Blackstone (BX) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		565,216,681
Entity Public Float			$ 24,800

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and Cash Equivalents	$ 1,837,324	$ 1,412,472
Cash Held by Blackstone Funds and Other	587,132	1,808,092
Investments (including assets pledged of $64,535 and $45,764 at December 31, 2015 and December 31, 2014 , respectively)	14,324,097	22,765,589
Accounts Receivable	613,153	559,321
Reverse Repurchase Agreements	204,893
Due from Affiliates	1,240,797	1,128,408
Intangible Assets, Net	345,547	458,833
Goodwill	1,718,519	1,787,392
Other Assets	377,189	324,760
Deferred Tax Assets	1,277,429	1,252,230
Total Assets	22,526,080	31,497,097
Liabilities and Partners' Capital
Loans Payable	6,116,747	8,923,841
Due to Affiliates	1,282,700	1,490,088
Accrued Compensation and Benefits	2,029,918	2,439,257
Securities Sold, Not Yet Purchased	176,667	85,878
Repurchase Agreements	40,929	29,907
Accounts Payable, Accrued Expenses and Other Liabilities	648,662	1,194,579
Total Liabilities	$ 10,295,623	$ 14,163,550
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	$ 183,459	$ 2,441,854
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 624,450,162 issued and outstanding as of December 31, 2015; 595,624,855 issued and outstanding as of December 31, 2014)	6,322,307	6,999,830
Appropriated Partners' Capital		81,301
Accumulated Other Comprehensive Income	(52,519)	(20,864)
Total The Blackstone Group L.P. Partners' Capital	6,269,788	7,060,267
Non-Controlling Interests in Consolidated Entities	2,408,701	3,415,356
Non-Controlling Interests in Blackstone Holdings	3,368,509	4,416,070
Total Partners' Capital	12,046,998	14,891,693
Total Liabilities and Partners' Capital	$ 22,526,080	$ 31,497,097

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments assets pledged	$ 64,535	$ 45,764
Partners' Capital, common units: issued	624,450,162	595,624,855
Partners' Capital, common units: outstanding	624,450,162	595,624,855
Assets
Cash Held by Blackstone Funds and Other	$ 587,132	$ 1,808,092
Investments	14,324,097	22,765,589
Accounts Receivable	613,153	559,321
Due from Affiliates	1,240,797	1,128,408
Other Assets	377,189	324,760
Total Assets	22,526,080	31,497,097
Liabilities
Loans Payable	6,116,747	8,923,841
Due to Affiliates	1,282,700	1,490,088
Accounts Payable, Accrued Expenses and Other	648,662	1,194,579
Total Liabilities	10,295,623	14,163,550
Blackstone Funds And Other
Assets
Cash Held by Blackstone Funds and Other	435,775	1,325,094
Investments	4,558,216	7,759,322
Accounts Receivable	122,077	131,996
Due from Affiliates	25,561	65,124
Other Assets	12,693	48,441
Total Assets	5,154,322	9,329,977
Liabilities
Loans Payable	3,319,656	6,787,100
Due to Affiliates	39,532	182,107
Accounts Payable, Accrued Expenses and Other	316,498	697,149
Total Liabilities	$ 3,675,686	$ 7,666,356

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Management and Advisory Fees, Net	$ 2,542,505	$ 2,497,252	$ 2,193,985
Performance Fees
Performance Fees Realized - Carried Interest	3,205,290	2,450,082	943,958
Performance Fees Realized - Incentive Fees	193,238	249,005	464,838
Performance Fees Unrealized - Carried Interest	(1,595,174)	1,704,924	2,158,010
Performance Fees Unrealized - Incentive Fees	(6,688)	(29,749)	(22,749)
Total Performance Fees	1,796,666	4,374,262	3,544,057
Investment Income (Loss)
Realized	555,171	523,735	188,644
Unrealized	(350,529)	10,265	611,664
Total Investment Income	204,642	534,000	800,308
Interest and Dividend Revenue	94,957	69,809	64,511
Other	7,782	9,405	10,307
Total Revenues	4,646,552	7,484,728	6,613,168
Expenses
Compensation and Benefits Compensation	1,726,191	1,868,868	1,844,485
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest	793,801	815,643	257,201
Performance Fee Compensation - Realized Incentive Fees	85,945	110,099	200,915
Performance Fee Compensation - Unrealized Carried Interest	(312,696)	379,037	966,717
Performance Fee Compensation - Unrealized Incentive Fees	(2,490)	(19,276)	(11,651)
Total Compensation and Benefits	2,290,751	3,154,371	3,257,667
General, Administrative and Other	576,103	549,463	474,442
Interest Expense	144,522	121,524	107,973
Fund Expenses	79,499	30,498	26,658
Total Expenses	3,090,875	3,855,856	3,866,740
Other Income
Reversal of Tax Receivable Agreement Liability	82,707		20,469
Net Gains from Fund Investment Activities	176,364	357,854	381,664
Total Other Income	259,071	357,854	402,133
Income Before Provision for Taxes	1,814,748	3,986,726	3,148,561
Provision for Taxes	190,398	291,173	255,642
Net Income	1,624,350	3,695,553	2,892,919
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	11,145	74,794	183,315
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	219,900	335,070	198,557
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	683,516	1,701,100	1,339,845
Net Income Attributable to The Blackstone Group L.P.	$ 709,789	$ 1,584,589	$ 1,171,202
Net Income Per Common Unit
Common Units, Basic	$ 1.12	$ 2.60	$ 2
Common Units, Diluted	$ 1.04	$ 2.58	$ 1.98
Weighted-Average Common Units Outstanding
Common Units, Basic	634,337,179	608,803,111	587,018,828
Common Units, Diluted	1,188,085,411	613,176,405	590,546,640
Revenues Earned from Affiliates
Management and Advisory Fees, Net	$ 210,672	$ 327,134	$ 253,877

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income	$ 1,624,350	$ 3,695,553	$ 2,892,919
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	(49,238)	(57,924)	9,896
Comprehensive Income	1,575,112	3,637,629	2,902,815
Less Comprehensive Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	11,145	74,794	183,315
Less Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	202,318	301,477	207,157
Less Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	683,516	1,701,100	1,339,845
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 678,133	$ 1,560,258	$ 1,172,498

Consolidated Statement of Chang

Consolidated Statement 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, 2012										556,354,387
Net Delivery of Vested Holdings Partnership Units and Blackstone Common Units, Units										6,464,259
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units										8,232,434
Issuance of New Units, Units										1,541,199
Ending Balance, Units at Dec. 31, 2013										572,592,279
Beginning Balance at Dec. 31, 2012		$ 4,955,649	$ 509,028	$ 2,170	$ 5,466,847	$ 1,443,559	$ 2,748,356	$ 9,658,762
Beginning Balance at Dec. 31, 2012									$ 1,556,185
Consolidation of Fund Entity						659,001		659,001
Net Income	$ 2,892,919	1,171,202			1,171,202	198,557	1,339,845	2,709,604	183,315
Allocation of Losses of Consolidated CLO Entities			(186,183)		(186,183)	186,183
Currency Translation Adjustment				1,296	1,296	8,600		9,896
Allocation of Currency Translation Adjustment of Consolidated CLO Entities			8,600		8,600	(8,600)
Capital Contributions	2,323					285,757	262	286,019	894,792
Capital Distributions		(679,082)			(679,082)	(306,605)	(790,397)	(1,776,084)	(555,943)
Transfer of Non-Controlling Interests in Consolidated Entities						(2,403)		(2,403)
Purchase of Interests from Certain Non-Controlling Interest Holders		(43)			(43)			(43)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non- Controlling Interest Holders		80,580			80,580			80,580
Equity-Based Compensation		411,516			411,516		399,567	811,083
Relinquished with Deconsolidation and Liquidation of Partnership			(30,737)		(30,737)	(2)		(30,739)	(127,907)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(20,366)			(20,366)		(481)	(20,847)
Change in The Blackstone Group L.P.'s Ownership Interest	(2,519)	(2,519)			(2,519)		2,519
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		43,255			43,255		(43,255)
Issuance of New Units		42,400			42,400			42,400
Ending Balance at Dec. 31, 2013		6,002,592	300,708	3,466	6,306,766	2,464,047	3,656,416	12,427,229
Ending Balance at Dec. 31, 2013									1,950,442
Net Delivery of Vested Holdings Partnership Units and Blackstone Common Units, Units										6,407,733
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units										16,624,843
Ending Balance, Units at Dec. 31, 2014										595,624,855
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	3,695,553	1,584,589			1,584,589	335,070	1,701,100	3,620,759	74,794
Allocation of Losses of Consolidated CLO Entities			(111,723)		(111,723)	111,723
Currency Translation Adjustment				(24,330)	(24,330)	(33,594)		(57,924)
Allocation of Currency Translation Adjustment of Consolidated CLO Entities			(33,594)		(33,594)	33,594
Reclassification of Currency Translation Adjustment Due to Deconsolidation of CLO Entities		(611)			(611)			(611)
Capital Contributions						760,357		760,357	851,658
Capital Distributions		(1,148,139)			(1,148,139)	(577,032)	(1,200,457)	(2,925,628)	(465,962)
Transfer of Non-Controlling Interests in Consolidated Entities						(1,885)		(1,885)
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		(22,982)			(22,982)			(22,982)
Equity-Based Compensation		421,363			421,363		386,703	808,066
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		(35,469)			(35,469)		(783)	(36,252)
Excess Tax Benefits Related to Equity-Based Compensation, Net		25,620			25,620			25,620
Change in The Blackstone Group L.P.'s Ownership Interest	9,032	9,032			9,032		(9,032)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		117,877			117,877		(117,877)
Ending Balance at Dec. 31, 2014	7,060,267	6,999,830	81,301	(20,864)	7,060,267	3,415,356	4,416,070	14,891,693
Ending Balance at Dec. 31, 2014	2,441,854								2,441,854
Net Delivery of Vested Holdings Partnership Units and Blackstone Common Units, Units										12,180,703
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units										16,644,604
Ending Balance, Units at Dec. 31, 2015										624,450,162
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	1,624,350	709,789			709,789	219,900	683,516	1,613,205	11,145
Currency Translation Adjustment				(31,655)	(31,655)	(39,475)		(71,130)
Capital Contributions						491,456		491,456	2,357
Capital Distributions		(1,812,602)			(1,812,602)	(663,536)	(1,684,744)	(4,160,882)	(13,608)
Distributions Associated with the Spin-Off		(232,034)			(232,034)		(135,204)	(367,238)
Transfer of Non-Controlling Interests in Consolidated Entities						(12,272)		(12,272)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non- Controlling Interest Holders		65,027			65,027			65,027
Equity-Based Compensation		356,440			356,440		315,442	671,882
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(59,128)			(59,128)		(1,903)	(61,031)
Excess Tax Benefits Related to Equity-Based Compensation, Net		70,317			70,317			70,317
Change in The Blackstone Group L.P.'s Ownership Interest	92,785	92,785			92,785		(92,785)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		131,883			131,883		(131,883)
Ending Balance at Dec. 31, 2015	6,269,788	$ 6,322,307		$ (52,519)	6,269,788	$ 2,408,701	$ 3,368,509	12,046,998
Ending Balance at Dec. 31, 2015	$ 183,459								$ 183,459
Adjustment to Appropriated Partners' Capital on Adoption of ASU 2014-13			$ 9,627		$ 9,627			$ 9,627

