Blackstone (BX) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		558,440,339

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and Cash Equivalents	$ 1,380,404	$ 1,412,472
Cash Held by Blackstone Funds and Other	854,417	1,808,092
Investments (including assets pledged of $65,493 and $45,764 at September 30, 2015 and December 31, 2014, respectively)	15,298,755	22,765,589
Accounts Receivable	879,262	559,321
Reverse Repurchase Agreements	85,282
Due from Affiliates	1,210,658	1,128,408
Intangible Assets, Net	380,303	458,833
Goodwill	1,787,392	1,787,392
Other Assets	369,081	324,760
Deferred Tax Assets	1,373,149	1,252,230
Total Assets	23,618,703	31,497,097
Liabilities and Partners' Capital
Loans Payable	6,158,702	8,923,841
Due to Affiliates	1,387,170	1,490,088
Accrued Compensation and Benefits	2,364,880	2,439,257
Securities Sold, Not Yet Purchased	173,707	85,878
Repurchase Agreements	42,102	29,907
Accounts Payable, Accrued Expenses and Other Liabilities	821,871	1,194,579
Total Liabilities	$ 10,948,432	$ 14,163,550
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	$ 183,161	$ 2,441,854
Partners' Capital
Partners' Capital (common units: 621,979,987 issued and outstanding as of September 30, 2015; 595,624,855 issued and outstanding as of December 31, 2014)	6,566,990	6,999,830
Appropriated Partners' Capital		81,301
Accumulated Other Comprehensive Loss	(49,890)	(20,864)
Total The Blackstone Group L.P. Partners' Capital	6,517,100	7,060,267
Non-Controlling Interests in Consolidated Entities	2,369,183	3,415,356
Non-Controlling Interests in Blackstone Holdings	3,600,827	4,416,070
Total Partners' Capital	12,487,110	14,891,693
Total Liabilities and Partners' Capital	$ 23,618,703	$ 31,497,097

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments assets pledged	$ 65,493	$ 45,764
Partners' Capital, common units: issued	621,979,987	595,624,855
Partners' Capital, common units: outstanding	621,979,987	595,624,855
Assets
Cash Held by Blackstone Funds and Other	$ 854,417	$ 1,808,092
Investments	15,298,755	22,765,589
Accounts Receivable	879,262	559,321
Due from Affiliates	1,210,658	1,128,408
Other Assets	369,081	324,760
Total Assets	23,618,703	31,497,097
Liabilities
Loans Payable	6,158,702	8,923,841
Due to Affiliates	1,387,170	1,490,088
Accounts Payable, Accrued Expenses and Other	821,871	1,194,579
Total Liabilities	10,948,432	14,163,550
Blackstone Funds And Other
Assets
Cash Held by Blackstone Funds and Other	481,251	1,325,094
Investments	4,711,500	7,759,322
Accounts Receivable	186,005	131,996
Due from Affiliates	37,169	65,124
Other Assets	9,646	48,441
Total Assets	5,425,571	9,329,977
Liabilities
Loans Payable	3,350,923	6,787,100
Due to Affiliates	78,226	182,107
Accounts Payable, Accrued Expenses and Other	428,401	697,149
Total Liabilities	$ 3,857,550	$ 7,666,356

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Management and Advisory Fees, Net	$ 703,596	$ 640,949	$ 1,894,496	$ 1,833,632
Performance Fees
Performance Fees Realized - Carried Interest	435,189	638,676	2,580,266	1,613,958
Performance Fees Realized - Incentive Fees	33,455	35,445	110,775	118,743
Performance Fees Unrealized - Carried Interest	(1,055,920)	222,105	(1,124,010)	1,213,181
Performance Fees Unrealized - Incentive Fees	(50,832)	(6,163)	36,274	112,709
Total Performance Fees	(638,108)	890,063	1,603,305	3,058,591
Investment Income (Loss)
Realized	99,952	91,142	445,705	459,878
Unrealized	(179,298)	38,445	(262,024)	62,754
Total Investment Income (Loss)	(79,346)	129,587	183,681	522,632
Interest and Dividend Revenue	26,244	18,107	70,129	47,516
Other	(813)	720	(2,478)	1,583
Total Revenues	11,573	1,679,426	3,749,133	5,463,954
Expenses
Compensation and Benefits Compensation	393,655	525,093	1,426,233	1,511,085
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest	97,798	186,003	628,079	595,702
Performance Fee Compensation - Realized Incentive Fees	15,062	19,029	49,126	61,173
Performance Fee Compensation - Unrealized Carried Interest	(228,697)	164,132	(204,876)	319,158
Performance Fee Compensation - Unrealized Incentive Fees	(14,641)	(9,002)	16,450	39,221
Total Compensation and Benefits	263,177	885,255	1,915,012	2,526,339
General, Administrative and Other	158,664	128,015	436,496	400,061
Interest Expense	36,860	31,615	105,644	86,129
Fund Expenses	18,296	10,253	76,845	20,241
Total Expenses	476,997	1,055,138	2,533,997	3,032,770
Other Income (Loss)
Net Gains (Losses) from Fund Investment Activities	(16,867)	8,682	158,703	217,422
Income (Loss) Before Provision (Benefit) for Taxes	(482,291)	632,970	1,373,839	2,648,606
Provision for Taxes	1,573	79,108	144,168	216,487
Net Income (Loss)	(483,864)	553,862	1,229,671	2,432,119
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(12,520)	(23,328)	8,787	44,950
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	30,671	55,491	179,183	239,513
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	(247,318)	271,194	532,782	1,114,518
Net Income (Loss) Attributable to The Blackstone Group L.P.	$ (254,697)	$ 250,505	$ 508,919	$ 1,033,138
Distributions Declared Per Common Unit	$ 0.74	$ 0.55	$ 2.41	$ 1.48
Net Income (Loss) Per Common Unit
Common Units, Basic	(0.40)	0.41	0.81	1.70
Common Units, Diluted	$ (0.40)	$ 0.41	$ 0.80	$ 1.69
Weighted-Average Common Units Outstanding
Common Units, Basic	638,832,799	611,684,213	632,046,646	606,671,289
Common Units, Diluted	638,832,799	614,978,870	635,439,828	610,221,301
Revenues Earned from Affiliates
Management and Advisory Fees, Net	$ 48,200	$ 107,615	$ 125,143	$ 262,990

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Income (Loss)	$ (483,864)	$ 553,862	$ 1,229,671	$ 2,432,119
Other Comprehensive Loss, Net of Tax - Currency Translation Adjustment	(13,413)	(21,663)	(46,325)	(23,393)
Comprehensive Income (Loss)	(497,277)	532,199	1,183,346	2,408,726
Less Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(12,520)	(23,328)	8,787	44,950
Less Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	31,026	48,984	161,884	228,993
Less Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	(247,318)	271,194	532,782	1,114,518
Comprehensive Income (Loss) Attributable to The Blackstone Group L.P.	$ (268,465)	$ 235,349	$ 479,893	$ 1,020,265

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										6,353,748
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units										12,810,910
Ending Balance, Units at Sep. 30, 2014										591,756,937
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						323,158		323,158	30,922
Net Income	$ 2,432,119	1,033,138			1,033,138	239,513	1,114,518	2,387,169	44,950
Allocation of Income / (Losses) of Consolidated CLO Entities			(92,020)		(92,020)	92,020
Currency Translation Adjustment	(23,393)			(12,873)	(12,873)	(10,520)		(23,393)
Allocation of Currency Translation Adjustment of Consolidated CLO Entities			(10,520)		(10,520)	10,520
Reclassification of Currency Translation Adjustment Due to Deconsolidation of CLO Entities		611			611			611
Capital Contributions						400,602		400,602	769,548
Capital Distributions		(881,651)			(881,651)	(357,610)	(898,716)	(2,137,977)	(352,383)
Transfer of Non-Controlling Interests in Consolidated Entities						(3,465)		(3,465)
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		19,310			19,310			19,310
Equity-Based Compensation		333,656			333,656		307,474	641,130
Relinquished with Deconsolidation and Liquidation of Partnership			(82,488)		(82,488)	(82)		(82,570)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(33,076)			(33,076)		(783)	(33,859)
Excess Tax Benefits Related to Equity-Based Compensation, Net		21,371			21,371			21,371
Change in The Blackstone Group L.P.'s Ownership Interest	3,168	3,168			3,168		(3,168)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		88,946			88,946		(88,946)
Ending Balance at Sep. 30, 2014		6,588,059	124,078	(9,407)	6,702,730	3,158,183	4,086,795	13,947,708
Ending Balance at Sep. 30, 2014									2,443,479
Beginning Balance, Units at Dec. 31, 2014										595,624,855
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units										12,048,073
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units										14,307,059
Ending Balance, Units at Sep. 30, 2015										621,979,987
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	1,229,671	508,919			508,919	179,183	532,782	1,220,884	8,787
Currency Translation Adjustment	(46,325)			(29,026)	(29,026)	(39,191)		(68,217)
Capital Contributions						294,661		294,661	2,354
Capital Distributions		(1,502,479)			(1,502,479)	(473,454)	(1,415,625)	(3,391,558)	(11,545)
Transfer of Non-Controlling Interests in Consolidated Entities						(4,644)		(4,644)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		22,049			22,049			22,049
Equity-Based Compensation		315,643			315,643		279,910	595,553
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(55,860)			(55,860)		(1,903)	(57,763)
Excess Tax Benefits Related to Equity-Based Compensation, Net		68,481			68,481			68,481
Change in The Blackstone Group L.P.'s Ownership Interest	93,847	93,847			93,847		(93,847)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		116,560			116,560		(116,560)
Ending Balance at Sep. 30, 2015	12,487,110	$ 6,566,990		$ (49,890)	6,517,100	$ 2,369,183	$ 3,600,827	12,487,110
Ending Balance at Sep. 30, 2015	$ 183,161								$ 183,161
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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net Income	$ 1,229,671	$ 2,432,119
Blackstone Funds Related
Unrealized (Appreciation) Depreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities	258,201	(434,899)
Net Realized Gains on Investments	(3,280,963)	(2,241,242)
Changes in Unrealized Losses on Investments Allocable to The Blackstone Group L.P.	251,411	12,765
Non-Cash Performance Fees	940,745	(936,097)
Non-Cash Performance Fee Compensation	483,795	1,015,254
Equity-Based Compensation Expense	561,454	584,353
Excess Tax Benefits Related to Equity-Based Compensation	(68,481)	(19,320)
Amortization of Intangibles	77,947	76,909
Other Non-Cash Amounts Included in Net Income	147,636	125,602
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	953,674	(108,284)
Cash Relinquished in Deconsolidation and Liquidation of Partnership	(442,370)	(470,523)
Accounts Receivable	(246,076)	100,161
Reverse Repurchase Agreements	(85,282)	55,446
Due from Affiliates	(65,367)	263,731
Other Assets	(87,839)	(96,815)
Accrued Compensation and Benefits	(514,677)	(428,574)
Securities Sold, Not Yet Purchased	90,875	(38,793)
Accounts Payable, Accrued Expenses and Other Liabilities	(473,431)	(72,861)
Repurchase Agreements	12,186	(233,029)
Due to Affiliates	(98,156)	11,403
Net Cash Provided by Operating Activities	1,383,479	2,067,653
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(58,879)	(21,386)
Changes in Restricted Cash	5,843	5,845
Net Cash Used in Investing Activities	(53,036)	(15,541)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(484,965)	(656,034)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	291,609	1,116,670
Purchase of Interests from Certain Non-Controlling Interest Holders		(6)
Payments Under Tax Receivable Agreement	(82,830)	(86,733)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(57,763)	(33,858)
Excess Tax Benefits Related to Equity-Based Compensation	68,481	19,320
Proceeds from Loans Payable	675,831	491,252
Repayment and Repurchase of Loans Payable	(3,657)	(8,870)
Distributions to Unitholders	(2,918,104)	(1,780,367)
Blackstone Funds Related
Proceeds from Loans Payable	1,325,299	567,635
Repayment of Loans Payable	(175,696)	(1,569,528)
Net Cash Used in Financing Activities	(1,361,795)	(1,940,519)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(716)	(72)
Net Increase (Decrease) in Cash and Cash Equivalents	(32,068)	111,521
Cash and Cash Equivalents, Beginning of Period	1,412,472	831,998
Cash and Cash Equivalents, End of Period	1,380,404	943,519
Supplemental Disclosure of Cash Flows Information
Payments for Interest	112,340	98,931
Payments for Income Taxes	111,891	207,536
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	1,051	50,183
Non-Cash Distributions to Non-Controlling Interest Holders	(34)	(53,959)
Net Activities Related to Capital Transactions of Consolidated Blackstone Funds	(291)	13,533
Net Assets Related to the Consolidation of CLO Vehicles		8,398
Net Assets Related to the Consolidation of Certain Fund Entities		354,080
Notes Issuance Costs	5,269	4,375
Transfer of Interests to Non-Controlling Interest Holders	(4,644)	(3,465)
Change in The Blackstone Group L.P.'s Ownership Interest	93,847	3,168
Net Settlement of Vested Common Units	135,133	64,295
Conversion of Blackstone Holdings Partnership Units to Common Units	116,560	88,946
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(140,110)	(88,479)
Due to Affiliates	118,061	69,169
Partners' Capital	22,049	19,310
Blackstone's Treasury Cash Management Strategies
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(3,106,152)	(2,700,900)
Cash Proceeds from Sale or Pay Down of Investments	2,671,905	2,211,242
Investments Of Consolidated Blackstone Funds
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(3,263,923)	(5,236,260)
Cash Proceeds from Sale or Pay Down of Investments	$ 5,436,696	$ 8,196,265

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 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 has also historically provided various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory 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	9 Months Ended
	Sep. 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 types 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 are 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 those annual periods. 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 August 2015, the FASB issued new guidance deferring the effective date of the new revenue recognition standard by one year. The new guidance should be applied for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. 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 Partne

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2015
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,464,017 $ 1,464,017 Accumulated Amortization (1,083,714 ) (1,005,184 ) Intangible Assets, Net $ 380,303 $ 458,833 Amortization expense associated with Blackstone’s intangible assets was $29.5 million and $77.9 million for the three and nine month periods ended September 30, 2015, respectively, and $25.1 million and $76.9 million for the three and nine month periods ended September 30, 2014, respectively. Amortization of Intangible Assets held at September 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 September 30, 2015 are expected to amortize over a weighted-average period of 6.5 years.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2015
INVESTMENTS	4. INVESTMENTS Investments consists of the following: September 30, December 31, Investments of Consolidated Blackstone Funds $ 4,743,145 $ 11,375,407 Equity Method Investments 3,017,850 3,240,825 Blackstone’s Treasury Cash Management Strategies 2,158,590 1,666,061 Performance Fees 5,220,114 6,337,045 Other Investments 159,056 146,251 $ 15,298,755 $ 22,765,589 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $454.4 million and $704.9 million at September 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 (Loss) — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized Gains $ 51,150 $ 32,427 $ 178,662 $ 66,366 Net Change in Unrealized Losses (102,340 ) (71,525 ) (100,597 ) (30,406 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (51,190 ) (39,098 ) 78,065 35,960 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 34,323 47,780 80,638 181,462 Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ (16,867 ) $ 8,682 $ 158,703 $ 217,422 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 nine months ended September 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 (losses) related to its equity method investments of $(89.7) million and $97.1 million for the three months ended September 30, 2015 and 2014, respectively. The Partnership recognized net gains related to its equity method investments of $91.9 million and $330.1 million for the nine months ended September 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized Gains (Losses) $ (3,003 ) $ 2,142 $ (6,606 ) $ 6,307 Net Change in Unrealized Gains (Losses) (8,984 ) (14,541 ) (12,922 ) 1,551 $ (11,987 ) $ (12,399 ) $ (19,528 ) $ 7,858 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 595,918 882,083 29,019 9,574 1,516,594 Foreign Exchange Loss — (20,321 ) — — (20,321 ) Fund Distributions (1,164,109 ) (1,334,908 ) (12,526 ) (101,661 ) (2,613,204 ) Performance Fees, September 30, 2015 $ 1,647,393 $ 3,248,605 $ 31,524 $ 292,592 $ 5,220,114 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized Gains (Losses) $ 1,282 $ (460 ) $ 1,274 $ 5,152 Net Change in Unrealized Gains (Losses) (2,779 ) 239 (3,233 ) (6,252 ) $ (1,497 ) $ (221 ) $ (1,959 ) $ (1,100 )

