294)	(16,926)
Total Management and Advisory Fees, Net	156,825	163,681	319,523	327,357
Performance Fees Realized - Carried Interest	363,983	417,826	1,175,232	612,484
Performance Fees Realized - Incentive Fees	1,220	6,070	1,943	6,044
Performance Fees Unrealized - Carried Interest	(188,608)	119,461	(369,627)	259,698
Performance Fees Unrealized - Incentive Fees	3,935	(3,483)	10,004	(746)
Total Performance Fees	180,530	539,874	817,552	877,480
Investment Income (Loss), Realized	85,432	122,664	156,776	154,021
Investment Income (Loss), Unrealized	(107,691)	(50,437)	(70,181)	(45,058)
Total Investment Income	(22,259)	72,227	86,595	108,963
Interest and Dividend Revenue	10,259	8,009	20,256	14,119
Other	1,077	(218)	(2,900)	99
Total Revenues	326,432	783,573	1,241,026	1,328,018
Compensation and Benefits Compensation	79,484	85,582	164,318	165,815
Performance Fee Compensation - Realized Carried Interest	116,168	143,442	362,664	195,275
Performance Fee Compensation - Realized Incentive Fees	671	3,081	1,027	3,065
Performance Fee Compensation - Unrealized Carried Interest	(50,559)	27,339	(148,643)	84,324
Performance Fee Compensation - Unrealized Incentive Fees	230	(1,783)	2,805	(401)
Total Compensation and Benefits	145,994	257,661	382,171	448,078
Other Operating Expenses	43,346	36,542	83,489	69,649
Total Expenses	189,340	294,203	465,660	517,727
Economic Income	137,092	489,370	775,366	810,291
Segment Assets	7,757,463		7,757,463
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	130,216	123,008	260,853	236,392
Management and Advisory Fees, Transaction and Other Fees, Net		126	25	219
Management and Advisory Fees, Management Fee Offsets	(608)	(1,531)	(888)	(2,986)
Total Management and Advisory Fees, Net	129,608	121,603	259,990	233,625
Performance Fees Realized - Incentive Fees	16,915	7,973	27,431	47,818
Performance Fees Unrealized - Carried Interest	8,014		8,014
Performance Fees Unrealized - Incentive Fees	15,855	30,556	63,282	48,641
Total Performance Fees	40,784	38,529	98,727	96,459
Investment Income (Loss), Realized	(1,757)	2,394	(12,132)	19,214
Investment Income (Loss), Unrealized	2,032	1,057	6,515	5,488
Total Investment Income	275	3,451	(5,617)	24,702
Interest and Dividend Revenue	3,970	2,340	7,919	5,001
Other	459	(203)	(1,148)	(81)
Total Revenues	175,096	165,720	359,871	359,706
Compensation and Benefits Compensation	45,841	43,341	101,945	83,912
Performance Fee Compensation - Realized Incentive Fees	8,711	2,918	12,181	16,189
Performance Fee Compensation - Unrealized Carried Interest	4,077		4,077
Performance Fee Compensation - Unrealized Incentive Fees	3,764	11,252	19,415	18,013
Total Compensation and Benefits	62,393	57,511	137,618	118,114
Other Operating Expenses	20,499	25,101	41,705	44,581
Total Expenses	82,892	82,612	179,323	162,695
Economic Income	92,204	83,108	180,548	197,011
Segment Assets	1,473,846		1,473,846
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	123,615	112,489	248,644	218,063
Management and Advisory Fees, Transaction and Other Fees, Net	2,060	7,064	3,517	10,408
Management and Advisory Fees, Management Fee Offsets	(3,370)	(6,739)	(11,220)	(10,991)
Total Management and Advisory Fees, Net	122,305	112,814	240,941	217,480
Performance Fees Realized - Carried Interest	26,925	11,439	40,292	30,599
Performance Fees Realized - Incentive Fees	29,684	25,248	48,115	39,266
Performance Fees Unrealized - Carried Interest	44,218	39,041	32,267	62,027
Performance Fees Unrealized - Incentive Fees	6,521	29,703	15,645	70,147
Total Performance Fees	107,348	105,431	136,319	202,039
Investment Income (Loss), Realized	2,723	2,223	4,960	5,294
Investment Income (Loss), Unrealized	2,760	4,521	9,647	7,600
Total Investment Income	5,483	6,744	14,607	12,894
Interest and Dividend Revenue	5,938	4,892	11,589	10,753
Other	34	11	3,527	(248)
Total Revenues	241,108	229,892	406,983	442,918
Compensation and Benefits Compensation	47,124	51,310	97,001	102,062
Performance Fee Compensation - Realized Carried Interest	15,362	4,139	21,632	15,933
Performance Fee Compensation - Realized Incentive Fees	12,455	12,510	20,856	22,890
Performance Fee Compensation - Unrealized Carried Interest	21,497	20,803	15,841	31,656
Performance Fee Compensation - Unrealized Incentive Fees	2,137	15,223	8,872	30,611
Total Compensation and Benefits	98,575	103,985	164,202	203,152
Other Operating Expenses	23,539	22,159	45,375	54,998
Total Expenses	122,114	126,144	209,577	258,150
Economic Income	118,994	103,748	197,406	184,768
Segment Assets	2,873,517		2,873,517
Operating Segments | Financial Advisory Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Advisory Fees	76,998	114,914	161,236	184,877
Management and Advisory Fees, Transaction and Other Fees, Net	289	876	305	938
Total Management and Advisory Fees, Net	77,287	115,790	161,541	185,815
Investment Income (Loss), Realized	(159)	106	(389)	240
Investment Income (Loss), Unrealized	(523)	969	959	1,663
Total Investment Income	(682)	1,075	570	1,903
Interest and Dividend Revenue	3,192	2,187	6,429	4,689
Other	(112)	(160)	(1,068)	(335)
Total Revenues	79,685	118,892	167,472	192,072
Compensation and Benefits Compensation	49,824	69,744	118,758	131,426
Total Compensation and Benefits	49,824	69,744	118,758	131,426
Other Operating Expenses	18,559	22,116	39,901	43,458
Total Expenses	68,383	91,860	158,659	174,884
Economic Income	11,302	$ 27,032	8,813	$ 17,188
Segment Assets	$ 1,063,761		$ 1,063,761