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities
Net Income	$ 1,624,350	$ 3,695,553	$ 2,892,919
Blackstone Funds Related
Unrealized (Appreciation) Depreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities	356,170	(430,738)	(1,069,479)
Net Realized Gains on Investments	(4,121,003)	(3,343,635)	(1,792,106)
Changes in Unrealized (Gains) Losses on Investments Allocable to The Blackstone Group L.P.	365,894	83,140	(506,546)
Non-Cash Performance Fees	1,391,946	(1,317,707)	(1,143,903)
Non-Cash Performance Fee Compensation	564,560	1,285,503	1,413,182
Equity-Based Compensation Expense	629,642	734,733	855,087
Excess Tax Benefits Related to Equity-Based Compensation	(70,318)	(25,646)	(5,769)
Amortization of Intangibles	101,437	101,915	95,671
Other Non-Cash Amounts Included in Net Income	144,657	121,808	206,451
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	1,220,959	(390,092)	371,641
Cash Relinquished with Deconsolidation and Liquidation of Partnership	(442,370)	(476,533)	(173,726)
Accounts Receivable	(213,706)	229,331	(46,580)
Reverse Repurchase Agreements	(204,893)	148,984	99,034
Due from Affiliates	(97,487)	229,837	237,169
Other Assets	(149,732)	(82,890)	15,445
Accrued Compensation and Benefits	(917,428)	(836,852)	(454,724)
Securities Sold, Not Yet Purchased	96,780	(144,383)	(142,952)
Accounts Payable, Accrued Expenses and Other Liabilities	(474,652)	(305,978)	(316,082)
Repurchase Agreements	11,012	(325,199)	174,629
Due to Affiliates	(102,847)	35,504	(216,671)
Net Cash Provided by Operating Activities	2,397,043	1,654,989	3,547,941
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(59,247)	(30,271)	(25,637)
Net Cash Paid for Acquisitions, Net of Cash Acquired			(146,117)
Changes in Restricted Cash	5,843	5,846	5,850
Net Cash Used in Investing Activities	(53,404)	(24,425)	(165,904)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(677,110)	(982,405)	(844,011)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	479,678	1,560,183	1,114,457
Purchase of Interests from Certain Non-Controlling Interest Holders		(6)	(43)
Cash Relinquished in Conjunction with the Spin-Off	(55,412)
Payments Under Tax Receivable Agreement	(84,484)	(86,733)
Net Delivery of Vested Common Units and Repurchase of Common and Holdings Units	(61,031)	(36,252)	(24,140)
Excess Tax Benefits Related to Equity-Based Compensation	70,318	25,646	5,769
Proceeds from Loans Payable	675,807	491,150	11,367
Repayment and Repurchase of Loans Payable	(923)	(8,735)	(16,777)
Distributions to Unitholders	(3,497,346)	(2,348,596)	(1,469,479)
Blackstone Funds Related
Proceeds from Loans Payable	1,747,807	2,144,390	53,917
Repayment of Loans Payable	(516,706)	(1,808,549)	(2,090,674)
Net Cash Used in Financing Activities	(1,919,402)	(1,049,907)	(3,259,614)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	615	(183)	73
Net Increase in Cash and Cash Equivalents	424,852	580,474	122,496
Cash and Cash Equivalents, Beginning of Period	1,412,472	831,998	709,502
Cash and Cash Equivalents, End of Period	1,837,324	1,412,472	831,998
Supplemental Disclosure of Cash Flows Information
Payments for Interest	126,167	116,296	125,361
Payments for Income Taxes	115,814	236,718	69,858
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	2,277	47,683	63,273
Non-Cash Distributions to Non-Controlling Interest Holders	(34)	(60,589)	(18,537)
Net Assets Associated with the Spin-Off	(311,826)
Net Activities Related to Capital Transactions of Consolidated Blackstone Funds	(295)	16,181	(6,029)
Net Assets Related to the Consolidation of CLO Vehicles		8,398
Net Assets Related to the Consolidation of Certain Fund Entities		354,080	659,001
In-kind Contribution of Capital			2,323
Notes Issuance Costs	5,269	4,375
Transfer of Interests to Non-Controlling Interest Holders	(12,272)	(1,885)	(2,403)
Change in The Blackstone Group L.P.'s Ownership Interest	92,785	9,032	(2,519)
Net Settlement of Vested Common Units	139,941	69,426	153,522
Conversion of Blackstone Holdings Units to Common Units	131,883	117,877	43,255
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset xx	(195,291)	(105,686)	(113,757)
Due to Affiliates	130,264	82,704	33,177
Partners' Capital	65,027	22,982	80,580
Issuance of New Units			42,400
Blackstone's Treasury Cash Management Strategies
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(3,907,391)	(3,448,738)	(4,368,096)
Cash Proceeds from Sale of Investments	3,909,637	3,022,390	4,643,886
Investments Of Consolidated Blackstone Funds
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(4,029,723)	(7,531,108)	(8,245,313)
Cash Proceeds from Sale or Pay Down of Investments	$ 6,711,549	$ 10,625,790	$ 11,024,774

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 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. 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 four segments: private equity, real estate, hedge fund solutions and credit. On October 1, 2015, Blackstone completed the spin-off of the operations that 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. As of October 1, 2015, Blackstone no longer reported a Financial Advisory segment. 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 AI 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. On October 1, 2015, Blackstone formed a new holding partnership, Blackstone Holdings AI L.P., which holds certain operating entities and operates in a manner similar to the existing Blackstone Holdings Partnerships. Generally, holders of the limited partner interests in the 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 from each of the Holding Partnerships for one Blackstone common unit.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements of the Partnership have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The 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 Consolidated Statements of Cash Flows. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material. 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 that would overcome the presumption of control by the Partnership. 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 VIEs 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 Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”. Revenue Recognition Revenues primarily consist of management and advisory fees, performance fees, investment income, interest and dividend revenue and other. Management and Advisory Fees, Net The Partnership earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital, or in some cases, a fixed fee. Base management fees are recognized based on contractual terms specified in the underlying investment advisory agreements. Transaction and other fees (including monitoring fees) are fees charged directly to managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to the Partnership (“management fee reductions”) by an amount equal to a portion of the transaction and other fees directly paid to the Partnership by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are granted based on the amount such limited partners reimburse the Blackstone Funds for placement fees. Advisory fees consist of advisory retainer and transaction-based fee arrangements related to financial and strategic advisory services, restructuring and reorganization advisory services, capital markets services and fund placement services for alternative investment funds. Advisory retainer fees are recognized when services for the transactions are complete, in accordance with terms set forth in individual agreements. Transaction-based fees are recognized when (a) there is evidence of an arrangement with a client, (b) agreed upon services have been provided, (c) fees are fixed or determinable, and (d) collection is reasonably assured. Fund placement fees are recognized as earned upon the acceptance by a fund of capital or capital commitments. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Consolidated Statements of Financial Condition. Management fees paid by limited partners to the Blackstone Funds and passed on to Blackstone are not considered affiliate revenues. Performance Fees In certain fund structures, specifically in private equity, real estate and certain hedge fund solutions and credit-focused funds (“Carry Funds”), performance fees (“Carried Interest”) are allocated to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, the Partnership calculates the Carried Interest that would be due to the Partnership for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Carried Interest to reflect either (a) positive performance resulting in an increase in the Carried Interest allocated to the general partner or (b) negative performance that would cause the amount due to the Partnership to be less than the amount previously recognized as revenue, resulting in a negative adjustment to Carried Interest allocated to the general partner. In each scenario, it is necessary to calculate the Carried Interest on cumulative results compared to the Carried Interest recorded to date and make the required positive or negative adjustments. The Partnership ceases to record negative Carried Interest allocations once previously recognized Carried Interest allocations for such fund have been fully reversed. The Partnership is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Carried Interest over the life of a fund. Accrued but unpaid Carried Interest as of the reporting date is reflected in Investments in the Consolidated Statements of Financial Condition. Carried Interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Carried Interest is subject to clawback to the extent that the Carried Interest received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Carried Interest, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the Blackstone Carry Funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, including certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. Investment Income (Loss) Interest and Dividend Revenue Other Revenue 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 subordinated 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 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 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 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 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 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 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 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 adjustments 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 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 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 Consolidated Statements of Operations. The carrying amounts of equity method investments are reflected in Investments in the 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. Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations. Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone. Accounts Receivable Accounts Receivable includes management fees receivable from limited partners, receivables from underlying funds in the fund of hedge funds business, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectibility. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations. Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Carried Interest. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 3 to 20 years, reflecting the contractual lives of such assets. Amortization expense is included within General, Administrative and Other in the Consolidated Statements of Operations. The Partnership does not hold any indefinite-lived intangible assets. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill comprises goodwill arising from the contribution and reorganization of the Partnership’s predecessor entities in 2007 immediately prior to its IPO, the acquisition of GSO in 2008 and the acquisition of Strategic Partners in 2013. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segment is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, a two-step quantitative assessment is performed to (a) calculate the fair value of the operating segment and compare it to its carrying value, and (b) if the carrying value exceeds its fair value, to measure an impairment loss. Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten to fifteen years, and three to seven years for other fixed assets. The Partnership evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Foreign Currency In the normal course of business, the Partnership may enter into transactions not denominated in United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, the Partnership consolidates a number of entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income and allocated to Non-Controlling Interests in Consolidated Entities, as applicable. Comprehensive Incom Comprehensive Income consists of Net Income and Other Comprehensive Income. The Partnership’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments. Non-Controlling Interests in Consolidated Entities Non-Controlling Interests in Consolidated Entities represent the component of Partners’ Capital in consolidated Blackstone Funds held by third party investors and employees. The percentage interests held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. In addition, all non-controlling interests in consolidated Blackstone Funds are attributed a share of income (loss) arising from the respective funds and a share of other comprehensive income, if applicable. Income (Loss) is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to The Blackstone Group L.P. Redeemable Non-Controlling Interests in Consolidated Entities Non-controlling interests related to funds of hedge funds and certain other credit-focused funds are subject to annual, semi-annual or quarterly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee in the funds of hedge funds and certain credit-focused funds during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third party interests in such consolidated funds are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. For all consolidated funds in which redemption rights have not been granted, non-controlling interests are presented within Partners’ Capital in the Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities. Non-Controlling Interests in Blackstone Holdings Non-Controlling Interests in Blackstone Holdings represent the component of Partners’ Capital in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Compensation and Benefits Compensation and Benefits — Compensation — Compensation and Benefits — Performance Fee — Other Income Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments. Expenses incurred by conso