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	9 Months Ended
	Sep. 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 September 30, 2015 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 95,927 $ — (a) (a) Credit Driven 271,999 — (b) (b) Event Driven 60,296 — (c) (c) Equity 244 — (d) (d) Commodities 2,454 — (e) (e) $ 430,920 $ — (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 15% 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 85% 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 34% 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 62% 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 generally not permitted for the investments 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	9 Months Ended
	Sep. 30, 2015
DERIVATIVE FINANCIAL INSTRUMENTS	6. DERIVATIVE FINANCIAL INSTRUMENTS Blackstone and the consolidated 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 September 30, 2015 the resulting loss was $0.1 million. For the nine months ended September 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. September 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 140 $ — $ 56,008 $ 244 $ 62,078 $ 523 $ — $ — Freestanding Derivatives Blackstone — Other Interest Rate Contracts 1,510,139 1,260 1,557,240 11,834 223,886 407 879,412 4,590 Foreign Currency Contracts 181,335 2,443 210,855 1,849 192,163 2,798 148,873 681 Credit Default Swaps — — 74,000 6,413 19,500 85 56,000 868 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 97,169 2,345 107,632 5,975 199,364 8,915 250,244 21,875 Interest Rate Contracts — — — — 22,659 2,281 — — Credit Default Swaps — — 87,088 4,454 — — 91,372 2,514 1,788,643 6,048 2,036,815 30,525 657,572 14,486 1,425,901 30,528 Total $ 1,788,783 $ 6,048 $ 2,092,823 $ 30,769 $ 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ 229 $ — Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (2,076 ) $ 2,482 $ (7,169 ) $ 1,079 Foreign Currency Contracts 53 4,327 8,956 1,346 Credit Default Swaps 646 763 4,427 2,045 Total $ (1,377 ) $ 7,572 $ 6,214 $ 4,470 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (7,282 ) $ (111 ) $ (3,321 ) $ (4,384 ) Foreign Currency Contracts 1,796 (5,253 ) (6,449 ) (27,197 ) Credit Default Swaps (3,319 ) (1,060 ) (8,710 ) 3,738 Total $ (8,805 ) $ (6,424 ) $ (18,480 ) $ (27,843 ) As of September 30, 2015 and December 31, 2014, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	9 Months Ended
	Sep. 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: September 30, December 31, Assets Loans and Receivables $ 179,255 $ 40,397 Equity and Preferred Securities 271,905 102,907 Debt Securities 15,260 — Assets of Consolidated CLO Vehicles Corporate Loans 3,194,584 6,279,592 Corporate Bonds 351,674 292,690 Other — 44,513 $ 4,012,678 $ 6,760,099 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,244,579 $ 6,448,352 Subordinated Notes 111,029 348,752 $ 3,355,608 $ 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 September 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (1,235 ) $ — $ — Equity and Preferred Securities (36 ) (3,749 ) (468 ) (5,870 ) Debt Securities — (342 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 2,578 (38,888 ) 384 (41,569 ) Corporate Bonds (988 ) (4,578 ) 174 (4,069 ) Other 1,003 (305 ) 7,620 (1,032 ) $ 2,557 $ (49,097 ) $ 7,710 $ (52,540 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (1,822 ) $ (38,651 ) Subordinated Notes — 34,235 — 22,731 $ — $ 34,235 $ (1,822 ) $ (15,920 ) Nine Months Ended September 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (1,832 ) $ — $ — Equity and Preferred Securities (273 ) (11,240 ) (1,791 ) 44 Debt Securities — (342 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (2,269 ) 1,993 (64,251 ) 7,388 Corporate Bonds (867 ) (62 ) (2,012 ) (375 ) Other 4,276 (3,636 ) 20,914 18,523 $ 867 $ (15,119 ) $ (47,140 ) $ 25,580 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (5,914 ) $ (134,289 ) Subordinated Notes — 23,997 — 78,345 $ — $ 23,997 $ (5,914 ) $ (55,944 ) The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2015 December 31, 2014 For Financial Assets For Financial Assets Past Excess Fair Excess Excess Fair Excess Loans and Receivables $ (7,303 ) $ — $ — $ (5,323 ) $ — $ — Debt Securities (342 ) — — — — — Assets of Consolidated CLO Vehicles Corporate Loans (36,356 ) 318 (5,897 ) (197,580 ) 4,369 (21,876 ) Corporate Bonds (7,449 ) — — (7,814 ) — — $ (51,450 ) $ 318 $ (5,897 ) $ (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 September 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	9 Months Ended
	Sep. 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: September 30, 2015 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 154,183 $ 154,183 Equity Securities 65,038 53,506 92,311 — 210,855 Partnership and LLC Interests — 118,342 507,939 — 626,281 Debt Instruments — 171,179 32,044 — 203,223 Assets of Consolidated CLO Vehicles Corporate Loans — 2,992,996 201,588 — 3,194,584 Corporate Bonds — 347,700 3,974 — 351,674 Freestanding Derivatives — Foreign Currency Contracts — 2,345 — — 2,345 Total Investments of Consolidated Blackstone Funds 65,038 3,686,068 837,856 154,183 4,743,145 Blackstone’s Treasury Cash Management Strategies Investment Funds 235,427 — — — 235,427 Equity Securities 242,534 — — — 242,534 Debt Instruments — 1,385,369 44,593 117,790 1,547,752 Other — — — 132,877 132,877 Total Blackstone’s Treasury Cash Management Strategies 477,961 1,385,369 44,593 250,667 2,158,590 Money Market Funds 308,504 — — — 308,504 Freestanding Derivatives Interest Rate Contracts 661 599 — — 1,260 Foreign Currency Contracts — 2,443 — — 2,443 Loans and Receivables — — 179,255 — 179,255 Other Investments 29,282 — 103,704 26,070 159,056 $ 881,446 $ 5,074,479 $ 1,165,408 $ 430,920 $ 7,552,253 September 30, 2015 Level I Level II Level III Total Liabilities Liabilities of Consolidated Funds and CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,244,579 $ — $ 3,244,579 Subordinated Notes (b) — 111,029 — 111,029 Freestanding Derivatives — Foreign Currency Contracts — 5,975 — 5,975 Freestanding Derivatives — Credit Default Swaps — 4,454 — 4,454 Net Investment Hedges — Foreign Currency Contracts — 244 — 244 Freestanding Derivatives Interest Rate Contracts 3,827 8,007 — 11,834 Foreign Currency Contracts — 1,849 — 1,849 Credit Default Swaps — 6,413 — 6,413 Securities Sold, Not Yet Purchased — 173,707 — 173,707 $ 3,827 $ 3,556,257 $ — $ 3,560,084 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 September 30, 2015 and 2014, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Transfers from Level I into Level II (a) $ 287 $ — $ 287 $ — Transfers from Level II into Level I (b) $ 26,534 $ — $ 32,312 $ 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 September 30, 2015: Fair Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 70,957 Discounted Cash Flows Discount Rate 7.8% - 25.0% 13.2% Revenue CAGR -5% - 60.6% 8.1% Exit Multiple - EBITDA 5.0x - 18.2x 9.6x Exit Multiple - P/E 10.5x - 17.0x 11.0x 15,683 Transaction Price N/A N/A N/A 166 Market Comparable Companies EBITDA Multiple 6.7x - 7.3x 6.8x 58 Third Party Pricing N/A N/A N/A 5,447 Other N/A N/A N/A Partnership and LLC Interests 465,131 Discounted Cash Flows Discount Rate 4.4% - 25.7% 9.4% Revenue CAGR -5.8% - 35.6% 8.0% Exit Multiple - EBITDA 0.2x - 23.3x 10.5x Exit Capitalization Rate 2.6% - 10.5% 6.3% 28,185 Transaction Price N/A N/A N/A 12,410 Third Party Pricing N/A N/A N/A 1,907 Other N/A N/A N/A 306 Market Comparable EBITDA Multiple 0.4x N/A Companies Debt Instruments 9,994 Discounted Cash Flows Discount Rate 6.5% - 37.1% 14.5% Revenue CAGR 7.2% - 16.3% Exit Multiple - EBITDA 6.3x - 12.0x 10.4x Exit Capitalization Rate 1.0% - 2.2% 19,742 Third Party Pricing N/A N/A N/A 2,043 Transaction Pricing N/A N/A N/A 265 Market Comparable Companies EBITDA Multiple 6.4x N/A Assets of Consolidated CLO Vehicles 120,373 Third Party Pricing N/A N/A N/A 84,872 Market Comparable Companies EBITDA Multiple 3.7x - 9.0x 6.1x 317 Other N/A N/A N/A Total Investments of Consolidated Blackstone Funds 837,856 Blackstone’s Treasury Cash Management Strategies $ 34,376 Discounted Cash Flows Default Rate 1.1% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 66.6% Recovery Lag 12 months N/A Pre-payment Rate 20.0% - 30.0% 25.4% Reinvestment Rate LIBOR + 350 bps LIBOR + 396 bps LIBOR + 400 bps Discount Rate 5.8% - 13.0% 7.5% 10,217 Third Party Pricing N/A N/A N/A Loans and Receivables 158,180 Discounted Cash Flows Discount Rate 11.9% - 16.0% 12.3% 21,075 Third Party Pricing N/A N/A N/A Other Investments 85,404 Discounted Cash Flows Discount Rate 1.4% - 12.5% 3.1% 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 453 Market Comparable Companies EBITDA Multiple 7.0x N/A 17,847 Transaction Price N/A N/A N/A Total $ 1,165,408 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 EBITDA Multiple 6.6x - 7.9x 6.6x Companies Assets of Consolidated CLO Vehicles 318,636 Third Party Pricing N/A N/A N/A 290,658 Market Comparable EBITDA Multiple 3.8x - 15.0x 6.1x Companies 3,826 Discounted Cash Flows Discount Rate 8.0% N/A Total Investments of Consolidated Blackstone Funds 2,394,823 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 (Loss) and Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended September 30, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 $ 2,260,856 $ 42,725 $ 167,516 $ 2,471,097 Transfer Out Due to Deconsolidation — — — — (64,634 ) — — (64,634 ) Transfer In to Level III (b) 43,920 — 5,194 49,114 161,332 — 20,452 181,784 Transfer Out of Level III (b) (143,531 ) — (9,171 ) (152,702 ) (212,108 ) — (9,913 ) (222,021 ) Purchases 122,676 144,058 5,240 271,974 165,838 69,255 19,914 255,007 Sales (139,229 ) — (2,792 ) (142,021 ) (190,383 ) (42,261 ) (6,736 ) (239,380 ) Settlements — (1,405 ) (140 ) (1,545 ) — (526 ) (123 ) (649 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 16,871 162 (1,768 ) 15,265 11,581 601 (8,733 ) 3,449 Balance, End of Period $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 $ 2,132,482 $ 69,794 $ 182,377 $ 2,384,653 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (41,807 ) $ 162 $ (1,837 ) $ (43,482 ) $ (8,606 ) $ 601 $ (8,371 ) $ (16,376 ) Level III Financial Assets at Fair Value Nine Months Ended September 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 $ 2,460,908 $ 137,788 $ 44,773 $ 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 ) (335,357 ) — — (335,357 ) Transfer In to Level III (b) 47,035 — 25,092 72,127 273,934 — 28,424 302,358 Transfer Out of Level III (b) (181,429 ) — (56,336 ) (237,765 ) (315,067 ) — (20,657 ) (335,724 ) Purchases 304,012 150,244 38,579 492,835 346,144 162,899 153,344 662,387 Sales (321,121 ) (9,535 ) (39,765 ) (370,421 ) (618,008 ) (230,324 ) (14,309 ) (862,641 ) Settlements — (3,485 ) (358 ) (3,843 ) — (1,170 ) (424 ) (1,594 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 55,076 1,634 (8,299 ) 48,411 114,038 601 (8,774 ) 105,865 Balance, End of Period $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 $ 2,132,482 $ 69,794 $ 182,377 $ 2,384,653 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (25,614 ) $ 1,505 $ (329 ) $ (24,438 ) $ 96,217 $ 601 $ (7,199 ) $ 89,619 Level III Financial Liabilities at Fair Value Three Months Ended September 30, 2015 2014 Collateralized Notes Collateralized Total Collateralized Notes Collateralized Total Balance, Beginning of Period $ — $ — $ — $ 6,407,838 $ 474,757 $ 6,882,595 Transfer In Due to Consolidation and Acquisition (d) — — — 495,610 29,828 525,438 Transfer Out Due to Deconsolidation — — — (778,461 ) (104,049 ) (882,510 ) Settlements — — — (570,785 ) — (570,785 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss) — — — (231,554 ) (40,264 ) (271,818 ) Balance, End of Period $ — $ — $ — $ 5,322,648 $ 360,272 $ 5,682,920 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ (233,376 ) $ (40,264 ) $ (273,640 ) Level III Financial Liabilities at Fair Value Nine Months Ended September 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) — — — 967,629 116,009 1,083,638 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) (2,231,853 ) (277,301 ) (2,509,154 ) Transfer Out Due to Amended CLO Guidance (e) (2,279,947 ) (86,818 ) (2,366,765 ) — — — Issuances — — — 32,197 10,000 42,197 Settlements — — — (1,569,416 ) (110 ) (1,569,526 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss) — — — (178,481 ) (98,761 ) (277,242 ) Balance, End of Period $ — $ — $ — $ 5,322,648 $ 360,272 $ 5,682,920 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ (184,395 ) $ (98,761 ) $ (283,156 ) (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 September 30, 2015.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 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: September 30, December 31, Investments $ 567,452 $ 776,079 Accounts Receivable 21,029 125,316 Due from Affiliates 42,931 53,751 Total VIE Assets 631,412 955,146 Due to Affiliates 203 108 Accounts Payable, Accrued Expenses and Other Liabilities 57 124 Potential Clawback Obligation 56,762 206,725 Maximum Exposure to Loss $ 688,434 $ 1,162,103

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	9 Months Ended
	Sep. 30, 2015
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At September 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 $84.8 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $84.8 million and cash were used to cover Securities Sold, Not Yet Purchased. The Partnership also pledged securities with a carrying value of $65.5 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 September 30, 2015: September 30, 2015 Remaining Contractual Maturity of the Agreements Overnight Up to 30 - 90 Greater Total Repurchase Agreements Asset-Backed Securities $ — $ 42,102 $ — $ — $ 42,102 Total $ — $ 42,102 $ — $ — $ 42,102 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 42,102 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	9 Months Ended
	Sep. 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 September 30, 2015: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 3,703 $ 1,676 $ 826 $ 1,201 Reverse Repurchase Agreements 85,282 84,828 — 454 Total $ 88,985 $ 86,504 $ 826 $ 1,655 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 244 $ — $ — $ 244 Freestanding Derivatives 24,550 1,676 17,480 5,394 Repurchase Agreements 42,102 41,433 669 — Total $ 66,896 $ 43,109 $ 18,149 $ 5,638 The following tables present the offsetting of assets and liabilities as of December 31, 2014: Gross and Net Financial Gross Amounts Not Offset in the Statement of Financial 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: September 30, 2015 December 31, 2014 Furniture, Equipment and Leasehold Improvements, Net $ 174,028 $ 135,740 Prepaid Expenses 151,356 102,503 Other Assets 39,994 82,704 Freestanding Derivatives 3,703 3,290 Net Investment Hedges — 523 $ 369,081 $ 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 September 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	9 Months Ended
	Sep. 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: September 30, 2015 December 31, 2014 Carrying Fair Value (a) Carrying Fair Value (a) Blackstone Issued 6.625%, $600 Million Par, Notes Due 8/15/2019 (b) $ 616,925 $ 681,876 $ 622,552 $ 684,158 Blackstone Issued 5.875%, $400 Million Par, Notes Due 3/15/2021 $ 397,627 $ 459,960 $ 397,357 $ 462,360 Blackstone Issued 4.750%, $400 Million Par, Notes Due 2/15/2023 $ 391,998 $ 434,960 $ 391,344 $ 436,240 Blackstone Issued 6.250%, $250 Million Par, Notes Due 8/15/2042 $ 237,605 $ 295,100 $ 237,487 $ 307,125 Blackstone Issued 5.000%, $500 Million Par, Notes Due 6/15/2044 $ 487,960 $ 515,500 $ 487,966 $ 527,500 Blackstone Issued 4.450%, $350 Million Par, Notes Due 7/15/2045 $ 343,777 $ 332,780 $ — $ — Blackstone Issued 2.000%, €300 Million Par, Notes Due 5/19/2025 $ 331,854 $ 329,978 $ — $ — (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: September 30, 2015 December 31, 2014 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 3,276,326 1.91 % 5.1 $ 6,594,266 1.27 % 3.8 Subordinated Notes 207,851 (a ) N/A 740,050 (a ) N/A $ 3,484,177 $ 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: September 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 $ 3,244,579 $ — $ — $ 6,448,352 $ 2,500 $ 2,504 Subordinated Notes $ 111,029 $ 10,000 $ 8,851 $ 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 September 30, 2015 and December 31, 2014, the fair value of the consolidated CLO assets was $4.1 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 September 30, 2015 were as follows: Operating Blackstone Fund Total 2015 $ — $ 4,166 $ 4,166 2016 — — — 2017 — 380,922 380,922 2018 — — — 2019 585,000 — 585,000 Thereafter 2,237,470 3,103,255 5,340,725 Total $ 2,822,470 $ 3,488,343 $ 6,310,813