Reconciliation of Total Segment

Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets (Detail) - Entity [Domain] - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues		$ 1,225,202		$ 2,257,860		$ 3,737,560		$ 3,784,528
Expenses		914,432		1,089,781		2,057,000		1,977,632
Other Income		82,015		138,585		175,570		208,740
Income Before Provision for Taxes		392,785		1,306,664		1,856,130		2,015,636
Total Assets		24,683,501				24,683,501				$ 31,497,097
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,202,221		2,236,959		3,710,940		3,745,778
Expenses		673,194		885,964		1,550,130		1,569,537
Income Before Provision for Taxes		529,027		1,350,995		2,160,810		2,176,241
Total Assets		19,852,929				19,852,929
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues		22,981	[1]	20,901	[1]	26,620	[2]	38,750	[2]
Expenses	[3]	241,238		203,817		506,870		408,095
Other Income		82,015	[4]	138,585	[4]	175,570	[5]	208,740	[5]
Income Before Provision for Taxes		(136,242)	[6]	$ (44,331)	[6]	(304,680)	[7]	$ (160,605)	[7]
Total Assets	[8]	$ 4,830,572				$ 4,830,572
[1]	The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues.
[2]	The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues.
[3]	The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses.
[4]	The Other Income adjustment results from the following: Three Months Ended June 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (31,781 ) $ (21,040 ) Fund Expenses Added in Consolidation 33,677 765 Non-Controlling Interests in Income of Consolidated Entities 80,496 162,547 Transaction-Related Other Income (377 ) (3,687 ) Total Consolidation Adjustments and Reconciling Items $ 82,015 $ 138,585
[5]	The Other Income adjustment results from the following: Six Months Ended June 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (35,492 ) $ (38,918 ) Fund Expenses Added in Consolidation 43,044 19 Non-Controlling Interests in Income of Consolidated Entities 169,819 252,300 Transaction-Related Other Income (1,801 ) (4,661 ) Total Consolidation Adjustments and Reconciling Items $ 175,570 $ 208,740
[6]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2015 2014 Economic Income $ 529,027 $ 1,350,995 Adjustments Amortization of Intangibles (24,720 ) (28,310 ) IPO and Acquisition-Related Charges (192,018 ) (178,568 ) Non-Controlling Interests in Income of Consolidated Entities 80,496 162,547 Total Consolidation Adjustments and Reconciling Items (136,242 ) (44,331 ) Income Before Provision for Taxes $ 392,785 $ 1,306,664
[7]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2015 2014 Economic Income $ 2,160,810 $ 2,176,241 Adjustments Amortization of Intangibles (50,619 ) (57,313 ) IPO and Acquisition-Related Charges (423,880 ) (355,592 ) Non-Controlling Interests in Income of Consolidated Entities 169,819 252,300 Total Consolidation Adjustments and Reconciling Items (304,680 ) (160,605 ) Income Before Provision for Taxes $ 1,856,130 $ 2,015,636
[8]	The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Reconciliation of Total Segme94

Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss	$ (31,781)	$ (21,040)	$ (35,492)	$ (38,918)
Fund Expenses Added in Consolidation	33,677	765	43,044	19
Non-Controlling Interests in Income of Consolidated Entities	80,496	162,547	169,819	252,300
Transaction-Related Other Income/Loss	(377)	(3,687)	(1,801)	(4,661)
Total Other Income	82,015	138,585	175,570	208,740
Economic Income	529,027	1,350,995	2,160,810	2,176,241
Amortization of Intangibles	(24,720)	(28,310)	(50,619)	(57,313)
IPO and Acquisition-Related Charges	(192,018)	(178,568)	(423,880)	(355,592)
Non-Controlling Interests in Income of Consolidated Entities	80,496	162,547	169,819	252,300
Total Consolidation Adjustments and Reconciling Items	(136,242)	(44,331)	(304,680)	(160,605)
Income Before Provision for Taxes	$ 392,785	$ 1,306,664	$ 1,856,130	$ 2,015,636