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
GOODWILL AND INTANGIBLE ASSETS	3. GOODWILL AND INTANGIBLE ASSETS The carrying value of goodwill was $1.7 billion and $1.8 billion as of December 31, 2015 and 2014, respectively. At October 1, 2015, the entire goodwill balance of $68.9 million attributable to the Financial Advisory segment was transferred to PJT Partners Inc. at the spin-off. At December 31, 2015 and 2014, the Partnership determined there was no evidence of Goodwill impairment. At December 31, 2015, goodwill has been allocated to each of the Partnership’s four segments as follows: Private Equity ($778.3 million), Real Estate ($421.7 million), Hedge Fund Solutions ($172.1 million), and Credit ($346.4 million). At December 31, 2014, goodwill has been allocated to each of the Partnership’s historical segments as follows: Private Equity ($778.3 million), Real Estate ($421.7 million), Hedge Fund Solutions ($172.1 million), Credit ($346.4 million), and Financial Advisory ($68.9 million). Intangible Assets, Net consists of the following: December 31, 2015 2014 Finite-Lived Intangible Assets / Contractual Rights $ 1,424,226 $ 1,464,017 Accumulated Amortization (1,078,679 ) (1,005,184 ) Intangible Assets, Net $ 345,547 $ 458,833 Changes in the Partnership’s Intangible Assets, Net consists of the following: Year Ended December 31, 2015 2014 2013 Balance, Beginning of Year $ 458,833 $ 560,748 $ 598,535 Amortization Expense (101,437 ) (101,915 ) (95,671 ) Acquisitions — — 57,884 Intangibles Transferred to PJT Partners Inc. at Spin-Off (11,849 ) — — Balance, End of Year $ 345,547 $ 458,833 $ 560,748 Amortization of Intangible Assets held at December 31, 2015 is expected to be $82.9 million, $43.9 million, $43.8 million, $43.8 million, and $43.8 million for each of the years ending December 31, 2016, 2017, 2018, 2019, and 2020, respectively. Blackstone’s intangible assets as of December 31, 2015 are expected to amortize over a weighted-average period of 6.4 years.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2015
INVESTMENTS	4. INVESTMENTS Investments consist of the following: December 31, 2015 2014 Investments of Consolidated Blackstone Funds $ 4,613,944 $ 11,375,407 Equity Method Investments 3,110,810 3,240,825 Blackstone’s Treasury Cash Management Strategies 1,682,259 1,666,061 Performance Fees 4,757,932 6,337,045 Other Investments 159,152 146,251 $ 14,324,097 $ 22,765,589 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $451.9 million and $704.9 million at December 31, 2015 and December 31, 2014, respectively. Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Consolidated Statements of Operations: Year Ended December 31, 2015 2014 2013 Realized Gains $ 223,078 $ 143,194 $ 205,741 Net Change in Unrealized (Losses) (161,398 ) (20,127 ) (26,800 ) Realized and Net Change in Unrealized Gains from Blackstone Funds 61,680 123,067 178,941 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 114,684 234,787 202,723 Other Income — Net Gains from Fund Investment Activities $ 176,364 $ 357,854 $ 381,664 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 years ended December 31, 2015, 2014 and 2013, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present separate financial statements for any of its equity method investments. Blackstone holds a 40% non-controlling equity interest in Pátria Investments Limited and Pátria Investimentos Ltda. (collectively, “Pátria”) and accounts for this interest using the equity method of accounting. The Partnership recognized net gains related to its equity method investments of $82.2 million, $297.9 million and $591.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. The summarized financial information of the Partnership’s equity method investments for December 31, 2015 are as follows: December 31, 2015 and the Year Then Ended Private Real Hedge Fund Equity Estate Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 48,210,598 $ 61,971,919 $ 21,858,491 $ 16,136,543 $ 11,577 $ 148,189,128 Other Assets 1,041,591 6,210,557 1,927,535 1,174,601 53,825 10,408,109 Total Assets $ 49,252,189 $ 68,182,476 $ 23,786,026 $ 17,311,144 $ 65,402 $ 158,597,237 Liabilities and Partners’ Capital Debt $ 2,178,261 $ 5,562,806 $ 275,068 $ 2,086,670 $ — $ 10,102,805 Other Liabilities 1,315,572 1,573,370 1,462,072 956,305 52,269 5,359,588 Total Liabilities 3,493,833 7,136,176 1,737,140 3,042,975 52,269 15,462,393 Partners’ Capital 45,758,356 61,046,300 22,048,886 14,268,169 13,133 143,134,844 Total Liabilities and Partners’ Capital $ 49,252,189 $ 68,182,476 $ 23,786,026 $ 17,311,144 $ 65,402 $ 158,597,237 Statement of Operations Interest Income $ 384,174 $ 361,249 $ 170 $ 533,591 $ — $ 1,279,184 Other Income 8,506 1,313,956 35,112 49,042 84,975 1,491,591 Interest Expense (33,416 ) (91,985 ) (3,228 ) (61,971 ) — (190,600 ) Other Expenses (278,911 ) (355,617 ) (125,393 ) (167,385 ) (45,203 ) (972,509 ) Net Realized and Unrealized Gain from Investments 3,272,934 3,740,127 449,930 (954,692 ) 17,778 6,526,077 Net Income $ 3,353,287 $ 4,967,730 $ 356,591 $ (601,415 ) $ 57,550 $ 8,133,743 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of the Partnership’s equity method investments for December 31, 2014 are as follows: December 31, 2014 and the Year Then Ended Private Real Hedge Fund Equity Estate Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 43,005,350 $ 59,117,360 $ 15,947,483 $ 14,611,539 $ 19,594 $ 132,701,326 Other Assets 667,131 3,213,450 1,411,406 1,751,967 53,551 7,097,505 Total Assets $ 43,672,481 $ 62,330,810 $ 17,358,889 $ 16,363,506 $ 73,145 $ 139,798,831 Liabilities and Partners’ Capital Debt $ 836,667 $ 3,645,998 $ 20,550 $ 1,254,774 $ — $ 5,757,989 Other Liabilities 100,362 617,101 919,013 827,469 24,937 2,488,892 Total Liabilities 937,029 4,263,099 939,563 2,082,243 24,937 8,246,871 Partners’ Capital 42,735,452 58,067,711 16,419,326 14,281,263 48,208 131,551,960 Total Liabilities and Partners’ Capital $ 43,672,481 $ 62,330,810 $ 17,358,889 $ 16,363,506 $ 73,145 $ 139,798,831 Statement of Operations Interest Income $ 406,255 $ 260,683 $ 483 $ 567,008 $ 1 $ 1,234,430 Other Income 21,305 1,030,685 125,441 52,207 118,835 1,348,473 Interest Expense (61,855 ) (89,842 ) (271 ) (86,957 ) (153 ) (239,078 ) Other Expenses (97,073 ) (249,095 ) (103,787 ) (177,968 ) (71,297 ) (699,220 ) Net Realized and Unrealized Gain from Investments 8,567,193 10,441,009 547,982 643,080 3,263 20,202,527 Net Income $ 8,835,825 $ 11,393,440 $ 569,848 $ 997,370 $ 50,649 $ 21,847,132 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of the Partnership’s equity method investments for December 31, 2013 are as follows: December 31, 2013 and the Year Then Ended Private Real Hedge Fund Equity Estate Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 35,516,755 $ 57,053,881 $ 11,529,163 $ 12,150,918 $ 26,839 $ 116,277,556 Other Assets 389,265 3,441,977 1,114,404 2,678,742 128,826 7,753,214 Total Assets $ 35,906,020 $ 60,495,858 $ 12,643,567 $ 14,829,660 $ 155,665 $ 124,030,770 Liabilities and Partners’ Capital Debt $ 1,691,018 $ 3,013,762 $ 63,830 $ 1,165,405 $ 967 $ 5,934,982 Other Liabilities 54,909 886,445 689,964 1,131,557 14,222 2,777,097 Total Liabilities 1,745,927 3,900,207 753,794 2,296,962 15,189 8,712,079 Partners’ Capital 34,160,093 56,595,651 11,889,773 12,532,698 140,476 115,318,691 Total Liabilities and Partners’ Capital $ 35,906,020 $ 60,495,858 $ 12,643,567 $ 14,829,660 $ 155,665 $ 124,030,770 Statement of Operations Interest Income $ 294,171 $ 140,879 $ 224 $ 630,902 $ 4 $ 1,066,180 Other Income 10,580 752,184 89,632 30,937 101,214 984,547 Interest Expense (37,846 ) (51,544 ) (310 ) (68,973 ) — (158,673 ) Other Expenses (88,957 ) (108,580 ) (71,326 ) (105,706 ) (65,197 ) (439,766 ) Net Realized and Unrealized Gain from Investments 9,002,197 13,225,141 1,127,173 1,979,078 2,944 25,336,533 Net Income $ 9,180,145 $ 13,958,080 $ 1,145,393 $ 2,466,238 $ 38,965 $ 26,788,821 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. 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: Year Ended December 31, 2015 2014 2013 Realized Gains (Losses) $ (15,525 ) $ 11,689 $ (5,793 ) Net Change in Unrealized Gains (Losses) (35,709 ) 2,002 (9,342 ) $ (51,234 ) $ 13,691 $ (15,135 ) 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 757,001 1,026,731 27,916 (102,286 ) 1,709,362 Foreign Exchange Gain (Loss) — (48,363 ) — — (48,363 ) Fund Distributions (1,493,142 ) (1,598,431 ) (33,200 ) (115,339 ) (3,240,112 ) Performance Fees, December 31, 2015 $ 1,479,443 $ 3,101,688 $ 9,747 $ 167,054 $ 4,757,932 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: Year Ended December 31, 2015 2014 2013 Realized Gains $ 80 $ 5,082 $ 13,468 Net Change in Unrealized (Losses) (4,079 ) (6,309 ) (6,758 ) $ (3,999 ) $ (1,227 ) $ 6,710