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2015
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was -0.3% and 12.5% for the three months ended September 30, 2015 and 2014, respectively, and 10.5% and 8.2% for the nine months ended September 30, 2015 and 2014, respectively. Blackstone’s income tax provision was $1.6 million and $79.1 million for the three months ended September 30, 2015 and 2014, respectively, and $144.2 million and $216.5 million for the nine months ended September 30, 2015 and 2014, respectively. Blackstone’s effective tax rate for the three and nine months ended September 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 (LOSS) PER COMMON UN

NET INCOME (LOSS) PER COMMON UNIT	9 Months Ended
	Sep. 30, 2015
NET INCOME (LOSS) PER COMMON UNIT	14. NET INCOME (LOSS) PER COMMON UNIT Basic and diluted net income (loss) per common unit for the three and nine months ended September 30, 2015 and September 30, 2014 was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net Income (Loss) Attributable to The Blackstone Group L.P. $ (254,697 ) $ 250,505 $ 508,919 $ 1,033,138 Basic Net Income (Loss) Per Common Unit Weighted-Average Common Units Outstanding 638,832,799 611,684,213 632,046,646 606,671,289 Basic Net Income (Loss) Per Common Unit $ (0.40 ) $ 0.41 $ 0.81 $ 1.70 Diluted Net Income (Loss) Per Common Unit Weighted-Average Common Units Outstanding 638,832,799 611,684,213 632,046,646 606,671,289 Weighted-Average Unvested Deferred Restricted Common Units — 3,294,657 3,393,182 3,550,012 Weighted-Average Diluted Common Units Outstanding 638,832,799 614,978,870 635,439,828 610,221,301 Diluted Net Income (Loss) Per Common Unit $ (0.40 ) $ 0.41 $ 0.80 $ 1.69 The following table summarizes the anti-dilutive securities for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted-Average Unvested Deferred Restricted Common Units 1,913,028 (a) (a) (a) Weighted-Average Blackstone Holdings Partnership Units 550,983,910 539,856,777 551,860,289 544,426,162 (a) These units were dilutive and were included in the diluted per common unit calculation for the applicable period. 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 nine months ended September 30, 2015 and 2014, no units were repurchased. As of September 30, 2015, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 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 nine months ended September 30, 2015, the Partnership recorded compensation expense of $78.8 million and $561.5 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $9.0 million and $36.0 million, respectively. For the three and nine months ended September 30, 2014, the Partnership recorded compensation expense of $202.8 million and $584.4 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $6.3 million and $19.9 million, respectively. As of September 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 1,192,166,487 as of September 30, 2015. Total outstanding unvested phantom units were 27,326 as of September 30, 2015. A summary of the status of the Partnership’s unvested equity-based awards as of September 30, 2015 and of changes during the period January 1, 2015 through September 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 28,207,130 38.76 5,171,322 35.74 16,312 35.31 Vested (19,681,411 ) 29.62 (7,536,719 ) 17.93 (815 ) 32.62 Forfeited (934,536 ) 23.49 (228,735 ) 21.01 — — Exchanged — — (10,374 ) 28.23 10,374 28.23 Balance, September 30, 2015 41,089,420 $ 33.24 14,964,866 $ 22.88 27,326 $ 32.53 Units Expected to Vest The following unvested units, after expected forfeitures, as of September 30, 2015, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 33,291,174 4.6 Deferred Restricted Blackstone Common Units 12,633,401 2.1 Total Equity-Based Awards 45,924,575 3.9 Phantom Units 18,457 4.0 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 $3.4 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 495 $ 2,518 Primarily Interest Bearing Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees for Investments in Blackstone Funds 279,592 237,341 Amounts Due from Portfolio Companies and Funds 375,633 372,820 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 4,456 32,020 Management and Performance Fees Due from Non-Consolidated Funds 360,291 355,657 Payments Made on Behalf of Non-Consolidated Entities 169,049 111,796 Advances Made to Certain Non-Controlling Interest Holders and Blackstone Employees 21,142 16,256 $ 1,210,658 $ 1,128,408 September 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,272,807 $ 1,234,890 Accrual for Potential Repayment of Previously Received Performance Fees 1,177 3,889 Due to Note Holders of Consolidated CLO Vehicles 8,851 16,881 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 21,222 21,266 Payable to Affiliates for Consolidated Funds — 22,447 Distributions Received on Behalf of Blackstone Entities 72,431 176,304 Payments Made by Non-Consolidated Entities 10,682 14,411 $ 1,387,170 $ 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 September 30, 2015 and December 31, 2014, such investments aggregated $789.6 million and $1.0 billion, respectively. Their share of the Net Income (Loss) Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $(20.0) million and $40.0 million for the three months ended September 30, 2015 and 2014, respectively, and $61.1 million and $135.7 million for the nine months ended September 30, 2015 and 2014, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $48.2 million and $107.6 million for the three months ended September 30, 2015 and 2014, respectively. Management and Advisory Fees, Net earned from affiliates totaled $125.1 million and $263.0 million for the nine months ended September 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 $0.8 million and $1.0 million for the three months ended September 30, 2015 and 2014, respectively, and $4.0 million and $2.1 million for the nine months ended September 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 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 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 based on 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 $411.7 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	9 Months Ended
	Sep. 30, 2015
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.2 billion of investment commitments as of September 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 $34.9 million as of September 30, 2015 which includes $22.9 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 $24.0 million as of September 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 September 30, 2015 was $117.0 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: September 30, 2015 December 31, 2014 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ — $ — $ — $ 130 $ 1,647 $ 1,777 Credit 682 495 1,177 1,241 871 2,112 Total $ 682 $ 495 $ 1,177 $ 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 September 30, 2015, $551.6 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	9 Months Ended
	Sep. 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 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. On October 1, 2015, Blackstone completed the previously-announced spin-off of the operations that have historically constituted Blackstone’s Financial Advisory segment, other than Blackstone’s capital markets services business. Blackstone’s capital markets services business was retained and was not part of the spin-off. The financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses were spun-off from Blackstone and combined with PJT Capital LP, an independent financial advisory firm founded by Paul J. Taubman, to form an independent, publicly traded company called PJT Partners Inc. Each common unitholder of Blackstone received one share of Class A common stock of PJT Partners Inc. for every 40 common units of Blackstone held by such unitholder on the record date. As this transaction closed on October 1, 2015, the first day of the fourth fiscal quarter, the condensed consolidated financial statements of Blackstone as of September 30, 2015 and for the three and nine month periods then ended include the financial position, results of operations and cash flows for the operations that were spun-off. The following table presents the financial data for Blackstone’s five segments for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 128,452 $ 175,710 $ 133,592 $ 126,533 $ — $ 564,287 Advisory Fees — — — — 146,153 146,153 Transaction and Other Fees, Net 9,358 21,390 219 1,289 147 32,403 Management Fee Offsets (12,262 ) (10,147 ) (507 ) (11,260 ) — (34,176 ) Total Management and Advisory Fees, Net 125,548 186,953 133,304 116,562 146,300 708,667 Performance Fees Realized Carried Interest 214,532 169,051 — 51,606 — 435,189 Incentive Fees — 3,879 2,783 28,123 — 34,785 Unrealized Carried Interest (809,363 ) (128,854 ) (5,394 ) (112,366 ) — (1,055,977 ) Incentive Fees — 2,784 (29,711 ) (26,419 ) — (53,346 ) Total Performance Fees (594,831 ) 46,860 (32,322 ) (59,056 ) — (639,349 ) Investment Income (Loss) Realized 46,917 39,821 (468 ) 1,735 (479 ) 87,526 Unrealized (110,689 ) (95,382 ) (6,411 ) (10,177 ) (998 ) (223,657 ) Total Investment Loss (63,772 ) (55,561 ) (6,879 ) (8,442 ) (1,477 ) (136,131 ) Interest and Dividend Revenue 8,119 11,057 4,136 6,053 6,094 35,459 Other 471 (938 ) (66 ) (73 ) (235 ) (841 ) Total Revenues (524,465 ) 188,371 98,173 55,044 150,682 (32,195 ) Expenses Compensation and Benefits Compensation 69,522 99,255 44,408 51,324 65,066 329,575 Performance Fee Compensation Realized Carried Interest 16,303 52,546 — 28,950 — 97,799 Incentive Fees — 1,838 (436 ) 13,659 — 15,061 Unrealized Carried Interest (141,448 ) (23,018 ) (3,041 ) (61,190 ) — (228,697 ) Incentive Fees — 5,215 (7,011 ) (12,846 ) — (14,642 ) Total Compensation and Benefits (55,623 ) 135,836 33,920 19,897 65,066 199,096 Other Operating Expenses 43,693 42,050 24,147 24,898 22,777 157,565 Total Expenses (11,930 ) 177,886 58,067 44,795 87,843 356,661 Economic Income (Loss) $ (512,535 ) $ 10,485 $ 40,106 $ 10,249 $ 62,839 $ (388,856 ) Three Months Ended September 30, 2014 Private Real Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 108,236 $ 155,089 $ 121,484 $ 120,684 $ — $ 505,493 Advisory Fees — — — — 84,131 84,131 Transaction and Other Fees, Net 48,996 38,312 161 3,025 391 90,885 Management Fee Offsets (5,837 ) (8,977 ) (1,099 ) (6,850 ) — (22,763 ) Total Management and Advisory Fees, Net 151,395 184,424 120,546 116,859 84,522 657,746 Performance Fees Realized Carried Interest 124,913 349,237 — 164,602 — 638,752 Incentive Fees — 1,159 6,683 28,998 — 36,840 Unrealized Carried Interest 96,455 187,175 — (61,604 ) — 222,026 Incentive Fees — (374 ) 25,473 (31,630 ) — (6,531 ) Total Performance Fees 221,368 537,197 32,156 100,366 — 891,087 Investment Income (Loss) Realized 20,421 49,173 2,693 3,040 505 75,832 Unrealized (12,754 ) 14,492 (1,168 ) 4,892 (528 ) 4,934 Total Investment Income (Loss) 7,667 63,665 1,525 7,932 (23 ) 80,766 Interest and Dividend Revenue 5,346 7,135 2,724 5,968 2,412 23,585 Other 2,150 976 740 (3,619 ) 472 719 Total Revenues 387,926 793,397 157,691 227,506 87,383 1,653,903 Expenses Compensation and Benefits Compensation 79,007 90,586 41,940 54,877 58,016 324,426 Performance Fee Compensation Realized Carried Interest 30,944 64,187 — 90,872 — 186,003 Incentive Fees — 592 2,312 16,125 — 19,029 Unrealized Carried Interest 93,434 108,789 — (38,091 ) — 164,132 Incentive Fees — (123 ) 8,778 (17,657 ) — (9,002 ) Total Compensation and Benefits 203,385 264,031 53,030 106,126 58,016 684,588 Other Operating Expenses 34,109 36,138 20,480 20,860 19,853 131,440 Total Expenses 237,494 300,169 73,510 126,986 77,869 816,028 Economic Income $ 150,432 $ 493,228 $ 84,181 $ 100,520 $ 9,514 $ 837,875 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Total Consolidation and Reconciling Blackstone Total Consolidation Blackstone Revenues $ (32,195 ) $ 43,768 (a) $ 11,573 $ 1,653,903 $ 25,523 (a) $ 1,679,426 Expenses $ 356,661 $ 120,336 (b) $ 476,997 $ 816,028 $ 239,110 (b) $ 1,055,138 Other Income (Loss) $ — $ (16,867) (c) $ (16,867 ) $ — $ 8,682 (c) $ 8,682 Economic Income (Loss) $ (388,856 ) $ (93,435) (d) $ (482,291 ) $ 837,875 $ (204,905) (d) $ 632,970 (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 (Loss), 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 (Loss) adjustment results from the following: Three Months Ended September 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (45,027 ) $ (25,613 ) Fund Expenses Added in Consolidation 10,175 7,649 Non-Controlling Interests in Income of Consolidated Entities 18,151 32,163 Transaction-Related Other Income (166 ) (5,517 ) Total Consolidation Adjustments and Reconciling Items $ (16,867 ) $ 8,682 (d) The reconciliation of Economic Income (Loss) to Income (Loss) Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2015 2014 Economic Income (Loss) $ (388,856 ) $ 837,875 Adjustments Amortization of Intangibles (30,624 ) (27,828 ) IPO and Acquisition-Related Charges (80,962 ) (209,240 ) Non-Controlling Interests in Income of Consolidated Entities 18,151 32,163 Total Consolidation Adjustments and Reconciling Items (93,435 ) (204,905 ) Income (Loss) Before Provision (Benefit) for Taxes $ (482,291 ) $ 632,970 The following table presents the financial data for Blackstone’s segments as of and for the nine months ended September 30, 2015 and 2014: September 30, 2015 and the Nine Months Then Ended Private Equity Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 358,753 $ 468,801 $ 394,445 $ 375,177 $ — $ 1,597,176 Advisory Fees — — — — 307,389 307,389 Transaction and Other Fees, Net 17,586 58,116 244 4,806 452 81,204 Management Fee Offsets (26,239 ) (20,441 ) (1,395 ) (22,480 ) — (70,555 ) Total Management and Advisory Fees, Net 350,100 506,476 393,294 357,503 307,841 1,915,214 Performance Fees Realized Carried Interest 1,144,085 1,344,283 — 91,898 — 2,580,266 Incentive Fees — 5,822 30,214 76,238 — 112,274 Unrealized Carried Interest (548,114 ) (498,481 ) 2,620 (80,099 ) — (1,124,074 ) Incentive Fees — 12,788 33,571 (10,774 ) — 35,585 Total Performance Fees 595,971 864,412 66,405 77,263 — 1,604,051 Investment Income (Loss) Realized 141,991 196,597 (12,600 ) 6,695 (868 ) 331,815 Unrealized (101,503 ) (165,563 ) 104 (530 ) (39 ) (267,531 ) Total Investment Income (Loss) 40,488 31,034 (12,496 ) 6,165 (907 ) 64,284 Interest and Dividend Revenue 23,403 31,313 12,055 17,642 12,523 96,936 Other 1,161 (3,838 ) (1,214 ) 3,454 (1,303 ) (1,740 ) Total Revenues 1,011,123 1,429,397 458,044 462,027 318,154 3,678,745 Expenses Compensation and Benefits Compensation 206,690 263,573 146,353 148,325 183,824 948,765 Performance Fee Compensation Realized Carried Interest 162,287 415,210 — 50,582 — 628,079 Incentive Fees — 2,865 11,745 34,515 — 49,125 Unrealized Carried Interest 11,098 (171,661 ) 1,036 (45,349 ) — (204,876 ) Incentive Fees — 8,020 12,404 (3,974 ) — 16,450 Total Compensation and Benefits 380,075 518,007 171,538 184,099 183,824 1,437,543 Other Operating Expenses 144,906 125,539 65,852 70,273 62,678 469,248 Total Expenses 524,981 643,546 237,390 254,372 246,502 1,906,791 Economic Income $ 486,142 $ 785,851 $ 220,654 $ 207,655 $ 71,652 $ 1,771,954 Segment Assets as of September 30, 2015 $ 5,616,177 $ 7,528,157 $ 1,763,698 $ 2,775,812 $ 954,220 $ 18,638,064 Nine Months Ended September 30, 2014 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 310,024 $ 472,294 $ 357,876 $ 338,747 $ — $ 1,478,941 Advisory Fees — — — — 269,008 269,008 Transaction and Other Fees, Net 119,459 65,390 380 13,433 1,329 199,991 Management Fee Offsets (11,796 ) (25,903 ) (4,085 ) (17,841 ) — (59,625 ) Total Management and Advisory Fees, Net 417,687 511,781 354,171 334,339 270,337 1,888,315 Performance Fees Realized Carried Interest 457,112 961,721 — 195,201 — 1,614,034 Incentive Fees — 7,203 54,501 68,264 — 129,968 Unrealized Carried Interest 765,730 446,873 — 423 — 1,213,026 Incentive Fees — (1,120 ) 74,114 38,517 — 111,511 Total Performance Fees 1,222,842 1,414,677 128,615 302,405 — 3,068,539 Investment Income (Loss) Realized 155,768 203,194 21,907 8,334 745 389,948 Unrealized (4,125 ) (30,566 ) 4,320 12,492 1,135 (16,744 ) Total Investment Income 151,643 172,628 26,227 20,826 1,880 373,204 Interest and Dividend Revenue 15,240 21,254 7,725 16,721 7,101 68,041 Other 3,578 1,075 659 (3,867 ) 137 1,582 Total Revenues 1,810,990 2,121,415 517,397 670,424 279,455 5,399,681 Expenses Compensation and Benefits Compensation 225,352 256,401 125,852 156,939 189,442 953,986 Performance Fee Compensation Realized Carried Interest 229,435 259,462 — 106,805 — 595,702 Incentive Fees — 3,657 18,501 39,015 — 61,173 Unrealized Carried Interest 132,480 193,113 — (6,435 ) — 319,158 Incentive Fees — (524 ) 26,791 12,954 — 39,221 Total Compensation and Benefits 587,267 712,109 171,144 309,278 189,442 1,969,240 Other Operating Expenses 106,308 105,787 65,061 75,858 63,311 416,325 Total Expenses 693,575 817,896 236,205 385,136 252,753 2,385,565 Economic Income $ 1,117,415 $ 1,303,519 $ 281,192 $ 285,288 $ 26,702 $ 3,014,116 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2015 and 2014: September 30, 2015 and the Nine Months Then Ended Nine Months Ended September 30, 2014 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,678,745 $ 70,388(a) $ 3,749,133 $ 5,399,681 $ 64,273(a) $ 5,463,954 Expenses $ 1,906,791 $ 627,206(b) $ 2,533,997 $ 2,385,565 $ 647,205(b) $ 3,032,770 Other Income $ — $ 158,703(c) $ 158,703 $ — $ 217,422(c) $ 217,422 Economic Income (Loss) $ 1,771,954 $ (398,115)(d) $ 1,373,839 $ 3,014,116 $ (365,510)(d) $ 2,648,606 Total Assets $ 18,638,064 $ 4,980,639(e) $ 23,618,703 (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 (Loss), 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: Nine Months Ended September 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (80,519 ) $ (64,531 ) Fund Expenses Added in Consolidation 53,218 7,668 Non-Controlling Interests in Income of Consolidated Entities 187,970 284,463 Transaction-Related Other Income (1,966 ) (10,178 ) Total Consolidation Adjustments and Reconciling Items $ 158,703 $ 217,422 (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: Nine Months Ended September 30, 2015 2014 Economic Income $ 1,771,954 $ 3,014,116 Adjustments Amortization of Intangibles (81,243 ) (85,141 ) IPO and Acquisition-Related Charges (504,842 ) (564,832 ) Non-Controlling Interests in Income of Consolidated Entities 187,970 284,463 Total Consolidation Adjustments and Reconciling Items (398,115 ) (365,510 ) Income Before Provision for Taxes $ 1,373,839 $ 2,648,606 (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	9 Months Ended
	Sep. 30, 2015
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS There have been no events since September 30, 2015 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 types 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 are 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 those annual periods. 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 August 2015, the FASB issued new guidance deferring the effective date of the new revenue recognition standard by one year. The new guidance should be applied for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. 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 August 2015, the FASB issued clarifying guidance on the presentation and subsequent measurement of debt issuance costs associated with the line of credit arrangements. An entity may defer and present debt issuance costs as assets and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance is effective immediately. The guidance did not have a material impact on Blackstone’s consolidated 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)	9 Months Ended
	Sep. 30, 2015
Intangible Assets, Net	Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,464,017 $ 1,464,017 Accumulated Amortization (1,083,714 ) (1,005,184 ) Intangible Assets, Net $ 380,303 $ 458,833