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	12 Months Ended
	Dec. 31, 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 December 31, 2015 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 157,837 $ 148 (a ) (a ) Credit Driven 265,735 268 (b ) (b ) Event Driven 64,513 — (c ) (c ) Equity 252 — (d ) (d ) Commodities 2,105 — (e ) (e ) $ 490,442 $ 416 (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 4% 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 96% 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 63% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 3% 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	12 Months Ended
	Dec. 31, 2015
DERIVATIVE FINANCIAL INSTRUMENTS	6. DERIVATIVE FINANCIAL INSTRUMENTS Blackstone and the Blackstone Funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone Funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone Funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. Net Investment Hedges To manage the potential exposure from adverse changes in currency exchange rates arising from Blackstone’s net investment in foreign operations, during December 2014, Blackstone entered into several foreign currency forward contracts to hedge a portion of the net investment in Blackstone’s non-U.S. dollar denominated foreign operations. Blackstone uses foreign currency forward contracts to hedge portions of Blackstone’s net investments in foreign operations. The gains and losses due to change in fair value attributable to changes in spot exchange rates on foreign currency derivatives designated as net investment hedges were recognized in Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment. For the year ended December 31, 2015 the resulting gain was $6.7 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. In June 2012, Blackstone removed the fair value hedge designation of its interest rate swaps that were previously used to hedge a portion of the interest rate risk on the Partnership’s fixed rate borrowings. Changes in the fair value of the interest rate swaps subsequent to the date of de-designation are reflected within Freestanding Derivatives within Interest Rate Contracts in the table below. 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. December 31, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 53,627 $ 319 $ 138 $ 1 $ 62,078 $ 523 $ — $ — Freestanding Derivatives Blackstone — Other Interest Rate Contracts 1,681,533 2,212 1,054,465 4,288 223,886 407 879,412 4,590 Foreign Currency Contracts 158,684 2,088 271,891 2,042 192,163 2,798 148,873 681 Credit Default Swaps — — 19,250 2,411 19,500 85 56,000 868 Consolidated Blackstone Funds Foreign Currency Contracts 124,595 1,400 92,094 6,490 199,364 8,915 250,244 21,875 Interest Rate Contracts — — — — 22,659 2,281 — — Credit Default Swaps — — 108,786 6,275 — — 91,372 2,514 1,964,812 5,700 1,546,486 21,506 657,572 14,486 1,425,901 30,528 Total $ 2,018,439 $ 6,019 $ 1,546,624 $ 21,507 $ 719,650 $ 15,009 $ 1,425,901 $ 30,528 The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments: Year Ended December 31, 2015 2014 2013 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ 283 $ — $ — Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (8,716 ) $ (1,012 ) $ 34,206 Foreign Currency Contracts 12,828 8,251 4,022 Credit Default Swaps 2,336 1,363 752 Total $ 6,448 $ 8,602 $ 38,980 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 3,933 $ (7,757 ) $ (1,947 ) Foreign Currency Contracts (7,930 ) (31,728 ) 2,636 Credit Default Swaps (7,518 ) 5,193 392 Total $ (11,515 ) $ (34,292 ) $ 1,081 Since the inception of the above mentioned fair value hedge designation, Blackstone recognized a $64.2 million increase in the fair value of the hedged borrowing. This basis adjustment is being accreted using the effective interest method through August 15, 2019, the remaining term of the hedged borrowing. As of December 31, 2015, 2014 and 2013, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	12 Months Ended
	Dec. 31, 2015
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: December 31, 2015 2014 Assets Loans and Receivables $ 261,994 $ 40,397 Debt Securities 15,176 — Equity and Preferred Securities 280,879 102,907 Assets of Consolidated CLO Vehicles Corporate Loans 3,087,563 6,279,592 Corporate Bonds 379,000 292,690 Other — 44,513 $ 4,024,612 $ 6,760,099 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,225,064 $ 6,448,352 Subordinated Notes 98,371 348,752 $ 3,323,435 $ 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: Year Ended December 31, 2015 2014 2013 Realized Net Change Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (4,793 ) $ (1,703 ) $ (3,022 ) $ 43 $ (1,101 ) Debt Securities — (426 ) — — — — Equity and Preferred Securities (300 ) (17,269 ) (2,038 ) 6,885 (2,833 ) 7,273 Assets of Consolidated CLO Vehicles Corporate Loans (1,895 ) (36,502 ) (77,041 ) (28,054 ) 37,464 172,968 Corporate Bonds (551 ) 1,188 (1,405 ) (7,931 ) 4,510 (5,058 ) Other 4,431 (3,589 ) 22,625 17,649 2,647 (476 ) $ 1,685 $ (61,391 ) $ (59,562 ) $ (14,473 ) $ 41,831 $ 173,606 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (6,626 ) $ (133,274 ) $ (6,078 ) $ (485,655 ) Subordinated Notes — 57,119 — 108,611 — 96,991 $ — $ 57,119 $ (6,626 ) $ (24,663 ) $ (6,078 ) $ (388,664 ) The following table presents information for those financial instruments for which the fair value option was elected: December 31, 2015 December 31, 2014 For Financial Assets For Financial Assets (Deficiency) Fair (Deficiency) (Deficiency) Fair (Deficiency) Loans and Receivables $ (8,845 ) $ — $ — $ (5,323 ) $ — $ — Debt Securities (426 ) — — — — — Assets of Consolidated CLO Vehicles Corporate Loans (77,900 ) 1,088 (5,620 ) (197,580 ) 4,369 (21,876 ) Corporate Bonds (6,046 ) — — (7,814 ) — — $ (93,217 ) $ 1,088 $ (5,620 ) $ (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, 2015 and 2014, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of December 31, 2015, 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	12 Months Ended
	Dec. 31, 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: December 31, 2015 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 155,512 $ 155,512 Equity Securities 82,734 53,250 80,849 — 216,833 Partnership and LLC Interests — 101,399 472,391 — 573,790 Debt Instruments — 179,465 20,381 — 199,846 Assets of Consolidated CLO Vehicles Corporate Loans — 2,886,792 200,771 — 3,087,563 Corporate Bonds — 379,000 — — 379,000 Freestanding Derivatives — Foreign Currency Contracts — 1,400 — — 1,400 Total Investments of Consolidated Blackstone Funds 82,734 3,601,306 774,392 155,512 4,613,944 Blackstone’s Treasury Cash Management Strategies Equity Securities 240,464 — — — 240,464 Debt Instruments — 1,069,915 54,657 115,657 1,240,229 Other — — — 201,566 201,566 Total Blackstone’s Treasury Cash Management Strategies 240,464 1,069,915 54,657 317,223 1,682,259 Money Market Funds 460,233 — — — 460,233 Net Investment Hedges — Foreign Currency Contracts — 319 — — 319 Freestanding Derivatives — — Interest Rate Contracts 1,806 406 — — 2,212 Foreign Currency Contracts — 2,088 — — 2,088 Loans and Receivables — — 261,994 — 261,994 Other Investments 40,261 — 101,184 17,707 159,152 $ 825,498 $ 4,674,034 $ 1,192,227 $ 490,442 $ 7,182,201 December 31, 2015 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,225,064 $ — $ 3,225,064 Subordinated Notes (b) — 98,371 — 98,371 Freestanding Derivatives — Foreign Currency Contracts — 6,490 — 6,490 Freestanding Derivatives — Credit Default Swaps — 6,275 — 6,275 Net Investment Hedges — Foreign Currency Contracts — 1 — 1 Freestanding Derivatives Interest Rate Contracts 835 3,453 — 4,288 Foreign Currency Contracts — 2,042 — 2,042 Credit Default Swaps — 2,411 — 2,411 Securities Sold, Not Yet Purchased — 176,667 — 176,667 $ 835 $ 3,520,774 $ — $ 3,521,609 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 CLO Vehicles (a) Senior Secured Notes (b) $ — $ — $ 6,448,352 $ 6,448,352 Subordinated Notes (b) — — 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 December 31, 2015 and 2014, respectively: Year Ended December 31, 2015 2014 Transfers from Level I into Level II (a) $ — $ 1,639 Transfers from Level II into Level I (b) $ 32,025 $ 23,758 (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 December 31, 2015: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 66,962 Discounted Cash Flows Discount Rate 7.8% - 25.0% 13.6% Revenue CAGR -5.0% - 61.5% 10.2% Exit Multiple - EBITDA 5.0x - 18.2x 9.6x Exit Multiple - P/E 10.5x - 17.0x 11.2x Exit Capitalization Rate 5.5% - 11.4% 9.0% 5,426 Other N/A N/A N/A 6,722 Transaction Price N/A N/A N/A 1,710 Market Comparable Companies EBITDA Multiple 6.5x - 8.0x 6.6x Book Value Multiple 0.9x N/A 29 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 423,588 Discounted Cash Flows Discount Rate 2.1% - 25.8% 9.3% Revenue CAGR -24.1% - 31.8% 8.6% Exit Multiple - EBITDA 0.1x - 23.8x 9.8x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 2.7% - 12.1% 6.3% 30,437 Transaction Price N/A N/A N/A 16,963 Third Party Pricing N/A N/A N/A 1,403 Other N/A N/A N/A Debt Instruments 16,217 Third Party Pricing N/A N/A N/A 4,086 Discounted Cash Flows Discount Rate 6.5% - 52.7% 14.1% Revenue CAGR 16.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.8% 78 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 180,988 Third Party Pricing N/A N/A N/A 19,783 Market Comparable Companies EBITDA Multiple 4.5x - 7.0x 6.5x Total Investments of Consolidated Blackstone Funds 774,392 Blackstone’s Treasury Cash Management Strategies $ 32,004 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 67.0% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 400 bps N/A Discount Rate 5.8% - 14.0% 8.6% 22,653 Third Party Pricing N/A N/A N/A Loans and Receivables 241,897 Discounted Cash Flows Discount Rate 6.7% - 20.6% 11.0% 20,097 Third Party Pricing N/A N/A N/A Other Investments 81,984 Discounted Cash Flows Discount Rate 1.4% - 12.5% 3.3% 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 19,200 Transaction Price N/A N/A N/A Total $ 1,192,227 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2014: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 106,727 Discounted Cash Flows Discount Rate 8.4% - 24.7% 11.8% Revenue CAGR 0.7% - 24.4% 7.1% Exit Multiple - EBITDA 5.0x - 13.0x 10.1x Exit Multiple - P/E 10.5x - 17.0x 11.2x 67,706 Transaction Price N/A N/A N/A 163 Market Comparable Companies EBITDA Multiple 6.7x - 7.6x 6.9x 45 Third Party Pricing N/A N/A N/A 4,670 Other N/A N/A N/A Partnership and LLC Interests 485,748 Discounted Cash Flows Discount Rate 4.4% - 21.5% 9.5% Revenue CAGR -4.4% - 41.7% 6.5% Exit Multiple - EBITDA 1.0x - 19.1x 9.7x Exit Capitalization Rate 2.0% - 19.1% 6.8% 996,199 Transaction Price N/A N/A N/A 13,793 Third Party Pricing N/A N/A N/A 682 Other N/A N/A N/A Debt Instruments 9,570 Discounted Cash Flows Discount Rate 8.8% - 24.7% 16.1% Revenue CAGR 4.7% - 6.8% 5.0% Exit Multiple - EBITDA 5.9x - 11.3x 11.0x Exit Capitalization Rate 1.0% - 12.4% 9.3% Default Rate 2% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20% N/A Reinvestment Rate LIBOR + 400 bps N/A 95,542 Third Party Pricing N/A N/A N/A 686 Transaction Price N/A N/A N/A 172 Market Comparable Companies EBITDA Multiple 6.6x - 7.9x 6.6x Assets of Consolidated CLO Vehicles 318,636 Third Party Pricing N/A N/A N/A 290,658 Market Comparable Companies EBITDA Multiple 3.8x - 15.0x 6.1x 3,826 Discounted Cash Flows Discount Rate 8.0% N/A Total Investments of Consolidated Blackstone Funds 2,394,823 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. Third Party Pricing Third Party Pricing is generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. (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 Consolidated Statements of Operations. Level III Financial Assets at Fair Value Year Ended December 31, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period (a) $ 2,394,823 $ 40,397 $ 189,385 $ 2,624,605 $ 2,460,907 $ 137,788 $ 44,774 $ 2,643,469 Transfer In Due to Consolidation and — — — — 205,890 — — 205,890 Transfer Out Due to Deconsolidation (1,460,538 ) — — (1,460,538 ) (335,357 ) — — (335,357 ) Transfer In to 47,097 — 31,479 78,576 570,902 — 32,681 603,583 Transfer Out of (195,422 ) — (58,158 ) (253,580 ) (358,406 ) — (48,282 ) (406,688 ) Purchases 328,237 233,693 47,978 609,908 910,440 192,568 193,367 1,296,375 Sales (383,302 ) (9,535 ) (40,000 ) (432,837 ) (1,211,216 ) (284,920 ) (17,138 ) (1,513,274 ) Settlements — (4,435 ) (465 ) (4,900 ) — (1,170 ) (522 ) (1,692 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income 43,497 1,874 (14,378 ) 30,993 151,663 (3,869 ) (15,495 ) 132,299 Balance, End of Period $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 $ 2,394,823 $ 40,397 $ 189,385 $ 2,624,605 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (5,333 ) $ 1,745 $ (3,624 ) $ (7,212 ) $ 43,450 $ (4,048 ) $ (991 ) $ 38,411 Level III Financial Liabilities at Fair Value Year Ended December 31, 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) — — — 1,990,703 144,107 2,134,810 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) (2,231,852 ) (277,302 ) (2,509,154 ) Transfer Out Due to Amended CLO Guidance (e) (2,279,947 ) (86,818 ) (2,366,765 ) — — — Issuances — — — 557,780 10,000 567,780 Settlements — — — (1,807,845 ) (703 ) (1,808,548 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income — — — (363,006 ) (137,785 ) (500,791 ) Balance, End of Period $ — $ — $ — $ 6,448,352 $ 348,752 $ 6,797,104 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ 127,011 $ (79,423 ) $ 47,588 (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.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 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 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: December 31, 2015 2014 Investments $ 466,651 $ 776,079 Accounts Receivable 11,726 125,316 Due from Affiliates 51,029 53,751 Total VIE Assets 529,406 955,146 Due to Affiliates 586 108 Accounts Payable, Accrued Expenses and Other Liabilities 88 124 Potential Clawback Obligation 73,450 206,725 Maximum Exposure to Loss $ 603,530 $ 1,162,103

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	12 Months Ended
	Dec. 31, 2015
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At December 31, 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 $203.9 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $99.3 million were used to cover Securities Sold, Not Yet Purchased. The Partnership also pledged securities with a carrying value of $64.5 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 as of December 31, 2015: December 31, 2015 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 970 $ — $ — $ — $ 970 Asset-Backed Securities — 39,959 — — 39,959 Total $ 970 $ 39,959 $ — $ — $ 40,929 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 40,929 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ —

OTHER ASSETS AND ACCOUNTS PAYAB

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2015
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	11. OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES Other Assets consists of the following: December 31, 2015 2014 Furniture, Equipment and Leasehold Improvements $ 317,496 $ 318,672 Less: Accumulated Depreciation (181,953 ) (182,932 ) Furniture, Equipment and Leasehold Improvements, Net 135,543 135,740 Prepaid Expenses 190,241 102,503 Other Assets 46,786 82,704 Freestanding Derivatives 4,300 3,290 Net Investment Hedges 319 523 $ 377,189 $ 324,760 Depreciation expense of $26.0 million, $28.6 million and $33.6 million related to furniture, equipment and leasehold improvements for the years ended December 31, 2015, 2014 and 2013, respectively, is included in General, Administrative and Other in the Consolidated Statements of Operations. Accounts Payable, Accrued Expenses and Other Liabilities includes $53.7 million and $97.8 million as of December 31, 2015 and 2014, respectively, relating to redemptions that were legally payable to investors of the consolidated Blackstone Funds and $187.7 million and $591.7 million, respectively, of payables relating to unsettled purchases.

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2015
OFFSETTING OF ASSETS AND LIABILITIES	12. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of December 31, 2015: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Assets Net Investment Hedges $ 319 $ 1 $ — $ 318 Freestanding Derivatives 4,300 2,149 1,310 841 Reverse Repurchase Agreements 204,893 203,938 — 955 Total $ 209,512 $ 206,088 $ 1,310 $ 2,114 Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Liabilities Net Investment Hedges $ 1 $ 1 $ — $ — Freestanding Derivatives 15,016 2,149 12,076 791 Repurchase Agreements 40,929 40,259 670 — Total $ 55,946 $ 42,409 $ 12,746 $ 791 The following tables present the offsetting of assets and liabilities as of December 31, 2014: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net 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 Gross Amounts Not Offset in Financial Cash Collateral Net 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 Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Statements of Financial Condition. See Note 11. “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities” for the components of Other Assets. Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has 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 December 31, 2015, the aggregate cash balance on deposit relating to the cash pooling arrangement was $905.5 million, which was offset with an accompanying overdraft of $895.9 million.