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Investments	Investments consists of the following: September 30, December 31, Investments of Consolidated Blackstone Funds $ 4,743,145 $ 11,375,407 Equity Method Investments 3,017,850 3,240,825 Blackstone’s Treasury Cash Management Strategies 2,158,590 1,666,061 Performance Fees 5,220,114 6,337,045 Other Investments 159,056 146,251 $ 15,298,755 $ 22,765,589
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income ( Loss) - 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 (Loss) — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized Gains $ 51,150 $ 32,427 $ 178,662 $ 66,366 Net Change in Unrealized Losses (102,340 ) (71,525 ) (100,597 ) (30,406 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (51,190 ) (39,098 ) 78,065 35,960 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 34,323 47,780 80,638 181,462 Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ (16,867 ) $ 8,682 $ 158,703 $ 217,422
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized Gains (Losses) $ (3,003 ) $ 2,142 $ (6,606 ) $ 6,307 Net Change in Unrealized Gains (Losses) (8,984 ) (14,541 ) (12,922 ) 1,551 $ (11,987 ) $ (12,399 ) $ (19,528 ) $ 7,858
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 595,918 882,083 29,019 9,574 1,516,594 Foreign Exchange Loss — (20,321 ) — — (20,321 ) Fund Distributions (1,164,109 ) (1,334,908 ) (12,526 ) (101,661 ) (2,613,204 ) Performance Fees, September 30, 2015 $ 1,647,393 $ 3,248,605 $ 31,524 $ 292,592 $ 5,220,114
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized Gains (Losses) $ 1,282 $ (460 ) $ 1,274 $ 5,152 Net Change in Unrealized Gains (Losses) (2,779 ) 239 (3,233 ) (6,252 ) $ (1,497 ) $ (221 ) $ (1,959 ) $ (1,100 )

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 95,927 $ — (a) (a) Credit Driven 271,999 — (b) (b) Event Driven 60,296 — (c) (c) Equity 244 — (d) (d) Commodities 2,454 — (e) (e) $ 430,920 $ — (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 15% 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 85% 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 34% 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 62% 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 generally not permitted for the investments 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)	9 Months Ended
	Sep. 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. September 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 140 $ — $ 56,008 $ 244 $ 62,078 $ 523 $ — $ — Freestanding Derivatives Blackstone — Other Interest Rate Contracts 1,510,139 1,260 1,557,240 11,834 223,886 407 879,412 4,590 Foreign Currency Contracts 181,335 2,443 210,855 1,849 192,163 2,798 148,873 681 Credit Default Swaps — — 74,000 6,413 19,500 85 56,000 868 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 97,169 2,345 107,632 5,975 199,364 8,915 250,244 21,875 Interest Rate Contracts — — — — 22,659 2,281 — — Credit Default Swaps — — 87,088 4,454 — — 91,372 2,514 1,788,643 6,048 2,036,815 30,525 657,572 14,486 1,425,901 30,528 Total $ 1,788,783 $ 6,048 $ 2,092,823 $ 30,769 $ 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ 229 $ — Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (2,076 ) $ 2,482 $ (7,169 ) $ 1,079 Foreign Currency Contracts 53 4,327 8,956 1,346 Credit Default Swaps 646 763 4,427 2,045 Total $ (1,377 ) $ 7,572 $ 6,214 $ 4,470 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (7,282 ) $ (111 ) $ (3,321 ) $ (4,384 ) Foreign Currency Contracts 1,796 (5,253 ) (6,449 ) (27,197 ) Credit Default Swaps (3,319 ) (1,060 ) (8,710 ) 3,738 Total $ (8,805 ) $ (6,424 ) $ (18,480 ) $ (27,843 )

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	9 Months Ended
	Sep. 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: September 30, December 31, Assets Loans and Receivables $ 179,255 $ 40,397 Equity and Preferred Securities 271,905 102,907 Debt Securities 15,260 — Assets of Consolidated CLO Vehicles Corporate Loans 3,194,584 6,279,592 Corporate Bonds 351,674 292,690 Other — 44,513 $ 4,012,678 $ 6,760,099 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,244,579 $ 6,448,352 Subordinated Notes 111,029 348,752 $ 3,355,608 $ 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 September 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (1,235 ) $ — $ — Equity and Preferred Securities (36 ) (3,749 ) (468 ) (5,870 ) Debt Securities — (342 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 2,578 (38,888 ) 384 (41,569 ) Corporate Bonds (988 ) (4,578 ) 174 (4,069 ) Other 1,003 (305 ) 7,620 (1,032 ) $ 2,557 $ (49,097 ) $ 7,710 $ (52,540 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (1,822 ) $ (38,651 ) Subordinated Notes — 34,235 — 22,731 $ — $ 34,235 $ (1,822 ) $ (15,920 ) Nine Months Ended September 30, 2015 2014 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (1,832 ) $ — $ — Equity and Preferred Securities (273 ) (11,240 ) (1,791 ) 44 Debt Securities — (342 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (2,269 ) 1,993 (64,251 ) 7,388 Corporate Bonds (867 ) (62 ) (2,012 ) (375 ) Other 4,276 (3,636 ) 20,914 18,523 $ 867 $ (15,119 ) $ (47,140 ) $ 25,580 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (5,914 ) $ (134,289 ) Subordinated Notes — 23,997 — 78,345 $ — $ 23,997 $ (5,914 ) $ (55,944 )
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: September 30, 2015 December 31, 2014 For Financial Assets For Financial Assets Past Excess Fair Excess Excess Fair Excess Loans and Receivables $ (7,303 ) $ — $ — $ (5,323 ) $ — $ — Debt Securities (342 ) — — — — — Assets of Consolidated CLO Vehicles Corporate Loans (36,356 ) 318 (5,897 ) (197,580 ) 4,369 (21,876 ) Corporate Bonds (7,449 ) — — (7,814 ) — — $ (51,450 ) $ 318 $ (5,897 ) $ (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)	9 Months Ended
	Sep. 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: September 30, 2015 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 154,183 $ 154,183 Equity Securities 65,038 53,506 92,311 — 210,855 Partnership and LLC Interests — 118,342 507,939 — 626,281 Debt Instruments — 171,179 32,044 — 203,223 Assets of Consolidated CLO Vehicles Corporate Loans — 2,992,996 201,588 — 3,194,584 Corporate Bonds — 347,700 3,974 — 351,674 Freestanding Derivatives — Foreign Currency Contracts — 2,345 — — 2,345 Total Investments of Consolidated Blackstone Funds 65,038 3,686,068 837,856 154,183 4,743,145 Blackstone’s Treasury Cash Management Strategies Investment Funds 235,427 — — — 235,427 Equity Securities 242,534 — — — 242,534 Debt Instruments — 1,385,369 44,593 117,790 1,547,752 Other — — — 132,877 132,877 Total Blackstone’s Treasury Cash Management Strategies 477,961 1,385,369 44,593 250,667 2,158,590 Money Market Funds 308,504 — — — 308,504 Freestanding Derivatives Interest Rate Contracts 661 599 — — 1,260 Foreign Currency Contracts — 2,443 — — 2,443 Loans and Receivables — — 179,255 — 179,255 Other Investments 29,282 — 103,704 26,070 159,056 $ 881,446 $ 5,074,479 $ 1,165,408 $ 430,920 $ 7,552,253 September 30, 2015 Level I Level II Level III Total Liabilities Liabilities of Consolidated Funds and CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,244,579 $ — $ 3,244,579 Subordinated Notes (b) — 111,029 — 111,029 Freestanding Derivatives — Foreign Currency Contracts — 5,975 — 5,975 Freestanding Derivatives — Credit Default Swaps — 4,454 — 4,454 Net Investment Hedges — Foreign Currency Contracts — 244 — 244 Freestanding Derivatives Interest Rate Contracts 3,827 8,007 — 11,834 Foreign Currency Contracts — 1,849 — 1,849 Credit Default Swaps — 6,413 — 6,413 Securities Sold, Not Yet Purchased — 173,707 — 173,707 $ 3,827 $ 3,556,257 $ — $ 3,560,084 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 September 30, 2015 and 2014, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Transfers from Level I into Level II (a) $ 287 $ — $ 287 $ — Transfers from Level II into Level I (b) $ 26,534 $ — $ 32,312 $ 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 September 30, 2015: Fair Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 70,957 Discounted Cash Flows Discount Rate 7.8% - 25.0% 13.2% Revenue CAGR -5% - 60.6% 8.1% Exit Multiple - EBITDA 5.0x - 18.2x 9.6x Exit Multiple - P/E 10.5x - 17.0x 11.0x 15,683 Transaction Price N/A N/A N/A 166 Market Comparable Companies EBITDA Multiple 6.7x - 7.3x 6.8x 58 Third Party Pricing N/A N/A N/A 5,447 Other N/A N/A N/A Partnership and LLC Interests 465,131 Discounted Cash Flows Discount Rate 4.4% - 25.7% 9.4% Revenue CAGR -5.8% - 35.6% 8.0% Exit Multiple - EBITDA 0.2x - 23.3x 10.5x Exit Capitalization Rate 2.6% - 10.5% 6.3% 28,185 Transaction Price N/A N/A N/A 12,410 Third Party Pricing N/A N/A N/A 1,907 Other N/A N/A N/A 306 Market Comparable EBITDA Multiple 0.4x N/A Companies Debt Instruments 9,994 Discounted Cash Flows Discount Rate 6.5% - 37.1% 14.5% Revenue CAGR 7.2% - 16.3% Exit Multiple - EBITDA 6.3x - 12.0x 10.4x Exit Capitalization Rate 1.0% - 2.2% 19,742 Third Party Pricing N/A N/A N/A 2,043 Transaction Pricing N/A N/A N/A 265 Market Comparable Companies EBITDA Multiple 6.4x N/A Assets of Consolidated CLO Vehicles 120,373 Third Party Pricing N/A N/A N/A 84,872 Market Comparable Companies EBITDA Multiple 3.7x - 9.0x 6.1x 317 Other N/A N/A N/A Total Investments of Consolidated Blackstone Funds 837,856 Blackstone’s Treasury Cash Management Strategies $ 34,376 Discounted Cash Flows Default Rate 1.1% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 66.6% Recovery Lag 12 months N/A Pre-payment Rate 20.0% - 30.0% 25.4% Reinvestment Rate LIBOR + 350 bps LIBOR + 396 bps LIBOR + 400 bps Discount Rate 5.8% - 13.0% 7.5% 10,217 Third Party Pricing N/A N/A N/A Loans and Receivables 158,180 Discounted Cash Flows Discount Rate 11.9% - 16.0% 12.3% 21,075 Third Party Pricing N/A N/A N/A Other Investments 85,404 Discounted Cash Flows Discount Rate 1.4% - 12.5% 3.1% 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 453 Market Comparable Companies EBITDA Multiple 7.0x N/A 17,847 Transaction Price N/A N/A N/A Total $ 1,165,408 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 EBITDA Multiple 6.6x - 7.9x 6.6x Companies Assets of Consolidated CLO Vehicles 318,636 Third Party Pricing N/A N/A N/A 290,658 Market Comparable EBITDA Multiple 3.8x - 15.0x 6.1x Companies 3,826 Discounted Cash Flows Discount Rate 8.0% N/A Total Investments of Consolidated Blackstone Funds 2,394,823 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 September 30, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 $ 2,260,856 $ 42,725 $ 167,516 $ 2,471,097 Transfer Out Due to Deconsolidation — — — — (64,634 ) — — (64,634 ) Transfer In to Level III (b) 43,920 — 5,194 49,114 161,332 — 20,452 181,784 Transfer Out of Level III (b) (143,531 ) — (9,171 ) (152,702 ) (212,108 ) — (9,913 ) (222,021 ) Purchases 122,676 144,058 5,240 271,974 165,838 69,255 19,914 255,007 Sales (139,229 ) — (2,792 ) (142,021 ) (190,383 ) (42,261 ) (6,736 ) (239,380 ) Settlements — (1,405 ) (140 ) (1,545 ) — (526 ) (123 ) (649 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 16,871 162 (1,768 ) 15,265 11,581 601 (8,733 ) 3,449 Balance, End of Period $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 $ 2,132,482 $ 69,794 $ 182,377 $ 2,384,653 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (41,807 ) $ 162 $ (1,837 ) $ (43,482 ) $ (8,606 ) $ 601 $ (8,371 ) $ (16,376 ) Level III Financial Assets at Fair Value Nine Months Ended September 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 $ 2,460,908 $ 137,788 $ 44,773 $ 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 ) (335,357 ) — — (335,357 ) Transfer In to Level III (b) 47,035 — 25,092 72,127 273,934 — 28,424 302,358 Transfer Out of Level III (b) (181,429 ) — (56,336 ) (237,765 ) (315,067 ) — (20,657 ) (335,724 ) Purchases 304,012 150,244 38,579 492,835 346,144 162,899 153,344 662,387 Sales (321,121 ) (9,535 ) (39,765 ) (370,421 ) (618,008 ) (230,324 ) (14,309 ) (862,641 ) Settlements — (3,485 ) (358 ) (3,843 ) — (1,170 ) (424 ) (1,594 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 55,076 1,634 (8,299 ) 48,411 114,038 601 (8,774 ) 105,865 Balance, End of Period $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 $ 2,132,482 $ 69,794 $ 182,377 $ 2,384,653 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (25,614 ) $ 1,505 $ (329 ) $ (24,438 ) $ 96,217 $ 601 $ (7,199 ) $ 89,619
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 September 30, 2015 2014 Collateralized Notes Collateralized Total Collateralized Notes Collateralized Total Balance, Beginning of Period $ — $ — $ — $ 6,407,838 $ 474,757 $ 6,882,595 Transfer In Due to Consolidation and Acquisition (d) — — — 495,610 29,828 525,438 Transfer Out Due to Deconsolidation — — — (778,461 ) (104,049 ) (882,510 ) Settlements — — — (570,785 ) — (570,785 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss) — — — (231,554 ) (40,264 ) (271,818 ) Balance, End of Period $ — $ — $ — $ 5,322,648 $ 360,272 $ 5,682,920 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ (233,376 ) $ (40,264 ) $ (273,640 ) Level III Financial Liabilities at Fair Value Nine Months Ended September 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) — — — 967,629 116,009 1,083,638 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) (2,231,853 ) (277,301 ) (2,509,154 ) Transfer Out Due to Amended CLO Guidance (e) (2,279,947 ) (86,818 ) (2,366,765 ) — — — Issuances — — — 32,197 10,000 42,197 Settlements — — — (1,569,416 ) (110 ) (1,569,526 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss) — — — (178,481 ) (98,761 ) (277,242 ) Balance, End of Period $ — $ — $ — $ 5,322,648 $ 360,272 $ 5,682,920 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ (184,395 ) $ (98,761 ) $ (283,156 ) (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 September 30, 2015.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 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: September 30, December 31, Investments $ 567,452 $ 776,079 Accounts Receivable 21,029 125,316 Due from Affiliates 42,931 53,751 Total VIE Assets 631,412 955,146 Due to Affiliates 203 108 Accounts Payable, Accrued Expenses and Other Liabilities 57 124 Potential Clawback Obligation 56,762 206,725 Maximum Exposure to Loss $ 688,434 $ 1,162,103