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2015
BORROWINGS	13. BORROWINGS The Partnership borrows and enters into credit agreements for its general operating and investment purposes and certain Blackstone Funds borrow to meet financing needs of their operating and investing activities. Borrowing facilities have been established for the benefit of selected Blackstone Funds. When a Blackstone Fund borrows from the facility in which it participates, the proceeds from the borrowing are strictly limited for its intended use by the borrowing fund and not available for other Partnership purposes. The Partnership’s credit facilities consist of the following: December 31, 2015 2014 Credit Borrowing Weighted Credit Borrowing Weighted Revolving Credit Facility (a) $ 1,100,000 $ 6,129 0.88 % $ 1,100,000 $ 689 0.88 % Blackstone Issued Senior Notes (b) 6.625%, Due 8/15/2019 (c) 585,000 585,000 6.63 % 585,000 585,000 6.63 % 5.875%, Due 3/15/2021 400,000 400,000 5.88 % 400,000 400,000 5.88 % 4.750%, Due 2/15/2023 400,000 400,000 4.75 % 400,000 400,000 4.75 % 6.250%, Due 8/15/2042 250,000 250,000 6.25 % 250,000 250,000 6.25 % 5.000%, Due 6/15/2044 500,000 500,000 5.00 % 500,000 500,000 5.00 % 4.450%, Due 7/15/2045 350,000 350,000 4.45 % — — — 2.000%, Due 5/19/2025 327,990 327,990 2.00 % — — — 3,912,990 2,819,119 5.11 % 3,235,000 2,135,689 5.71 % Blackstone Fund Facilities (d) 4,453 4,453 1.97 % 6,877 6,877 2.53 % CLO Vehicles (e) 3,914,326 3,914,326 1.94 % 7,519,660 7,334,316 1.27 % $ 7,831,769 $ 6,737,898 3.26 % $ 10,761,537 $ 9,476,882 2.27 % (a) Blackstone, through indirect subsidiaries, has a $1.1 billion unsecured revolving credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent with a maturity date of May 29, 2019. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee. Borrowings may also be made in U.K. sterling or euros, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The Borrowing Outstanding at each date represent outstanding but undrawn letters of credit against the credit facility. (b) Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), an indirect subsidiary of the Partnership, has issued long term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by the Partnership, Blackstone Holdings, and the Issuer (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been capitalized and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. Interest expense on the Notes was $136.5 million, $115.2 million and $96.9 million for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively. (c) The Credit Available and Borrowing Outstanding 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. (d) Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. (e) Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition. The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the Consolidated Statements of Financial Condition. All of the Notes were issued at a discount. All of the Notes accrue interest from the Issue Date and all pay interest in arrears on a semi-annual Issue Date Interest Payment First Interest Payment December 31, 2015 2014 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (c) 8/20/2009 2/15, 8/15 2/15/2010 $ 614,996 $ 665,438 $ 622,552 $ 684,158 5.875%, Due 3/15/2021 9/15/2010 3/15, 9/15 3/15/2011 $ 397,720 $ 458,680 $ 397,357 $ 462,360 4.750%, Due 2/15/2023 8/17/2012 2/15, 9/15 2/15/2013 $ 392,224 $ 430,560 $ 391,344 $ 436,240 6.250%, Due 8/15/2042 8/17/2012 2/15, 9/15 2/15/2013 $ 237,648 $ 297,575 $ 237,487 $ 307,125 5.000%, Due 6/15/2044 4/7/2014 6/15, 12/15 12/15/2014 $ 488,119 $ 515,050 $ 487,966 $ 527,500 4.450%, Due 7/15/2045 4/27/2015 1/15, 7/15 1/15/2016 $ 343,689 $ 332,640 $ — $ — 2.000%, Due 5/19/2025 5/19/2015 5/19 5/19/2016 $ 322,664 $ 327,465 $ — $ — (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 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. (c) 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. Included within Loans Payable and Due to Affiliates within the 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: December 31, 2015 2014 Borrowing Weighted Weighted Borrowing Weighted Weighted Senior Secured Notes $ 3,687,976 1.93 % 5.4 $ 6,594,266 1.27 % 3.8 Subordinated Notes 226,350 (a) N/A 740,050 (a) N/A $ 3,914,326 $ 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: December 31, 2015 2014 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Fair Value Borrowing Fair Senior Secured Notes $ 3,225,064 $ — $ — $ 6,448,352 $ 2,500 $ 2,504 Subordinated Notes $ 98,371 $ 10,000 $ 8,231 $ 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 December 31, 2015 and 2014, the fair value of the consolidated CLO assets was $3.9 billion and $8.0 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. As part of Blackstone’s borrowing arrangements, the Partnership is subject to certain financial and operating covenants. The Partnership was in compliance with all of its loan covenants as of December 31, 2015. Scheduled principal payments for borrowings at December 31, 2015 are as follows: Operating Blackstone Fund Total Borrowings 2016 $ — $ 4,453 $ 4,453 2017 — 519,318 519,318 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,227,990 3,395,008 5,622,998 Total $ 2,812,990 $ 3,918,779 $ 6,731,769

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
INCOME TAXES	14. INCOME TAXES Income Before Provision for Taxes of $1.8 billion for the year ended December 31, 2015 is comprised of $1.8 billion U.S. domestic income and $59.8 million foreign income. The Provision for Taxes consists of the following: Year Ended December 31, 2015 2014 2013 Current Federal Income Tax $ 45,506 $ 135,193 $ 19,237 Foreign Income Tax 16,769 24,199 13,302 State and Local Income Tax 28,137 69,281 33,273 90,412 228,673 65,812 Deferred Federal Income Tax 80,307 54,375 157,962 Foreign Income Tax (398 ) (416 ) (638 ) State and Local Income Tax 20,077 8,541 32,506 99,986 62,500 189,830 Provision for Taxes $ 190,398 $ 291,173 $ 255,642 The following table summarizes Blackstone’s tax position: Year Ended December 31, 2015 2014 2013 Income Before Provision for Taxes $ 1,814,748 $ 3,986,726 $ 3,148,561 Provision for Taxes $ 190,398 $ 291,173 $ 255,642 Effective Income Tax Rate 10.5 % 7.3 % 8.1 % The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: Year Ended December 31, 2015 2014 2013 Statutory U.S. Federal Income Tax Rate 35.0 % 35.0 % 35.0 % Income Passed Through to Common Unitholders and Non-Controlling Interest -22.3 % -28.7 % -28.7 % Interest Expense -4.0 % -0.5 % -0.9 % Foreign Income Taxes -0.1 % -0.3 % -0.2 % State and Local Income Taxes 1.8 % 1.5 % 1.7 % Equity-Based Compensation 1.8 % 1.1 % 1.6 % Change in Tax Rate — — 0.6 % Net Unrecognized Tax Benefits -0.2 % 0.1 % -0.2 % Non Deductible Expenses 0.2 % 0.2 % — Tax Deductible Compensation -1.5 % -0.4 % -0.3 % Other -0.2 % -0.7 % -0.5 % Effective Income Tax Rate (b) 10.5 % 7.3 % 8.1 % (a) Includes income that is not taxable to the Partnership and its subsidiaries. Such income is directly taxable to the Partnership’s unitholders and the non-controlling interest holders. (b) The effective tax rate is calculated on Income (Loss) Before Provision for Taxes. In 2013, a subsidiary of the Partnership received Letter Rulings allowing the application of New York State and New York City laws that prescribe the sourcing of income of a registered securities or commodities broker resulting in a reduction to the rate of tax for 2013 and the rate of tax that Blackstone will pay in the future. Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows: December 31, 2015 2014 Deferred Tax Assets Fund Management Fees $ 16,357 $ 21,607 Equity-Based Compensation 57,552 56,783 Unrealized Gains from Investments — (119,428 ) Depreciation and Amortization 1,326,395 1,314,570 Net Operating Loss Carry Forward 15,874 — Other — (21,302 ) Total Deferred Tax Assets 1,416,178 1,252,230 Deferred Tax Liabilities Unrealized Gains from Investments 105,830 — Other 32,919 — Depreciation and Amortization — 10 Total Deferred Tax Liabilities 138,749 10 Net Deferred Tax Assets $ 1,277,429 $ 1,252,220 As a result of the October 1, 2015 spin-off, the net deferred tax assets were reduced by $70.8 million. Future realization of tax benefits depends on the expectation of taxable income within a period of time that the tax benefits will reverse. The Partnership has recorded a significant deferred tax asset for the future amortization of tax basis intangibles acquired from the predecessor owners and current owners. The amortization period for these tax basis intangibles is 15 years; accordingly, the related deferred tax assets will reverse over the same period. The Partnership had a taxable loss of $46.3 million for the year ended December 31, 2015, which is available for carryback to 2013 or carryforward to 2016. The Partnership has considered the 15 year amortization period for the tax basis intangibles and the 20 year carryforward period for its taxable loss in evaluating whether it should establish a valuation allowance. The Partnership also considers projections of taxable income in evaluating its ability to utilize deferred tax assets. In projecting its taxable income, the Partnership begins with historic results and incorporates assumptions of the amount of future pretax operating income. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that the Partnership uses to manage its business. At this time, the Partnership’s projections of future taxable income that include the effects of originating and reversing temporary differences, including those for the tax basis intangibles, indicate that it is more likely than not that the benefits from the deferred tax asset will be realized. Therefore, the Partnership has determined that no valuation allowance is needed at December 31, 2015. Currently, the Partnership does not believe it meets the indefinite reversal criteria that would cause the Partnership to not recognize a deferred tax liability with respect to its foreign subsidiaries. Where applicable, Blackstone will record a deferred tax liability for any outside basis difference of an investment in a foreign subsidiary. Blackstone files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Blackstone is subject to examination by federal and certain state, local and foreign tax regulators. As of December 31, 2015, Blackstone’s U.S. federal income tax returns for the years 2012 through 2014 are open under the normal three-year statute of limitations and therefore subject to examination. The Internal Revenue Service completed an examination of a corporate subsidiary’s 2012 U.S. federal income tax return with no change. State and local tax returns are generally subject to audit from 2011 through 2014. The State of New York completed an examination of the tax returns filed by a subsidiary for the years 2010 through 2011 with no change. The City of New York is examining certain other subsidiaries’ tax returns for the years 2007 through 2011. The Income Tax Department of the Government of India recently completed an audit of an Indian subsidiary’s 2012 tax return with no change and is examining the tax returns of the Indian subsidiaries for the years 2008 and 2009. Blackstone believes that during 2016 certain tax audits have a reasonable possibility of being completed and does not expect the results of these audits to have a material impact on the consolidated financial statements. Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2015 2014 2013 Unrecognized Tax Benefits — January 1 $ 19,836 $ 18,862 $ 30,742 Additions based on Tax Positions Related to Current Year 1,031 2,104 6,517 Additions for Tax Positions of Prior Years — 4,002 3,435 Reductions for Tax Positions of Prior Years (4,032 ) (2,503 ) (17,686 ) Settlements — (1,062 ) (3,538 ) Exchange Rate Fluctuations (1,137 ) (1,567 ) (608 ) Unrecognized Tax Benefits — December 31 $ 15,698 $ 19,836 $ 18,862 If the above tax benefits were recognized, $15.7 million and $19.8 million for the years ended December 31, 2015 and 2014, respectively, would reduce the annual effective rate. Blackstone does not believe that it will have a material increase or decrease in its unrecognized tax benefits during the coming year. The unrecognized tax benefits are recorded in Accounts Payable, Accrued Expense and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone recognizes interest and penalties accrued related to unrecognized tax positions in General, Administrative and Other Expense. During the year ended December 31, 2015, $(0.4) million of interest expense and no penalties were accrued. During the year ended December 31, 2014, $2.0 million of interest expense and no penalties were accrued. During the year ended December 31, 2013, $1.0 million of interest expense and no penalties were accrued. Other Income — Reversal of the Tax Receivable Agreement Liability In 2015, the $82.7 million Reversal of the Tax Receivable Agreement Liability was primarily attributable to the October 1, 2015 spin-off. In 2013, the $20.5 million Reversal of the Tax Receivable Agreement Liability resulted from the change in New York State’s and New York City’s laws regarding the sourcing of income.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	12 Months Ended
	Dec. 31, 2015
NET INCOME PER COMMON UNIT	15. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the years ended December 31, 2015, 2014 and 2013 was calculated as follows: Year Ended December 31, 2015 2014 2013 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 709,789 $ 1,584,589 $ 1,171,202 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 524,353 — — Net Income Attributable to The Blackstone Group L.P., Diluted $ 1,234,142 $ 1,584,589 $ 1,171,202 Units Outstanding Weighted-Average Common Units Outstanding, Basic 634,337,179 608,803,111 587,018,828 Weighted-Average Unvested Deferred Restricted Common Units 2,993,398 4,373,294 3,527,812 Weighted-Average Blackstone Holdings Partnership Units 550,754,834 — — Weighted-Average Common Units Outstanding, Diluted 1,188,085,411 613,176,405 590,546,640 Net Income Per Common Unit, Basic $ 1.12 $ 2.60 $ 2.00 Net Income Per Common Unit, Diluted $ 1.04 $ 2.58 $ 1.98 Distributions Declared Per Common Unit (a) $ 2.90 $ 1.92 $ 1.18 (a) Distributions declared reflects the calendar date of declaration for each distribution. The fourth quarter distribution, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2015 2014 2013 Weighted-Average Blackstone Holdings Partnership Units — 542,553,088 553,579,525 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 years ended December 31, 2015, 2014 and 2013, no units were repurchased. As of December 31, 2015, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2015
EQUITY-BASED COMPENSATION	16. 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 years ended December 31, 2015, 2014 and 2013 the Partnership recorded compensation expense of $629.6 million, $734.7 million, and $855.1 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $41.0 million, $23.1 million, and $33.3 million, respectively. As of December 31, 2015, there was $1.0 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 1,191,126,830 as of December 31, 2015. Total outstanding unvested phantom units were 39,296 as of December 31, 2015. A summary of the status of the Partnership’s unvested equity-based awards as of December 31, 2015 and of changes during the period January 1, 2015 through December 31, 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 28,861,922 37.91 5,655,007 32.98 16,928 34.03 Vested (19,845,114 ) 29.48 (7,942,152 ) 17.62 (815 ) 32.62 Exchanged — — (10,374 ) 28.23 10,374 28.23 Forfeited (1,613,290 ) 23.31 (929,724 ) 24.82 — — Balance, December 31, 2015 40,901,755 $ 32.98 14,342,129 $ 22.38 27,942 $ 28.79 Units Expected to Vest The following unvested units, after expected forfeitures, as of December 31, 2015, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 33,675,366 4.4 Deferred Restricted Blackstone Common Units 12,386,848 1.9 Total Equity-Based Awards 46,062,214 3.7 Phantom Units 19,495 3.8 Deferred Restricted Common Units and Phantom Units The Partnership has granted deferred restricted common units to certain senior and non-senior managing director professionals, analysts and senior finance and administrative personnel and selected external advisers and phantom units (cash settled equity-based awards) to other senior and non-senior managing director employees. Holders of deferred restricted common units and phantom units are not entitled to any voting rights. Only phantom units are to be settled in cash. The fair values of deferred restricted common units have been derived based on the closing price of Blackstone’s common units on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 9 years. Additionally, the calculation of the compensation expense assumes forfeiture rates based upon historical turnover rates, ranging from 1.0% to 12.2% annually by employee class, and a per unit discount, ranging from $0.01 to $7.56. In most cases, the Partnership will not make any distributions with respect to unvested deferred restricted common units. However, there are certain grantees who receive distributions on both vested and unvested deferred restricted common units. The phantom units vest over the assumed service period, which ranges from 1 to 6 years. On each such vesting date, Blackstone delivered or will deliver cash to the holder in an amount equal to the number of phantom units held multiplied by the then fair market value of the Blackstone common units on such date. Additionally, the calculation of the compensation expense assumes forfeiture rates based upon historical turnover rates, ranging from 6.9% to 12.2% annually by employee class. Blackstone is accounting for these cash settled awards as a liability. Blackstone paid $1.1 million, $1.1 million and $0.6 million to non-senior managing director employees in settlement of phantom units for the years ended December 31, 2015, 2014 and 2013, respectively. Blackstone Holdings Partnership Units At the time of the Reorganization, Blackstone’s predecessor owners and selected advisers received 827,516,625 Blackstone Holdings Partnership Units, of which 387,805,088 were vested and 439,711,537 were to vest over a period of up to eight years from the IPO date. Subsequent to the Reorganization, the Partnership has granted Blackstone Holdings Partnership Units to newly hired senior managing directors. The Partnership has accounted for the unvested Blackstone Holdings Partnership Units as compensation expense over the vesting period. The fair values have been derived based on the closing price of Blackstone’s common units on the date of the grant, or $31 (based on the initial public offering price per Blackstone common unit) for those units issued at the time of the Reorganization, multiplied by the number of unvested awards and expensed over the assumed service period which ranges from 1 to 9 years. Additionally, the calculation of the compensation expense assumes a forfeiture rate of up to 12.2%, based on historical experience. In November 2009, the Partnership modified equity awards issued in connection with a deferred compensation plan to, among other things: (a) provide that deferred compensation payment to participating employees and senior managing directors generally would be satisfied by delivery of Blackstone common units instead of delivery of Partnership Units, (b) delay the delivery of common units (following the applicable vesting dates) until anticipated trading window periods, to better facilitate participants’ liquidity to meet tax obligations and (c) ensure compliance with deferred compensation taxation rules. As the fair value of Partnership Units on grant date is based on the closing price of Blackstone common units, there were no change in fair value of these awards as a result of the modification. As a result, there was no additional impact to compensation expense. 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 four year period beginning August 2013, 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 $3.8 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
RELATED PARTY TRANSACTIONS	17. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2015 2014 Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 1,686 $ 2,518 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 331,558 253,597 Amounts Due from Portfolio Companies and Funds 319,758 372,820 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 5,931 32,020 Management and Performance Fees Due from Non-Consolidated Funds 403,538 355,657 Payments Made on Behalf of Non-Consolidated Entities 178,326 111,796 $ 1,240,797 $ 1,128,408 December 31, 2015 2014 Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,201,543 $ 1,234,890 Accrual for Potential Repayment of Previously Received Performance Fees 3,356 3,889 Due to Note Holders of Consolidated CLO Vehicles 8,231 16,881 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 26,593 21,266 Payable to Affiliates for Consolidated Funds — 22,447 Distributions Received on Behalf of Blackstone Entities 33,160 176,304 Payments Made by Non-Consolidated Entities 9,817 14,411 $ 1,282,700 $ 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 December 31, 2015 and 2014, such investments aggregated $746.3 million and $1.0 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $49.0 million, $176.0 million and $224.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $210.7 million, $327.1 million and $253.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. Fees relate primarily to transaction and monitoring fees which are negotiated in the ordinary course of fundraising and investment activities. Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds includes interest-bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These advances earn interest at Blackstone’s cost of borrowing and such interest totaled $5.0 million, $2.9 million and $3.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Carried Interest distributions have guaranteed payment on a several basis (subject to a cap) to the Carry Funds of any clawback obligation with respect to the excess Carried Interest allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Fees represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the Carry Funds were to be liquidated based on the fair value of their underlying investments as of December 31, 2015. See Note 18. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)”. Aircraft and Other Services In the normal course of business, Blackstone personnel make use of aircraft owned as personal assets by Stephen A. Schwarzman; 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; and an aircraft owned jointly as a personal asset by Bennett J. Goodman, Co-Founder of GSO Capital and a Director of Blackstone, and another senior managing director (each such aircraft, “Personal Aircraft”). Mr. Schwarzman paid for his purchases of his Personal Aircraft himself. Each of Mr. James and Mr. Gray paid for his respective interest in their jointly owned Personal Aircraft. Mr. Goodman paid for his interest in his jointly owned Personal Aircraft. Mr. Schwarzman, Mr. James, Mr. Gray and Mr. Goodman respectively bear operating, personnel and maintenance costs associated with the operation of such Personal Aircraft. 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 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. Primarily, as a result of the October 1, 2015 spin-off, there was a reduction of $82.7 million of the tax receivable agreement liability due to pre-IPO owners and the others mentioned above. Assuming no future 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 $1.2 billion over the next 15 years. The after-tax net present value of these estimated payments totals $402.4 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Subsequent to December 31, 2015, payments totaling $79.0 million were made to certain pre-IPO owners and others mentioned above in accordance with the tax receivable agreement and related to tax benefits the Partnership received for the 2014 taxable year. 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 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. Additionally, please see Note 18. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Commitments Operating Leases The Partnership leases office space under non-cancelable lease and sublease agreements, which expire on various dates through 2032. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord, and are recognized on a straight-line basis over the term of the lease agreement. Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes and insurance. Rent expense for the years ended December 31, 2015, 2014 and 2013, was $112.0 million, $97.2 million and $78.6 million, respectively. At December 31, 2015 and 2014, the Partnership maintained irrevocable standby letters of credit and cash deposits as security for the leases of $15.7 million and $8.5 million, respectively. As of December 31, 2015, the aggregate minimum future payments, net of sublease income, required on the operating leases are as follows: 2016 $ 75,076 2017 74,629 2018 72,207 2019 67,579 2020 63,407 Thereafter 490,835 Total $ 843,733 Investment Commitments Blackstone had $2.0 billion of investment commitments as of December 31, 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 $48.6 million as of December 31, 2015 which includes $31.6 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 $21.5 million as of December 31, 2015. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone International Partners LLP. The amount guaranteed as of December 31, 2015 was $126.2 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, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2028. Further extensions of such terms may be implemented under given circumstances. If, at December 31, 2015, all of the investments held by the carry funds were deemed worthless, a possibility that management views as remote, the amount of carried interest subject to potential clawback would be $4.4 billion, on an after tax basis where applicable, of which $4.1 billion related to Blackstone Holdings and $370.5 million related to current and former Blackstone personnel. 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: December 31, 2015 2014 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ — $ — $ — $ 130 $ 1,647 $ 1,777 Credit 1,670 1,686 3,356 1,241 871 2,112 Total $ 1,670 $ 1,686 $ 3,356 $ 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 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 December 31, 2015, $582.7 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2015
EMPLOYEE BENEFIT PLANS	19. EMPLOYEE BENEFIT PLANS The Partnership provides a 401(k) plan (the “Plan”) for eligible employees in the United States. For certain administrative employees who are eligible for participation in the Plan, the Partnership makes a non-elective contribution of 2% of such employee’s annual compensation up to a maximum of one thousand six hundred dollars regardless of whether the employee makes any elective contributions to the Plan. In addition, the Partnership will also contribute 50% of certain eligible employee’s contribution to the Plan with a maximum matching contribution of one thousand six hundred dollars. For the years ended December 31, 2015, 2014 and 2013, the Partnership incurred expenses of $2.0 million, $1.9 million and $1.7 million in connection with such Plan. The Partnership provides a defined contribution plan for eligible employees in the United Kingdom (“U.K. Plan”). All United Kingdom employees are eligible to contribute to the U.K. Plan after three months of qualifying service. The Partnership contributes a percentage of an employee’s annual salary, subject to United Kingdom statutory restrictions, on a monthly basis for administrative employees of the Partnership based upon the age of the employee. For the years ended December 31, 2015, 2014 and 2013, the Partnership incurred expenses of $0.8 million, $0.7 million and $0.4 million, respectively, in connection with the U.K. Plan.