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2015: September 30, 2015 Remaining Contractual Maturity of the Agreements Overnight Up to 30 - 90 Greater Total Repurchase Agreements Asset-Backed Securities $ — $ 42,102 $ — $ — $ 42,102 Total $ — $ 42,102 $ — $ — $ 42,102 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 42,102 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)	9 Months Ended
	Sep. 30, 2015
Offsetting of Assets and Liabilities	The following tables present the offsetting of assets and liabilities as of September 30, 2015: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 3,703 $ 1,676 $ 826 $ 1,201 Reverse Repurchase Agreements 85,282 84,828 — 454 Total $ 88,985 $ 86,504 $ 826 $ 1,655 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 244 $ — $ — $ 244 Freestanding Derivatives 24,550 1,676 17,480 5,394 Repurchase Agreements 42,102 41,433 669 — Total $ 66,896 $ 43,109 $ 18,149 $ 5,638 The following tables present the offsetting of assets and liabilities as of December 31, 2014: Gross and Net Financial Gross Amounts Not Offset in the Statement of Financial 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: September 30, 2015 December 31, 2014 Furniture, Equipment and Leasehold Improvements, Net $ 174,028 $ 135,740 Prepaid Expenses 151,356 102,503 Other Assets 39,994 82,704 Freestanding Derivatives 3,703 3,290 Net Investment Hedges — 523 $ 369,081 $ 324,760

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 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: September 30, 2015 December 31, 2014 Carrying Fair Value (a) Carrying Fair Value (a) Blackstone Issued 6.625%, $600 Million Par, Notes Due 8/15/2019 (b) $ 616,925 $ 681,876 $ 622,552 $ 684,158 Blackstone Issued 5.875%, $400 Million Par, Notes Due 3/15/2021 $ 397,627 $ 459,960 $ 397,357 $ 462,360 Blackstone Issued 4.750%, $400 Million Par, Notes Due 2/15/2023 $ 391,998 $ 434,960 $ 391,344 $ 436,240 Blackstone Issued 6.250%, $250 Million Par, Notes Due 8/15/2042 $ 237,605 $ 295,100 $ 237,487 $ 307,125 Blackstone Issued 5.000%, $500 Million Par, Notes Due 6/15/2044 $ 487,960 $ 515,500 $ 487,966 $ 527,500 Blackstone Issued 4.450%, $350 Million Par, Notes Due 7/15/2045 $ 343,777 $ 332,780 $ — $ — Blackstone Issued 2.000%, €300 Million Par, Notes Due 5/19/2025 $ 331,854 $ 329,978 $ — $ — (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: September 30, 2015 December 31, 2014 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 3,276,326 1.91 % 5.1 $ 6,594,266 1.27 % 3.8 Subordinated Notes 207,851 (a ) N/A 740,050 (a ) N/A $ 3,484,177 $ 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: September 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 $ 3,244,579 $ — $ — $ 6,448,352 $ 2,500 $ 2,504 Subordinated Notes $ 111,029 $ 10,000 $ 8,851 $ 348,752 $ 24,200 $ 14,377
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of September 30, 2015 were as follows: Operating Blackstone Fund Total 2015 $ — $ 4,166 $ 4,166 2016 — — — 2017 — 380,922 380,922 2018 — — — 2019 585,000 — 585,000 Thereafter 2,237,470 3,103,255 5,340,725 Total $ 2,822,470 $ 3,488,343 $ 6,310,813

NET INCOME (LOSS) PER COMMON 38

NET INCOME (LOSS) PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2015
Basic and Diluted Net Income (Loss) Per Common Unit	Basic and diluted net income (loss) per common unit for the three and nine months ended September 30, 2015 and September 30, 2014 was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net Income (Loss) Attributable to The Blackstone Group L.P. $ (254,697 ) $ 250,505 $ 508,919 $ 1,033,138 Basic Net Income (Loss) Per Common Unit Weighted-Average Common Units Outstanding 638,832,799 611,684,213 632,046,646 606,671,289 Basic Net Income (Loss) Per Common Unit $ (0.40 ) $ 0.41 $ 0.81 $ 1.70 Diluted Net Income (Loss) Per Common Unit Weighted-Average Common Units Outstanding 638,832,799 611,684,213 632,046,646 606,671,289 Weighted-Average Unvested Deferred Restricted Common Units — 3,294,657 3,393,182 3,550,012 Weighted-Average Diluted Common Units Outstanding 638,832,799 614,978,870 635,439,828 610,221,301 Diluted Net Income (Loss) Per Common Unit $ (0.40 ) $ 0.41 $ 0.80 $ 1.69
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted-Average Unvested Deferred Restricted Common Units 1,913,028 (a) (a) (a) Weighted-Average Blackstone Holdings Partnership Units 550,983,910 539,856,777 551,860,289 544,426,162 (a) These units were dilutive and were included in the diluted per common unit calculation for the applicable period.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 and of changes during the period January 1, 2015 through September 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 28,207,130 38.76 5,171,322 35.74 16,312 35.31 Vested (19,681,411 ) 29.62 (7,536,719 ) 17.93 (815 ) 32.62 Forfeited (934,536 ) 23.49 (228,735 ) 21.01 — — Exchanged — — (10,374 ) 28.23 10,374 28.23 Balance, September 30, 2015 41,089,420 $ 33.24 14,964,866 $ 22.88 27,326 $ 32.53
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of September 30, 2015, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 33,291,174 4.6 Deferred Restricted Blackstone Common Units 12,633,401 2.1 Total Equity-Based Awards 45,924,575 3.9 Phantom Units 18,457 4.0

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2015
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 495 $ 2,518 Primarily Interest Bearing Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees for Investments in Blackstone Funds 279,592 237,341 Amounts Due from Portfolio Companies and Funds 375,633 372,820 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 4,456 32,020 Management and Performance Fees Due from Non-Consolidated Funds 360,291 355,657 Payments Made on Behalf of Non-Consolidated Entities 169,049 111,796 Advances Made to Certain Non-Controlling Interest Holders and Blackstone Employees 21,142 16,256 $ 1,210,658 $ 1,128,408 September 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,272,807 $ 1,234,890 Accrual for Potential Repayment of Previously Received Performance Fees 1,177 3,889 Due to Note Holders of Consolidated CLO Vehicles 8,851 16,881 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 21,222 21,266 Payable to Affiliates for Consolidated Funds — 22,447 Distributions Received on Behalf of Blackstone Entities 72,431 176,304 Payments Made by Non-Consolidated Entities 10,682 14,411 $ 1,387,170 $ 1,490,088

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2015
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: September 30, 2015 December 31, 2014 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ — $ — $ — $ 130 $ 1,647 $ 1,777 Credit 682 495 1,177 1,241 871 2,112 Total $ 682 $ 495 $ 1,177 $ 1,371 $ 2,518 $ 3,889

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2015
Financial Data of Segments	The following table presents the financial data for Blackstone’s five segments for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 128,452 $ 175,710 $ 133,592 $ 126,533 $ — $ 564,287 Advisory Fees — — — — 146,153 146,153 Transaction and Other Fees, Net 9,358 21,390 219 1,289 147 32,403 Management Fee Offsets (12,262 ) (10,147 ) (507 ) (11,260 ) — (34,176 ) Total Management and Advisory Fees, Net 125,548 186,953 133,304 116,562 146,300 708,667 Performance Fees Realized Carried Interest 214,532 169,051 — 51,606 — 435,189 Incentive Fees — 3,879 2,783 28,123 — 34,785 Unrealized Carried Interest (809,363 ) (128,854 ) (5,394 ) (112,366 ) — (1,055,977 ) Incentive Fees — 2,784 (29,711 ) (26,419 ) — (53,346 ) Total Performance Fees (594,831 ) 46,860 (32,322 ) (59,056 ) — (639,349 ) Investment Income (Loss) Realized 46,917 39,821 (468 ) 1,735 (479 ) 87,526 Unrealized (110,689 ) (95,382 ) (6,411 ) (10,177 ) (998 ) (223,657 ) Total Investment Loss (63,772 ) (55,561 ) (6,879 ) (8,442 ) (1,477 ) (136,131 ) Interest and Dividend Revenue 8,119 11,057 4,136 6,053 6,094 35,459 Other 471 (938 ) (66 ) (73 ) (235 ) (841 ) Total Revenues (524,465 ) 188,371 98,173 55,044 150,682 (32,195 ) Expenses Compensation and Benefits Compensation 69,522 99,255 44,408 51,324 65,066 329,575 Performance Fee Compensation Realized Carried Interest 16,303 52,546 — 28,950 — 97,799 Incentive Fees — 1,838 (436 ) 13,659 — 15,061 Unrealized Carried Interest (141,448 ) (23,018 ) (3,041 ) (61,190 ) — (228,697 ) Incentive Fees — 5,215 (7,011 ) (12,846 ) — (14,642 ) Total Compensation and Benefits (55,623 ) 135,836 33,920 19,897 65,066 199,096 Other Operating Expenses 43,693 42,050 24,147 24,898 22,777 157,565 Total Expenses (11,930 ) 177,886 58,067 44,795 87,843 356,661 Economic Income (Loss) $ (512,535 ) $ 10,485 $ 40,106 $ 10,249 $ 62,839 $ (388,856 ) Three Months Ended September 30, 2014 Private Real Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 108,236 $ 155,089 $ 121,484 $ 120,684 $ — $ 505,493 Advisory Fees — — — — 84,131 84,131 Transaction and Other Fees, Net 48,996 38,312 161 3,025 391 90,885 Management Fee Offsets (5,837 ) (8,977 ) (1,099 ) (6,850 ) — (22,763 ) Total Management and Advisory Fees, Net 151,395 184,424 120,546 116,859 84,522 657,746 Performance Fees Realized Carried Interest 124,913 349,237 — 164,602 — 638,752 Incentive Fees — 1,159 6,683 28,998 — 36,840 Unrealized Carried Interest 96,455 187,175 — (61,604 ) — 222,026 Incentive Fees — (374 ) 25,473 (31,630 ) — (6,531 ) Total Performance Fees 221,368 537,197 32,156 100,366 — 891,087 Investment Income (Loss) Realized 20,421 49,173 2,693 3,040 505 75,832 Unrealized (12,754 ) 14,492 (1,168 ) 4,892 (528 ) 4,934 Total Investment Income (Loss) 7,667 63,665 1,525 7,932 (23 ) 80,766 Interest and Dividend Revenue 5,346 7,135 2,724 5,968 2,412 23,585 Other 2,150 976 740 (3,619 ) 472 719 Total Revenues 387,926 793,397 157,691 227,506 87,383 1,653,903 Expenses Compensation and Benefits Compensation 79,007 90,586 41,940 54,877 58,016 324,426 Performance Fee Compensation Realized Carried Interest 30,944 64,187 — 90,872 — 186,003 Incentive Fees — 592 2,312 16,125 — 19,029 Unrealized Carried Interest 93,434 108,789 — (38,091 ) — 164,132 Incentive Fees — (123 ) 8,778 (17,657 ) — (9,002 ) Total Compensation and Benefits 203,385 264,031 53,030 106,126 58,016 684,588 Other Operating Expenses 34,109 36,138 20,480 20,860 19,853 131,440 Total Expenses 237,494 300,169 73,510 126,986 77,869 816,028 Economic Income $ 150,432 $ 493,228 $ 84,181 $ 100,520 $ 9,514 $ 837,875
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets	The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Total Consolidation and Reconciling Blackstone Total Consolidation Blackstone Revenues $ (32,195 ) $ 43,768 (a) $ 11,573 $ 1,653,903 $ 25,523 (a) $ 1,679,426 Expenses $ 356,661 $ 120,336 (b) $ 476,997 $ 816,028 $ 239,110 (b) $ 1,055,138 Other Income (Loss) $ — $ (16,867) (c) $ (16,867 ) $ — $ 8,682 (c) $ 8,682 Economic Income (Loss) $ (388,856 ) $ (93,435) (d) $ (482,291 ) $ 837,875 $ (204,905) (d) $ 632,970 (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 (Loss), 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 (Loss) adjustment results from the following: Three Months Ended September 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (45,027 ) $ (25,613 ) Fund Expenses Added in Consolidation 10,175 7,649 Non-Controlling Interests in Income of Consolidated Entities 18,151 32,163 Transaction-Related Other Income (166 ) (5,517 ) Total Consolidation Adjustments and Reconciling Items $ (16,867 ) $ 8,682 (d) The reconciliation of Economic Income (Loss) to Income (Loss) Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2015 2014 Economic Income (Loss) $ (388,856 ) $ 837,875 Adjustments Amortization of Intangibles (30,624 ) (27,828 ) IPO and Acquisition-Related Charges (80,962 ) (209,240 ) Non-Controlling Interests in Income of Consolidated Entities 18,151 32,163 Total Consolidation Adjustments and Reconciling Items (93,435 ) (204,905 ) Income (Loss) Before Provision (Benefit) for Taxes $ (482,291 ) $ 632,970 The following table presents the financial data for Blackstone’s segments as of and for the nine months ended September 30, 2015 and 2014: September 30, 2015 and the Nine Months Then Ended Private Equity Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 358,753 $ 468,801 $ 394,445 $ 375,177 $ — $ 1,597,176 Advisory Fees — — — — 307,389 307,389 Transaction and Other Fees, Net 17,586 58,116 244 4,806 452 81,204 Management Fee Offsets (26,239 ) (20,441 ) (1,395 ) (22,480 ) — (70,555 ) Total Management and Advisory Fees, Net 350,100 506,476 393,294 357,503 307,841 1,915,214 Performance Fees Realized Carried Interest 1,144,085 1,344,283 — 91,898 — 2,580,266 Incentive Fees — 5,822 30,214 76,238 — 112,274 Unrealized Carried Interest (548,114 ) (498,481 ) 2,620 (80,099 ) — (1,124,074 ) Incentive Fees — 12,788 33,571 (10,774 ) — 35,585 Total Performance Fees 595,971 864,412 66,405 77,263 — 1,604,051 Investment Income (Loss) Realized 141,991 196,597 (12,600 ) 6,695 (868 ) 331,815 Unrealized (101,503 ) (165,563 ) 104 (530 ) (39 ) (267,531 ) Total Investment Income (Loss) 40,488 31,034 (12,496 ) 6,165 (907 ) 64,284 Interest and Dividend Revenue 23,403 31,313 12,055 17,642 12,523 96,936 Other 1,161 (3,838 ) (1,214 ) 3,454 (1,303 ) (1,740 ) Total Revenues 1,011,123 1,429,397 458,044 462,027 318,154 3,678,745 Expenses Compensation and Benefits Compensation 206,690 263,573 146,353 148,325 183,824 948,765 Performance Fee Compensation Realized Carried Interest 162,287 415,210 — 50,582 — 628,079 Incentive Fees — 2,865 11,745 34,515 — 49,125 Unrealized Carried Interest 11,098 (171,661 ) 1,036 (45,349 ) — (204,876 ) Incentive Fees — 8,020 12,404 (3,974 ) — 16,450 Total Compensation and Benefits 380,075 518,007 171,538 184,099 183,824 1,437,543 Other Operating Expenses 144,906 125,539 65,852 70,273 62,678 469,248 Total Expenses 524,981 643,546 237,390 254,372 246,502 1,906,791 Economic Income $ 486,142 $ 785,851 $ 220,654 $ 207,655 $ 71,652 $ 1,771,954 Segment Assets as of September 30, 2015 $ 5,616,177 $ 7,528,157 $ 1,763,698 $ 2,775,812 $ 954,220 $ 18,638,064 Nine Months Ended September 30, 2014 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 310,024 $ 472,294 $ 357,876 $ 338,747 $ — $ 1,478,941 Advisory Fees — — — — 269,008 269,008 Transaction and Other Fees, Net 119,459 65,390 380 13,433 1,329 199,991 Management Fee Offsets (11,796 ) (25,903 ) (4,085 ) (17,841 ) — (59,625 ) Total Management and Advisory Fees, Net 417,687 511,781 354,171 334,339 270,337 1,888,315 Performance Fees Realized Carried Interest 457,112 961,721 — 195,201 — 1,614,034 Incentive Fees — 7,203 54,501 68,264 — 129,968 Unrealized Carried Interest 765,730 446,873 — 423 — 1,213,026 Incentive Fees — (1,120 ) 74,114 38,517 — 111,511 Total Performance Fees 1,222,842 1,414,677 128,615 302,405 — 3,068,539 Investment Income (Loss) Realized 155,768 203,194 21,907 8,334 745 389,948 Unrealized (4,125 ) (30,566 ) 4,320 12,492 1,135 (16,744 ) Total Investment Income 151,643 172,628 26,227 20,826 1,880 373,204 Interest and Dividend Revenue 15,240 21,254 7,725 16,721 7,101 68,041 Other 3,578 1,075 659 (3,867 ) 137 1,582 Total Revenues 1,810,990 2,121,415 517,397 670,424 279,455 5,399,681 Expenses Compensation and Benefits Compensation 225,352 256,401 125,852 156,939 189,442 953,986 Performance Fee Compensation Realized Carried Interest 229,435 259,462 — 106,805 — 595,702 Incentive Fees — 3,657 18,501 39,015 — 61,173 Unrealized Carried Interest 132,480 193,113 — (6,435 ) — 319,158 Incentive Fees — (524 ) 26,791 12,954 — 39,221 Total Compensation and Benefits 587,267 712,109 171,144 309,278 189,442 1,969,240 Other Operating Expenses 106,308 105,787 65,061 75,858 63,311 416,325 Total Expenses 693,575 817,896 236,205 385,136 252,753 2,385,565 Economic Income $ 1,117,415 $ 1,303,519 $ 281,192 $ 285,288 $ 26,702 $ 3,014,116 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2015 and 2014: September 30, 2015 and the Nine Months Then Ended Nine Months Ended September 30, 2014 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,678,745 $ 70,388(a) $ 3,749,133 $ 5,399,681 $ 64,273(a) $ 5,463,954 Expenses $ 1,906,791 $ 627,206(b) $ 2,533,997 $ 2,385,565 $ 647,205(b) $ 3,032,770 Other Income $ — $ 158,703(c) $ 158,703 $ — $ 217,422(c) $ 217,422 Economic Income (Loss) $ 1,771,954 $ (398,115)(d) $ 1,373,839 $ 3,014,116 $ (365,510)(d) $ 2,648,606 Total Assets $ 18,638,064 $ 4,980,639(e) $ 23,618,703 (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 (Loss), 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: Nine Months Ended September 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (80,519 ) $ (64,531 ) Fund Expenses Added in Consolidation 53,218 7,668 Non-Controlling Interests in Income of Consolidated Entities 187,970 284,463 Transaction-Related Other Income (1,966 ) (10,178 ) Total Consolidation Adjustments and Reconciling Items $ 158,703 $ 217,422 (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: Nine Months Ended September 30, 2015 2014 Economic Income $ 1,771,954 $ 3,014,116 Adjustments Amortization of Intangibles (81,243 ) (85,141 ) IPO and Acquisition-Related Charges (504,842 ) (564,832 ) Non-Controlling Interests in Income of Consolidated Entities 187,970 284,463 Total Consolidation Adjustments and Reconciling Items (398,115 ) (365,510 ) Income Before Provision for Taxes $ 1,373,839 $ 2,648,606 (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)	9 Months Ended
	Sep. 30, 2015SegmentPersonTimes
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	Sep. 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	(1,083,714)	(1,005,184)
Intangible Assets, Net	$ 380,303	$ 458,833

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Intangible Assets [Line Items]
Amortization Expense	$ 29,500	$ 25,100	$ 77,947	$ 76,909
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 6 months

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Investments of Consolidated Blackstone Funds	$ 4,743,145	$ 11,375,407
Equity Method Investments	3,017,850	3,240,825
Blackstone's Treasury Cash Management Strategies	2,158,590	1,666,061
Performance Fees	5,220,114	6,337,045
Other Investments	159,056	146,251
Investments	$ 15,298,755	$ 22,765,589

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Investment [Line Items]
Recognized net gains related to equity method investments	$ (89.7)	$ 97.1	$ 91.9	$ 330.1
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 454.4		$ 454.4		$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 51,150	$ 32,427	$ 178,662	$ 66,366
Net Change in Unrealized Losses	(102,340)	(71,525)	(100,597)	(30,406)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	(51,190)	(39,098)	78,065	35,960
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	34,323	47,780	80,638	181,462
Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities	$ (16,867)	$ 8,682	$ 158,703	$ 217,422

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ (3,003)	$ 2,142	$ (6,606)	$ 6,307
Net Change in Unrealized Gains (Losses)	(8,984)	(14,541)	(12,922)	1,551
Total realized and net change in unrealized gains (losses)	$ (11,987)	$ (12,399)	$ (19,528)	$ 7,858

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	9 Months Ended
	Sep. 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	1,516,594
Foreign Exchange Loss	(20,321)
Fund Distributions	(2,613,204)
Performance Fees, September 30, 2015	5,220,114
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	595,918
Fund Distributions	(1,164,109)
Performance Fees, September 30, 2015	1,647,393
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	882,083
Foreign Exchange Loss	(20,321)
Fund Distributions	(1,334,908)
Performance Fees, September 30, 2015	3,248,605
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	29,019
Fund Distributions	(12,526)
Performance Fees, September 30, 2015	31,524
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	9,574
Fund Distributions	(101,661)
Performance Fees, September 30, 2015	$ 292,592

Realized and Net Change in Un52

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses) on other investments	$ 1,282	$ (460)	$ 1,274	$ 5,152
Net Change in Unrealized Gains (Losses) on other investments	(2,779)	239	(3,233)	(6,252)
Total realized and net change in unrealized gains (losses) on other investments	$ (1,497)	$ (221)	$ (1,959)	$ (1,100)

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	Sep. 30, 2015USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 430,920
Unfunded Commitments	0
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	95,927	[1]
Unfunded Commitments	0	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	271,999	[2]
Unfunded Commitments	0	[2]
Event Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	60,296	[3]
Unfunded Commitments	0	[3]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	244	[4]
Unfunded Commitments	0	[4]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	2,454	[5]
Unfunded Commitments	$ 0	[5]
[1]	Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 15% 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 85% 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 34% 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 62% 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 generally not permitted for the investments 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)	Sep. 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	15.00%
Percentage of investments side pocketed as of reporting date	85.00%
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	34.00%
Percentage of investments elected to side pocket	62.00%
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Gains and losses due to change in fair value attributable to changes in spot exchange rates	$ (13,413)	$ (21,663)	$ (46,325)	$ (23,393)
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	$ 100		$ 5,200

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,788,783	$ 719,650
Derivative Liabilities, Notional	2,092,823	1,425,901
Derivative Assets, Fair Value	6,048	15,009
Derivative Liabilities, Fair Value	30,769	30,528
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	140	62,078
Derivative Liabilities, Notional	56,008
Derivative Assets, Fair Value		523
Derivative Liabilities, Fair Value	244
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,788,643	657,572
Derivative Liabilities, Notional	2,036,815	1,425,901
Derivative Assets, Fair Value	6,048	14,486
Derivative Liabilities, Fair Value	30,525	30,528
Freestanding Derivatives | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair Value		85
Derivative Liabilities, Fair Value	6,413	868
Freestanding Derivatives | Blackstone - Other | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		19,500
Derivative Liabilities, Notional	74,000	56,000
Derivative Assets, Fair Value		85
Derivative Liabilities, Fair Value	6,413	868
Freestanding Derivatives | Investments Of Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	87,088	91,372
Derivative Liabilities, Fair Value	4,454	2,514
Freestanding Derivatives | Foreign Currency Contracts | Blackstone - Other
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	181,335	192,163
Derivative Liabilities, Notional	210,855	148,873
Derivative Assets, Fair Value	2,443	2,798
Derivative Liabilities, Fair Value	1,849	681
Freestanding Derivatives | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	97,169	199,364
Derivative Liabilities, Notional	107,632	250,244
Derivative Assets, Fair Value	2,345	8,915
Derivative Liabilities, Fair Value	5,975	21,875
Freestanding Derivatives | Interest Rate Contracts | Blackstone - Other
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,510,139	223,886
Derivative Liabilities, Notional	1,557,240	879,412
Derivative Assets, Fair Value	1,260	407
Derivative Liabilities, Fair Value	$ 11,834	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

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Realized Gains (Losses)	$ (1,377)	$ 7,572	$ 6,214	$ 4,470
Net Change in Unrealized Gain (Loss)	(8,805)	(6,424)	(18,480)	(27,843)
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Hedge Ineffectiveness			229
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	646	763	4,427	2,045
Net Change in Unrealized Gain (Loss)	(3,319)	(1,060)	(8,710)	3,738
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	53	4,327	8,956	1,346
Net Change in Unrealized Gain (Loss)	1,796	(5,253)	(6,449)	(27,197)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(2,076)	2,482	(7,169)	1,079
Net Change in Unrealized Gain (Loss)	$ (7,282)	$ (111)	$ (3,321)	$ (4,384)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and Preferred Securities	$ 271,905	$ 102,907
Total Assets	4,012,678	6,760,099
Total Liabilities	3,355,608	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	351,674	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	3,244,579	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	111,029	348,752
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Other		44,513
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables	179,255	40,397
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	15,260
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Loans	$ 3,194,584	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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		$ (1,822)		$ (5,914)
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	$ 2,557	7,710	$ 867	(47,140)
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	(988)	174	(867)	(2,012)
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		(1,822)		(5,914)
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	1,003	7,620	4,276	20,914
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	(36)	(468)	(273)	(1,791)
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	2,578	384	(2,269)	(64,251)
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	34,235	(15,920)	23,997	(55,944)
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	(1,235)		(1,832)
Net Change In Unrealized Gains (Losses) | Debt 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	(342)		(342)
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	(49,097)	(52,540)	(15,119)	25,580
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	(4,578)	(4,069)	(62)	(375)
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		(38,651)		(134,289)
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	34,235	22,731	23,997	78,345
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	(305)	(1,032)	(3,636)	18,523
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	(3,749)	(5,870)	(11,240)	44
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	$ (38,888)	$ (41,569)	$ 1,993	$ 7,388

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		$ (51,450,000)	$ (210,717,000)
Fair value of financial instruments more than one day past due	[1]	318,000	4,369,000
Uncollected principal balance on financial instruments that exceeds fair value more than one day past due	[1]	(5,897,000)	(21,876,000)
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		(7,449,000)	(7,814,000)
Fair value of financial instruments more than one day past due		0	0
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		(342,000)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		(36,356,000)	(197,580,000)
Fair value of financial instruments more than one day past due	[1]	318,000	4,369,000
Uncollected principal balance on financial instruments that exceeds fair value more than one day past due	[1]	(5,897,000)	(21,876,000)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Uncollected principal balance on financial instruments that exceeded fair value total		$ (7,303,000)	(5,323,000)
Fair value of financial instruments more than one day past due			$ 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.

Information for Financial Ins61

Information for Financial Instruments on Which Fair Value Option was Elected (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Sep. 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 ($)		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	[1]	$ 318,000	$ 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		Sep. 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		$ 2,158,590		$ 1,666,061
Money Market Funds		308,504		198,278
Net Investment Hedges - Foreign Currency Contracts				523
Freestanding Derivatives, Assets		6,048		15,009
Investments of Consolidated Funds		4,743,145		11,375,407
Freestanding Derivatives, Liabilities		30,769		30,528
Other Investments		159,056		146,251
Total Financial Assets		7,552,253		13,430,207
Securities Sold, Not Yet Purchased		173,707		85,878
Total Financial Liabilities		3,560,084		6,913,510
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		6,048		14,486
Freestanding Derivatives, Liabilities		30,525		30,528
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		179,255		40,397
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		3,194,584		6,279,592
Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	154,183		1,103,210
Equity Securities	[1]	210,855		352,360
Partnership and LLC Interests	[1]	626,281		1,683,562
Debt Instruments	[1]	203,223		1,608,284
Investments of Consolidated Funds	[1]	4,743,145		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]	3,194,584		6,279,592
Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds		235,427		307,111
Equity Securities		242,534		71,746
Debt Instruments		1,547,752		1,226,195
Other		132,877		61,009
Total Blackstone's Treasury Cash Management Strategies		2,158,590		1,666,061
Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets				85
Freestanding Derivatives, Liabilities		6,413		868
Credit Default Swap | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		4,454		2,514
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other				44,513
Other | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]			44,513
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds		351,674		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]	351,674		292,690
Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts				523
Net Investment Hedges - Foreign Currency Contracts		244
Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,443		2,798
Freestanding Derivatives, Liabilities		1,849		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]	2,345		8,915
Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		1,260		407
Freestanding Derivatives, Liabilities		11,834
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
Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	4,454		2,514
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]	5,975		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 | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1]	3,244,579	[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]	111,029	[2]	348,752
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments		26,070		9,593
Total Financial Assets		430,920		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]	154,183		1,103,210
Investments of Consolidated Funds	[1]	154,183		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		117,790		50,507
Other		132,877		61,009
Total Blackstone's Treasury Cash Management Strategies		250,667		111,516
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds		308,504		198,278
Other Investments		29,282		31,731
Total Financial Assets		881,446		668,076
Total Financial Liabilities		3,827		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]	65,038		58,934
Investments of Consolidated Funds	[1]	65,038		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		235,427		307,111
Equity Securities		242,534		71,746
Total Blackstone's Treasury Cash Management Strategies		477,961		378,857
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 | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		661		263
Freestanding Derivatives, Liabilities		3,827
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		5,074,479		8,913,207
Securities Sold, Not Yet Purchased		173,707		85,878
Total Financial Liabilities		3,556,257		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]	53,506		114,115
Partnership and LLC Interests	[1]	118,342		187,140
Debt Instruments	[1]	171,179		1,502,314
Investments of Consolidated Funds	[1]	3,686,068		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]	2,992,996		5,691,517
Level 2 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		1,385,369		1,090,794
Total Blackstone's Treasury Cash Management Strategies		1,385,369		1,090,794
Level 2 | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets				85
Freestanding Derivatives, Liabilities		6,413		868
Level 2 | Other | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]			19,455
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]	347,700		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				523
Net Investment Hedges - Foreign Currency Contracts		244
Level 2 | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,443		2,798
Freestanding Derivatives, Liabilities		1,849		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]	2,345		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		599		144
Freestanding Derivatives, Liabilities		8,007
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 | Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	4,454		2,514
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]	5,975		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 | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	3,244,579
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]	111,029
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments		103,704		104,491
Total Financial Assets		1,165,408		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		179,255		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]	92,311		179,311
Partnership and LLC Interests	[1]	507,939		1,496,422
Debt Instruments	[1]	32,044		105,970
Investments of Consolidated Funds	[1]	837,856		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]	201,588		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		44,593		84,894
Total Blackstone's Treasury Cash Management Strategies		44,593		84,894
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 | Corporate Bonds | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds	[1]	$ 3,974
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
[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	9 Months Ended
		Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]	$ 287	$ 287
Transfers from Level II into Level I	[2]	$ 26,534	$ 32,312	$ 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		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 4,012,678	$ 6,760,099
Fair value liabilities		3,355,608	6,797,104
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,165,408	$ 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 | LIBOR | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate			4.00%
Discounted Cash Flows | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 158,180	$ 26,247
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 | Weighted Average | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]	12.30%	10.90%
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 | Minimum | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		11.90%	10.50%
Discounted Cash Flows | Maximum | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate			19.30%
Recovery Rate			70.00%
Discounted Cash Flows | Maximum | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		16.00%	12.20%
Transaction Price Valuation Technique | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 21,075	$ 14,150
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		$ 34,376	$ 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]	7.50%	7.20%
Default Rate	[1]	1.90%
Recovery Rate	[1]	66.60%	66.00%
Reinvestment Rate	[1]	3.96%
Pre-payment Rate	[1]	25.40%
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		1.10%
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		13.00%	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		4.00%
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		$ 10,217	$ 54,257
Other | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate		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		$ 85,404	$ 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]	3.10%	2.90%
Recovery Rate	[1]		66.00%
Other | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		1.40%	1.30%
Default Rate			2.00%
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		7
Other | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 453
Other | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		17,847	$ 11,887
Investments Of Consolidated Blackstone Funds | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		837,856	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		$ 70,957	$ 106,727
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	[1]	13.20%	11.80%
Revenue CAGR	[1]	8.10%	7.10%
Exit Multiple - EBITDA	[1]	9.6	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		7.80%	8.40%
Revenue CAGR		(5.00%)	0.70%
Exit Multiple - EBITDA		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		60.60%	24.40%
Exit Multiple - EBITDA		18.2	13
Exit Multiple - P/E		17	17
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 166	$ 163
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	[1]	6.8	6.9
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.7	6.7
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		7.3	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		$ 15,683	$ 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		58	45
Investments Of Consolidated Blackstone Funds | Equity Securities | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		5,447	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		$ 465,131	$ 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]	8.00%	6.50%
Exit Multiple - EBITDA	[1]	10.5	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		(5.80%)	(4.40%)
Exit Multiple - EBITDA		0.2	1
Exit Capitalization Rate		2.60%	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		35.60%	41.70%
Exit Multiple - EBITDA		23.3	19.1
Exit Capitalization Rate		10.50%	19.10%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		0.4
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 306
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		28,185	$ 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		12,410	13,793
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,907	$ 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			2000.00%
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		$ 9,994	$ 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]	14.50%	16.10%
Recovery Rate	[1]		66.00%
Revenue CAGR	[1]	16.30%	5.00%
Exit Multiple - EBITDA	[1]	10.4	11
Exit Capitalization Rate	[1]	2.20%	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		1.00%	1.00%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		37.10%	24.70%
Recovery Rate			70.00%
Revenue CAGR		20.00%	6.80%
Exit Multiple - EBITDA		12	11.3
Exit Capitalization Rate		4.80%	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		$ 265	$ 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		2,043	$ 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		19,742	$ 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		$ 84,872	$ 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]	6.1	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		3.7	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		9	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		$ 120,373	$ 318,636
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 317
[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		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,125,323	$ 2,471,097	$ 2,624,602	[1]	$ 2,643,469	[1]
Transfer In Due to Consolidation and Acquisition	[2]					205,890
Transfer In (Out) Due to Deconsolidation			(64,634)	(1,460,538)		(335,357)
Transfer In to Level III	[3]	49,114	181,784	72,127		302,358
Transfer Out of Level III	[3]	(152,702)	(222,021)	(237,765)		(335,724)
Purchases		271,974	255,007	492,835		662,387
Sales		(142,021)	(239,380)	(370,421)		(862,641)
Settlements		(1,545)	(649)	(3,843)		(1,594)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		15,265	3,449	48,411		105,865
Balance, End of Period		1,165,408	2,384,653	1,165,408		2,384,653
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(43,482)	(16,376)	(24,438)		89,619
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		36,440	42,725	40,397	[1]	137,788	[1]
Purchases		144,058	69,255	150,244		162,899
Sales			(42,261)	(9,535)		(230,324)
Settlements		(1,405)	(526)	(3,485)		(1,170)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		162	601	1,634		601
Balance, End of Period		179,255	69,794	179,255		69,794
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		162	601	1,505		601
Investments Of Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		937,149	2,260,856	2,394,821	[1]	2,460,908	[1]
Transfer In Due to Consolidation and Acquisition	[2]					205,890
Transfer In (Out) Due to Deconsolidation			(64,634)	(1,460,538)		(335,357)
Transfer In to Level III	[3]	43,920	161,332	47,035		273,934
Transfer Out of Level III	[3]	(143,531)	(212,108)	(181,429)		(315,067)
Purchases		122,676	165,838	304,012		346,144
Sales		(139,229)	(190,383)	(321,121)		(618,008)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		16,871	11,581	55,076		114,038
Balance, End of Period		837,856	2,132,482	837,856		2,132,482
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(41,807)	(8,606)	(25,614)		96,217
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[4]	151,734	167,516	189,384	[1]	44,773	[1]
Transfer In to Level III	[3],[4]	5,194	20,452	25,092		28,424
Transfer Out of Level III	[3],[4]	(9,171)	(9,913)	(56,336)		(20,657)
Purchases	[4]	5,240	19,914	38,579		153,344
Sales	[4]	(2,792)	(6,736)	(39,765)		(14,309)
Settlements	[4]	(140)	(123)	(358)		(424)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)	[4]	(1,768)	(8,733)	(8,299)		(8,774)
Balance, End of Period	[4]	148,297	182,377	148,297		182,377
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[4]	$ (1,837)	$ (8,371)	$ (329)		$ (7,199)
[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	9 Months Ended
		Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 6,882,595	$ 6,797,104	$ 8,913,007
Transfer In Due to Consolidation and Acquisition	[1]	525,438		1,083,638
Transfer Out Due to Deconsolidation		(882,510)	(4,430,339)	(2,509,154)
Transfer Out Due to Amended CLO Guidance	[2]		(2,366,765)
Issuances				42,197
Settlements		(570,785)		(1,569,526)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss)		(271,818)		(277,242)
Balance, End of Period		5,682,920		5,682,920
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		(273,640)		(283,156)
Collateralized Loan Obligations Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		6,407,838	6,448,352	8,302,572
Transfer In Due to Consolidation and Acquisition	[1]	495,610		967,629
Transfer Out Due to Deconsolidation		(778,461)	(4,168,405)	(2,231,853)
Transfer Out Due to Amended CLO Guidance	[2]		(2,279,947)
Issuances				32,197
Settlements		(570,785)		(1,569,416)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss)		(231,554)		(178,481)
Balance, End of Period		5,322,648		5,322,648
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		(233,376)		(184,395)
Collateralized Loan Obligations Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		474,757	348,752	610,435
Transfer In Due to Consolidation and Acquisition	[1]	29,828		116,009
Transfer Out Due to Deconsolidation		(104,049)	(261,934)	(277,301)
Transfer Out Due to Amended CLO Guidance	[2]		$ (86,818)
Issuances				10,000
Settlements				(110)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss)		(40,264)		(98,761)
Balance, End of Period		360,272		360,272
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		$ (40,264)		$ (98,761)
[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 September 30, 2015.

Assets and Liabilities Related

Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Investments	$ 567,452,000	$ 776,079,000
Accounts Receivable	21,029,000	125,316,000
Due from Affiliates	42,931,000	53,751,000
Total VIE Assets	631,412,000	955,146,000
Due to Affiliates	203,000	108,000
Accounts Payable, Accrued Expenses and Other Liabilities	57,000	124,000
Potential Clawback Obligation	56,762,000	206,725,000
Maximum Exposure to Loss	$ 688,434,000	$ 1,162,103,000

Reverse Repurchase and Repurc69

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 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	$ 84.8
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	84.8
Pledged securities with carrying value to collateralize its repurchase agreements	$ 65.5	$ 44.8

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 42,102	$ 29,907
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	66,896	38,560
Net Amount, Liabilities	5,638	97
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	42,102
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	42,102	$ 29,907
Net Amount, Liabilities	0
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	42,102
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	42,102
Up to 30 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
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	Sep. 30, 2015	Dec. 31, 2014
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 88,985	$ 3,813
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	86,504	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	826	352
Net Amount, Assets	1,655	2,329
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	66,896	38,560
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	43,109	30,570
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	18,149	7,893
Net Amount, Liabilities	5,638	97
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	42,102	29,907
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	41,433	29,438
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	669	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	3,703	3,290
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	1,676	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	826	352
Net Amount, Assets	1,201	1,806
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	24,550	8,653
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	1,676	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	17,480	7,424
Net Amount, Liabilities	5,394	97
Reverse Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	85,282
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	84,828
Net Amount, Assets	$ 454
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition		523
Net Amount, Assets		$ 523

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 174,028	$ 135,740
Prepaid Expenses	151,356	102,503
Other Assets	39,994	82,704
Freestanding Derivatives	3,703	3,290
Net Investment Hedges		523
Total Other Assets	$ 369,081	$ 324,760

Offsetting Of Assets And Liab73

Offsetting Of Assets And Liabilities - Additional Information (Detail) $ in Billions	Sep. 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) - Senior Secured Notes - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
6.625% Notes
Debt Instrument [Line Items]
Carrying value of issued notes	[1]	$ 616,925	$ 622,552	[2]
Debt instrument, fair value	[1],[3]	681,876	684,158
5.875% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		397,627	397,357	[2]
Debt instrument, fair value	[3]	459,960	462,360
4.750% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		391,998	391,344	[2]
Debt instrument, fair value	[3]	434,960	436,240
6.250% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		237,605	237,487	[2]
Debt instrument, fair value	[3]	295,100	307,125
5.000% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		487,960	487,966	[2]
Debt instrument, fair value	[3]	515,500	$ 527,500
4.450% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		343,777
Debt instrument, fair value	[3]	332,780
2.000% Notes
Debt Instrument [Line Items]
Carrying value of issued notes		331,854
Debt instrument, fair value	[3]	$ 329,978
[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	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015EUR (€)	Dec. 31, 2012USD ($)
Debt Instrument [Line Items]
Senior Notes			$ 600
Notes acquired not retired			$ 15
Senior Secured Notes | 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
Senior Secured Notes | 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
Senior Secured Notes | 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
Senior Secured Notes | 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
Senior Secured Notes | 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
Senior Secured Notes | 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
Senior Secured Notes | 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) - Partnership's Borrowings Through Consolidated CLO Vehicles - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowing Outstanding		$ 3,484,177	$ 7,334,316
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 3,276,326	$ 6,594,266
Weighted Average Interest Rate		1.91%	1.27%
Weighted Average Remaining Maturity in Years		5 years 1 month 6 days	3 years 9 months 18 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 207,851	$ 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	Sep. 30, 2015	Dec. 31, 2014
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	$ 3,244,579	$ 6,448,352
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	111,029	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	$ 8,851	$ 14,377

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 4.1	$ 8

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
2,015	$ 4,166
2,016	0
2,017	380,922
2,018	0
2,019	585,000
Thereafter	5,340,725
Total	6,310,813
Operating Borrowings
Debt Instrument [Line Items]
2,016	0
2,018	0
2,019	585,000
Thereafter	2,237,470
Total	2,822,470
Blackstone Fund Facilities Clo Vehicles
Debt Instrument [Line Items]
2,015	4,166
2,016	0
2,017	380,922
2,018	0
Thereafter	3,103,255
Total	$ 3,488,343

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes [Line Items]
Effective tax rate	(0.30%)	12.50%	10.50%	8.20%
Provision for Taxes	$ 1,573	$ 79,108	$ 144,168	$ 216,487

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Line Items]
Net Income (Loss) Attributable to The Blackstone Group L.P.	$ (254,697)	$ 250,505	$ 508,919	$ 1,033,138
Weighted-Average Common Units Outstanding	638,832,799	611,684,213	632,046,646	606,671,289
Basic Net Income (Loss) Per Common Unit	$ (0.40)	$ 0.41	$ 0.81	$ 1.70
Weighted-Average Common Units Outstanding	638,832,799	611,684,213	632,046,646	606,671,289
Weighted-Average Unvested Deferred Restricted Common Units		3,294,657	3,393,182	3,550,012
Weighted-Average Diluted Common Units Outstanding	638,832,799	614,978,870	635,439,828	610,221,301
Diluted Net Income (Loss) Per Common Unit	$ (0.40)	$ 0.41	$ 0.80	$ 1.69

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Unvested Deferred Restricted Common Units	1,913,028		[1]		[1]		[1]
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	550,983,910	539,856,777		551,860,289		544,426,162
[1]	These units were dilutive and were included in the diluted per common unit calculation for the applicable period.

Net Income (Loss) Per Common 83

Net Income (Loss) Per Common Unit - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 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) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	$ 78,800	$ 202,800	$ 561,454	$ 584,353
Tax benefits in relation to equity-based awards	9,000	$ 6,300	36,000	$ 19,900
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	1,192,166,487		1,192,166,487
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	27,326		27,326
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			$ 3,400
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)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	33,498,237
Granted (Units) | shares	28,207,130
Vested (Units) | shares	(19,681,411)
Forfeited (Units) | shares	(934,536)
Ending Balance | shares	41,089,420
Beginning Balance	$ 26.19
Granted (Weighted-Average Grant Date Fair Value)	38.76
Vested (Weighted-Average Grant Date Fair Value)	29.62
Forfeited (Weighted-Average Grant Date Fair Value)	23.49
Ending Balance	33.24
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)	35.74
Vested (Weighted-Average Grant Date Fair Value)	17.93
Forfeited (Weighted-Average Grant Date Fair Value)	21.01
Exchanged	28.23
Ending Balance	22.88
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)	35.31
Vested (Weighted-Average Grant Date Fair Value)	32.62
Exchanged	28.23
Ending Balance	$ 32.53
Blackstone Group L P | Equity Settled Awards Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	17,569,372
Granted (Units) | shares	5,171,322
Vested (Units) | shares	(7,536,719)
Forfeited (Units) | shares	(228,735)
Exchanged | shares	(10,374)
Ending Balance | shares	14,964,866
Blackstone Group L P | Cash Settled Awards Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	1,455
Granted (Units) | shares	16,312
Vested (Units) | shares	(815)
Exchanged | shares	10,374
Ending Balance | shares	27,326

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	9 Months Ended
	Sep. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	33,291,174
Deferred Restricted Blackstone Common Units	12,633,401
Total Equity-Based Awards (Units)	45,924,575
Phantom Units (Units)	18,457
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	4 years 7 months 6 days
Deferred Restricted Blackstone Common Units	2 years 1 month 6 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 10 months 24 days
Phantom Units (Weighted-Average Service Period in Years)	4 years

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accrual for Potential Clawback of Previously Distributed Carried Interest	$ 495	$ 2,518
Primarily Interest Bearing Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees for Investments in Blackstone Funds	279,592	237,341
Amounts Due from Portfolio Companies and Funds	375,633	372,820
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	4,456	32,020
Management and Performance Fees Due from Non-Consolidated Funds	360,291	355,657
Payments Made on Behalf of Non-Consolidated Entities	169,049	111,796
Advances Made to Certain Non-Controlling Interest Holders and Blackstone Employees	21,142	16,256
Due from Affiliates, total	1,210,658	1,128,408
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,272,807	1,234,890
Accrual for Potential Repayment of Previously Received Performance Fees	1,177	3,889
Due to Note Holders of Consolidated CLO Vehicles	8,851	16,881
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	21,222	21,266
Payable to Affiliates for Consolidated Funds		22,447
Distributions Received on Behalf of Blackstone Entities	72,431	176,304
Payments Made by Non-Consolidated Entities	10,682	14,411
Due to Affiliates, total	$ 1,387,170	$ 1,490,088

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Founder's, other senior managing directors' and employees' investments	$ 789,600		$ 789,600		$ 1,000,000
Founder's, other senior managing directors' and employees' share of the Net Income (Loss) Attributable to Redeemable Non-Controlling Interests	(20,000)	$ 40,000	61,100	$ 135,700
Management and Advisory Fees, Net from Affiliates	48,200	107,615	125,143	262,990
Interest from loans to affiliates	800	$ 1,000	$ 4,000	$ 2,100
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	$ 411,700		$ 411,700
After-tax net present value discount rate assumption	15.00%		15.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,200
Total investments at risk in respect of guarantees extended	$ 24
Contingent obligations currently anticipated to expire end	2,016
Provision for cash clawback	$ 551.6
Blackstone Holdings Finance Co. L.L.C.
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	117
Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	34.9
Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 22.9

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Product Liability Contingency [Line Items]
Clawback obligations	$ 1,177	$ 3,889
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		1,777
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	1,177	2,112
Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	682	1,371
Blackstone Holdings Finance Co. L.L.C. | Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations partnerships		130
Blackstone Holdings Finance Co. L.L.C. | Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations partnerships	682	1,241
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	495	2,518
Current And Former Blackstone Personnel | Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel		1,647
Current And Former Blackstone Personnel | Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	$ 495	$ 871

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	Oct. 01, 2015	Sep. 30, 2015
Segment Reporting Information [Line Items]
Number of business segments		5
Partnership Unit to Blackstone Common Unit ratio		100.00%
Subsequent Event | PJT Partners, Inc. | Common Class A
Segment Reporting Information [Line Items]
Partnership Unit to Blackstone Common Unit ratio	40.00%

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 703,596	$ 640,949	$ 1,894,496	$ 1,833,632
Performance Fees Realized - Carried Interest	435,189	638,676	2,580,266	1,613,958
Performance Fees Realized - Incentive Fees	33,455	35,445	110,775	118,743
Performance Fees Unrealized - Carried Interest	(1,055,920)	222,105	(1,124,010)	1,213,181
Performance Fees Unrealized - Incentive Fees	(50,832)	(6,163)	36,274	112,709
Total Performance Fees	(638,108)	890,063	1,603,305	3,058,591
Investment Income (Loss), Realized	99,952	91,142	445,705	459,878
Investment Income (Loss), Unrealized	(179,298)	38,445	(262,024)	62,754
Total Investment Income (Loss)	(79,346)	129,587	183,681	522,632
Interest and Dividend Revenue	26,244	18,107	70,129	47,516
Other	(813)	720	(2,478)	1,583
Total Revenues	11,573	1,679,426	3,749,133	5,463,954
Compensation and Benefits Compensation	393,655	525,093	1,426,233	1,511,085
Performance Fee Compensation - Realized Carried Interest	97,798	186,003	628,079	595,702
Performance Fee Compensation - Realized Incentive Fees	15,062	19,029	49,126	61,173
Performance Fee Compensation - Unrealized Carried Interest	(228,697)	164,132	(204,876)	319,158
Performance Fee Compensation - Unrealized Incentive Fees	(14,641)	(9,002)	16,450	39,221
Total Compensation and Benefits	263,177	885,255	1,915,012	2,526,339
Total Expenses	476,997	1,055,138	2,533,997	3,032,770
Economic Income (Loss)	(482,291)	632,970	1,373,839	2,648,606
Segment Assets	23,618,703		23,618,703		$ 31,497,097
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	564,287	505,493	1,597,176	1,478,941
Management and Advisory Fees, Advisory Fees	146,153	84,131	307,389	269,008
Management and Advisory Fees, Transaction and Other Fees, Net	32,403	90,885	81,204	199,991
Management and Advisory Fees, Management Fee Offsets	(34,176)	(22,763)	(70,555)	(59,625)
Total Management and Advisory Fees, Net	708,667	657,746	1,915,214	1,888,315
Performance Fees Realized - Carried Interest	435,189	638,752	2,580,266	1,614,034
Performance Fees Realized - Incentive Fees	34,785	36,840	112,274	129,968
Performance Fees Unrealized - Carried Interest	(1,055,977)	222,026	(1,124,074)	1,213,026
Performance Fees Unrealized - Incentive Fees	(53,346)	(6,531)	35,585	111,511
Total Performance Fees	(639,349)	891,087	1,604,051	3,068,539
Investment Income (Loss), Realized	87,526	75,832	331,815	389,948
Investment Income (Loss), Unrealized	(223,657)	4,934	(267,531)	(16,744)
Total Investment Income (Loss)	(136,131)	80,766	64,284	373,204
Interest and Dividend Revenue	35,459	23,585	96,936	68,041
Other	(841)	719	(1,740)	1,582
Total Revenues	(32,195)	1,653,903	3,678,745	5,399,681
Compensation and Benefits Compensation	329,575	324,426	948,765	953,986
Performance Fee Compensation - Realized Carried Interest	97,799	186,003	628,079	595,702
Performance Fee Compensation - Realized Incentive Fees	15,061	19,029	49,125	61,173
Performance Fee Compensation - Unrealized Carried Interest	(228,697)	164,132	(204,876)	319,158
Performance Fee Compensation - Unrealized Incentive Fees	(14,642)	(9,002)	16,450	39,221
Total Compensation and Benefits	199,096	684,588	1,437,543	1,969,240
Other Operating Expenses	157,565	131,440	469,248	416,325
Total Expenses	356,661	816,028	1,906,791	2,385,565
Economic Income (Loss)	(388,856)	837,875	1,771,954	3,014,116
Segment Assets	18,638,064		18,638,064
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	128,452	108,236	358,753	310,024
Management and Advisory Fees, Transaction and Other Fees, Net	9,358	48,996	17,586	119,459
Management and Advisory Fees, Management Fee Offsets	(12,262)	(5,837)	(26,239)	(11,796)
Total Management and Advisory Fees, Net	125,548	151,395	350,100	417,687
Performance Fees Realized - Carried Interest	214,532	124,913	1,144,085	457,112
Performance Fees Unrealized - Carried Interest	(809,363)	96,455	(548,114)	765,730
Total Performance Fees	(594,831)	221,368	595,971	1,222,842
Investment Income (Loss), Realized	46,917	20,421	141,991	155,768
Investment Income (Loss), Unrealized	(110,689)	(12,754)	(101,503)	(4,125)
Total Investment Income (Loss)	(63,772)	7,667	40,488	151,643
Interest and Dividend Revenue	8,119	5,346	23,403	15,240
Other	471	2,150	1,161	3,578
Total Revenues	(524,465)	387,926	1,011,123	1,810,990
Compensation and Benefits Compensation	69,522	79,007	206,690	225,352
Performance Fee Compensation - Realized Carried Interest	16,303	30,944	162,287	229,435
Performance Fee Compensation - Unrealized Carried Interest	(141,448)	93,434	11,098	132,480
Total Compensation and Benefits	(55,623)	203,385	380,075	587,267
Other Operating Expenses	43,693	34,109	144,906	106,308
Total Expenses	(11,930)	237,494	524,981	693,575
Economic Income (Loss)	(512,535)	150,432	486,142	1,117,415
Segment Assets	5,616,177		5,616,177
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	175,710	155,089	468,801	472,294
Management and Advisory Fees, Transaction and Other Fees, Net	21,390	38,312	58,116	65,390
Management and Advisory Fees, Management Fee Offsets	(10,147)	(8,977)	(20,441)	(25,903)
Total Management and Advisory Fees, Net	186,953	184,424	506,476	511,781
Performance Fees Realized - Carried Interest	169,051	349,237	1,344,283	961,721
Performance Fees Realized - Incentive Fees	3,879	1,159	5,822	7,203
Performance Fees Unrealized - Carried Interest	(128,854)	187,175	(498,481)	446,873
Performance Fees Unrealized - Incentive Fees	2,784	(374)	12,788	(1,120)
Total Performance Fees	46,860	537,197	864,412	1,414,677
Investment Income (Loss), Realized	39,821	49,173	196,597	203,194
Investment Income (Loss), Unrealized	(95,382)	14,492	(165,563)	(30,566)
Total Investment Income (Loss)	(55,561)	63,665	31,034	172,628
Interest and Dividend Revenue	11,057	7,135	31,313	21,254
Other	(938)	976	(3,838)	1,075
Total Revenues	188,371	793,397	1,429,397	2,121,415
Compensation and Benefits Compensation	99,255	90,586	263,573	256,401
Performance Fee Compensation - Realized Carried Interest	52,546	64,187	415,210	259,462
Performance Fee Compensation - Realized Incentive Fees	1,838	592	2,865	3,657
Performance Fee Compensation - Unrealized Carried Interest	(23,018)	108,789	(171,661)	193,113
Performance Fee Compensation - Unrealized Incentive Fees	5,215	(123)	8,020	(524)
Total Compensation and Benefits	135,836	264,031	518,007	712,109
Other Operating Expenses	42,050	36,138	125,539	105,787
Total Expenses	177,886	300,169	643,546	817,896
Economic Income (Loss)	10,485	493,228	785,851	1,303,519
Segment Assets	7,528,157		7,528,157
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	133,592	121,484	394,445	357,876
Management and Advisory Fees, Transaction and Other Fees, Net	219	161	244	380
Management and Advisory Fees, Management Fee Offsets	(507)	(1,099)	(1,395)	(4,085)
Total Management and Advisory Fees, Net	133,304	120,546	393,294	354,171
Performance Fees Realized - Incentive Fees	2,783	6,683	30,214	54,501
Performance Fees Unrealized - Carried Interest	(5,394)		2,620
Performance Fees Unrealized - Incentive Fees	(29,711)	25,473	33,571	74,114
Total Performance Fees	(32,322)	32,156	66,405	128,615
Investment Income (Loss), Realized	(468)	2,693	(12,600)	21,907
Investment Income (Loss), Unrealized	(6,411)	(1,168)	104	4,320
Total Investment Income (Loss)	(6,879)	1,525	(12,496)	26,227
Interest and Dividend Revenue	4,136	2,724	12,055	7,725
Other	(66)	740	(1,214)	659
Total Revenues	98,173	157,691	458,044	517,397
Compensation and Benefits Compensation	44,408	41,940	146,353	125,852
Performance Fee Compensation - Realized Incentive Fees	(436)	2,312	11,745	18,501
Performance Fee Compensation - Unrealized Carried Interest	(3,041)		1,036
Performance Fee Compensation - Unrealized Incentive Fees	(7,011)	8,778	12,404	26,791
Total Compensation and Benefits	33,920	53,030	171,538	171,144
Other Operating Expenses	24,147	20,480	65,852	65,061
Total Expenses	58,067	73,510	237,390	236,205
Economic Income (Loss)	40,106	84,181	220,654	281,192
Segment Assets	1,763,698		1,763,698
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	126,533	120,684	375,177	338,747
Management and Advisory Fees, Transaction and Other Fees, Net	1,289	3,025	4,806	13,433
Management and Advisory Fees, Management Fee Offsets	(11,260)	(6,850)	(22,480)	(17,841)
Total Management and Advisory Fees, Net	116,562	116,859	357,503	334,339
Performance Fees Realized - Carried Interest	51,606	164,602	91,898	195,201
Performance Fees Realized - Incentive Fees	28,123	28,998	76,238	68,264
Performance Fees Unrealized - Carried Interest	(112,366)	(61,604)	(80,099)	423
Performance Fees Unrealized - Incentive Fees	(26,419)	(31,630)	(10,774)	38,517
Total Performance Fees	(59,056)	100,366	77,263	302,405
Investment Income (Loss), Realized	1,735	3,040	6,695	8,334
Investment Income (Loss), Unrealized	(10,177)	4,892	(530)	12,492
Total Investment Income (Loss)	(8,442)	7,932	6,165	20,826
Interest and Dividend Revenue	6,053	5,968	17,642	16,721
Other	(73)	(3,619)	3,454	(3,867)
Total Revenues	55,044	227,506	462,027	670,424
Compensation and Benefits Compensation	51,324	54,877	148,325	156,939
Performance Fee Compensation - Realized Carried Interest	28,950	90,872	50,582	106,805
Performance Fee Compensation - Realized Incentive Fees	13,659	16,125	34,515	39,015
Performance Fee Compensation - Unrealized Carried Interest	(61,190)	(38,091)	(45,349)	(6,435)
Performance Fee Compensation - Unrealized Incentive Fees	(12,846)	(17,657)	(3,974)	12,954
Total Compensation and Benefits	19,897	106,126	184,099	309,278
Other Operating Expenses	24,898	20,860	70,273	75,858
Total Expenses	44,795	126,986	254,372	385,136
Economic Income (Loss)	10,249	100,520	207,655	285,288
Segment Assets	2,775,812		2,775,812
Operating Segments | Financial Advisory Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Advisory Fees	146,153	84,131	307,389	269,008
Management and Advisory Fees, Transaction and Other Fees, Net	147	391	452	1,329
Total Management and Advisory Fees, Net	146,300	84,522	307,841	270,337
Investment Income (Loss), Realized	(479)	505	(868)	745
Investment Income (Loss), Unrealized	(998)	(528)	(39)	1,135
Total Investment Income (Loss)	(1,477)	(23)	(907)	1,880
Interest and Dividend Revenue	6,094	2,412	12,523	7,101
Other	(235)	472	(1,303)	137
Total Revenues	150,682	87,383	318,154	279,455
Compensation and Benefits Compensation	65,066	58,016	183,824	189,442
Total Compensation and Benefits	65,066	58,016	183,824	189,442
Other Operating Expenses	22,777	19,853	62,678	63,311
Total Expenses	87,843	77,869	246,502	252,753
Economic Income (Loss)	62,839	$ 9,514	71,652	$ 26,702
Segment Assets	$ 954,220		$ 954,220

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues		$ 11,573		$ 1,679,426		$ 3,749,133		$ 5,463,954
Expenses		476,997		1,055,138		2,533,997		3,032,770
Other Income		(16,867)		8,682		158,703		217,422
Income (Loss) Before Provision (Benefit) for Taxes		(482,291)		632,970		1,373,839		2,648,606
Total Assets		23,618,703				23,618,703				$ 31,497,097
Operating Segments
Segment Reporting Information [Line Items]
Revenues		(32,195)		1,653,903		3,678,745		5,399,681
Expenses		356,661		816,028		1,906,791		2,385,565
Income (Loss) Before Provision (Benefit) for Taxes		(388,856)		837,875		1,771,954		3,014,116
Total Assets		18,638,064				18,638,064
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues		43,768	[1]	25,523	[1]	70,388	[2]	64,273	[2]
Expenses	[3]	120,336		239,110		627,206		647,205
Other Income		(16,867)	[4]	8,682	[4]	158,703	[5]	217,422	[5]
Income (Loss) Before Provision (Benefit) for Taxes		(93,435)	[6]	$ (204,905)	[6]	(398,115)	[7]	$ (365,510)	[7]
Total Assets	[8]	$ 4,980,639				$ 4,980,639
[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 (Loss), 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 (Loss), 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 (Loss) adjustment results from the following: Three Months Ended September 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (45,027 ) $ (25,613 ) Fund Expenses Added in Consolidation 10,175 7,649 Non-Controlling Interests in Income of Consolidated Entities 18,151 32,163 Transaction-Related Other Income (166 ) (5,517 ) Total Consolidation Adjustments and Reconciling Items $ (16,867 ) $ 8,682
[5]	The Other Income adjustment results from the following: Nine Months Ended September 30, 2015 2014 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (80,519 ) $ (64,531 ) Fund Expenses Added in Consolidation 53,218 7,668 Non-Controlling Interests in Income of Consolidated Entities 187,970 284,463 Transaction-Related Other Income (1,966 ) (10,178 ) Total Consolidation Adjustments and Reconciling Items $ 158,703 $ 217,422
[6]	The reconciliation of Economic Income (Loss) to Income (Loss) Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2015 2014 Economic Income (Loss) $ (388,856 ) $ 837,875 Adjustments Amortization of Intangibles (30,624 ) (27,828 ) IPO and Acquisition-Related Charges (80,962 ) (209,240 ) Non-Controlling Interests in Income of Consolidated Entities 18,151 32,163 Total Consolidation Adjustments and Reconciling Items (93,435 ) (204,905 ) Income (Loss) Before Provision (Benefit) for Taxes $ (482,291 ) $ 632,970
[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: Nine Months Ended September 30, 2015 2014 Economic Income $ 1,771,954 $ 3,014,116 Adjustments Amortization of Intangibles (81,243 ) (85,141 ) IPO and Acquisition-Related Charges (504,842 ) (564,832 ) Non-Controlling Interests in Income of Consolidated Entities 187,970 284,463 Total Consolidation Adjustments and Reconciling Items (398,115 ) (365,510 ) Income Before Provision for Taxes $ 1,373,839 $ 2,648,606
[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 (loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss	$ (45,027)	$ (25,613)	$ (80,519)	$ (64,531)
Fund Expenses Added in Consolidation	10,175	7,649	53,218	7,668
Non-Controlling Interests in Income of Consolidated Entities	18,151	32,163	187,970	284,463
Transaction-Related Other Income/Loss	(166)	(5,517)	(1,966)	(10,178)
Total Other Income	(16,867)	8,682	158,703	217,422
Economic Income (Loss)	(388,856)	837,875	1,771,954	3,014,116
Amortization of Intangibles	(30,624)	(27,828)	(81,243)	(85,141)
IPO and Acquisition-Related Charges	(80,962)	(209,240)	(504,842)	(564,832)
Non-Controlling Interests in Income of Consolidated Entities	18,151	32,163	187,970	284,463
Total Consolidation Adjustments and Reconciling Items	(93,435)	(204,905)	(398,115)	(365,510)
Income (Loss) Before Provision (Benefit) for Taxes	$ (482,291)	$ 632,970	$ 1,373,839	$ 2,648,606