REGULATED ENTITIES

REGULATED ENTITIES	12 Months Ended
	Dec. 31, 2015
REGULATED ENTITIES	20. REGULATED ENTITIES The Partnership has a registered broker-dealer that is subject to the minimum net capital requirements of the United States Securities and Exchange Commission (“SEC”). This entity has continuously operated in excess of these requirements. The Partnership also has certain entities based in London, Hong Kong and Ireland, which are subject to the capital requirements of the Financial Conduct Authority, the Securities & Future Commission and the Central Bank of Ireland, respectively. These entities have continuously operated in excess of their regulatory capital requirements. Certain other U.S. and non-U.S. entities are subject to various investment adviser, commodity pool operator and trader regulations. This includes a number of U.S. entities that are registered as investment advisers with the SEC. The regulatory capital requirements referred to above may restrict the Partnership’s ability to withdraw capital from its entities. At December 31, 2015, $24.8 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to the Partnership.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2015
SEGMENT REPORTING	21. 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 businesses through four segments: • Private Equity — Blackstone’s Private Equity segment comprises its management of private equity funds, certain opportunistic 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 as well as core+ 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”), which manages a broad range of commingled and customized hedge fund of fund solutions. The Hedge Fund Solutions business also includes investment platforms that seed new hedge fund talent, purchase ownership interests in more established hedge funds, invest in special situation opportunities, create alternative solutions in regulated structures and trade long and short public equities. • Credit — Blackstone’s Credit segment, which consists principally of 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. 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. 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 four 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 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 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. The historical Financial Advisory segment comprised financial and strategic advisory services, restructuring and reorganization advisory services, capital markets services and Park Hill Group, which provided fund placement services for alternative investment funds. As of October 1, 2015, Blackstone no longer reports a Financial Advisory segment. Results of the Financial Advisory segment are included herein for comparative purposes only. As a result of the spin-off on October 1, 2015 of Blackstone’s Financial Advisory business, which did not include Blackstone’s capital markets services business, the result of Blackstone’s capital markets services business were reclassified from the Financial Advisory segment to the Private Equity segment. All prior periods have been recast to reflect this reclassification. The following table presents the financial data for Blackstone’s four segments as of and for the years ended December 31, 2015, 2014 and 2013. As a result of the spin-off on October 1, 2015, the former Financial Advisory segment no longer reports results. The historical Financial Advisory information is included for comparative purposes. December 31, 2015 and the Year Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 502,640 $ 668,575 $ 524,386 $ 500,982 $ — $ 2,196,583 Advisory Fees 10,561 — — — 297,570 308,131 Transaction and Other Fees, Net 36,258 110,577 317 6,371 162 153,685 Management Fee Offsets (36,760 ) (26,840 ) 171 (30,065 ) — (93,494 ) Total Management and Advisory Fees, Net 512,699 752,312 524,874 477,288 297,732 2,564,905 Performance Fees Realized Carried Interest 1,474,987 1,634,733 — 96,156 — 3,205,876 Incentive Fees — 17,153 68,197 109,396 — 194,746 Unrealized Carried Interest (717,955 ) (680,542 ) 2,021 (198,820 ) — (1,595,296 ) Incentive Fees — 20,802 (8,084 ) (19,967 ) — (7,249 ) Total Performance Fees 757,032 992,146 62,134 (13,235 ) — 1,798,077 Investment Income (Loss) Realized 189,649 235,582 (12,741 ) 7,186 (868 ) 418,808 Unrealized (116,338 ) (231,889 ) (1,435 ) (16,258 ) (39 ) (365,959 ) Total Investment Income (Loss) 73,311 3,693 (14,176 ) (9,072 ) (907 ) 52,849 Interest and Dividend Revenue 33,218 43,990 17,274 24,599 12,520 131,601 Other 5,854 (1,422 ) 200 5,171 (1,303 ) 8,500 Total Revenues 1,382,114 1,790,719 590,306 484,751 308,042 4,555,932 Expenses Compensation and Benefits Compensation 280,248 358,381 179,484 190,189 180,917 1,189,219 Performance Fee Compensation Realized Carried Interest 256,922 484,037 — 52,841 — 793,800 Incentive Fees — 8,678 27,155 50,113 — 85,946 Unrealized Carried Interest (10,172 ) (196,347 ) 823 (107,000 ) — (312,696 ) Incentive Fees — 8,817 (2,912 ) (8,395 ) — (2,490 ) Total Compensation and Benefits 526,998 663,566 204,550 177,748 180,917 1,753,779 Other Operating Expenses 199,158 179,175 90,072 93,626 62,326 624,357 Total Expenses 726,156 842,741 294,622 271,374 243,243 2,378,136 Economic Income $ 655,958 $ 947,978 $ 295,684 $ 213,377 $ 64,799 $ 2,177,796 Segment Assets $ 5,680,315 $ 7,456,507 $ 1,916,956 $ 2,725,585 $ — $ 17,779,363 December 31, 2014 and the Year Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 415,841 $ 628,502 $ 482,981 $ 460,205 $ — $ 1,987,529 Advisory Fees 21,903 — — — 398,942 420,845 Transaction and Other Fees, Net 135,718 91,610 569 18,161 379 246,437 Management Fee Offsets (19,146 ) (34,443 ) (5,014 ) (28,168 ) — (86,771 ) Total Management and Advisory Fees, Net 554,316 685,669 478,536 450,198 399,321 2,568,040 Performance Fees Realized Carried Interest 754,402 1,487,762 — 208,432 — 2,450,596 Incentive Fees — 11,499 140,529 109,717 — 261,745 Unrealized Carried Interest 1,222,828 524,046 — (37,913 ) — 1,708,961 Incentive Fees — (5,521 ) (879 ) (23,025 ) — (29,425 ) Total Performance Fees 1,977,230 2,017,786 139,650 257,211 — 4,391,877 Investment Income (Loss) Realized 202,719 309,095 21,550 9,354 707 543,425 Unrealized (23,914 ) (58,930 ) 5,132 5,055 860 (71,797 ) Total Investment Income 178,805 250,165 26,682 14,409 1,567 471,628 Interest and Dividend Revenue 21,993 30,197 11,114 23,040 10,000 96,344 Other 6,569 2,863 1,855 (2,310 ) 428 9,405 Total Revenues 2,738,913 2,986,680 657,837 742,548 411,316 7,537,294 Expenses Compensation and Benefits Compensation 280,499 326,317 131,658 188,200 226,837 1,153,511 Performance Fee Compensation Realized Carried Interest 266,393 432,996 — 116,254 — 815,643 Incentive Fees — 5,980 42,451 61,668 — 110,099 Unrealized Carried Interest 210,446 197,174 — (28,583 ) — 379,037 Incentive Fees — (2,751 ) (273 ) (16,252 ) — (19,276 ) Total Compensation and Benefits 757,338 959,716 173,836 321,287 226,837 2,439,014 Other Operating Expenses 143,562 146,083 86,129 90,524 87,484 553,782 Total Expenses 900,900 1,105,799 259,965 411,811 314,321 2,992,796 Economic Income $ 1,838,013 $ 1,880,881 $ 397,872 $ 330,737 $ 96,995 $ 4,544,498 Segment Assets $ 6,134,869 $ 8,032,854 $ 1,472,992 $ 2,592,313 $ 866,595 $ 19,099,623 December 31, 2013 and the Year Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 368,146 $ 565,182 $ 409,321 $ 398,158 $ — $ 1,740,807 Advisory Fees 24,313 — — — 386,201 410,514 Transaction and Other Fees, Net 97,678 79,675 623 28,586 415 206,977 Management Fee Offsets (5,683 ) (22,821 ) (3,387 ) (40,329 ) — (72,220 ) Total Management and Advisory Fees, Net 484,454 622,036 406,557 386,415 386,616 2,286,078 Performance Fees Realized Carried Interest 329,993 486,773 — 127,192 — 943,958 Incentive Fees — 45,862 207,735 220,736 — 474,333 Unrealized Carried Interest 398,232 1,651,700 — 108,078 — 2,158,010 Incentive Fees — (28,753 ) 7,718 1,107 — (19,928 ) Total Performance Fees 728,225 2,155,582 215,453 457,113 — 3,556,373 Investment Income (Loss) Realized 88,026 52,359 27,613 4,098 (1,625 ) 170,471 Unrealized 161,749 350,201 (9,306 ) 13,951 739 517,334 Total Investment Income (Loss) 249,775 402,560 18,307 18,049 (886 ) 687,805 Interest and Dividend Revenue 15,625 21,563 7,605 18,146 7,997 70,936 Other 4,259 3,384 688 527 1,450 10,308 Total Revenues 1,482,338 3,205,125 648,610 880,250 395,177 6,611,500 Expenses Compensation and Benefits Compensation 240,150 294,222 136,470 186,514 258,284 1,115,640 Performance Fee Compensation Realized Carried Interest 38,953 148,837 — 69,411 — 257,201 Incentive Fees — 23,878 65,793 111,244 — 200,915 Unrealized Carried Interest 342,733 566,837 — 57,147 — 966,717 Incentive Fees — (15,015 ) 2,856 508 — (11,651 ) Total Compensation and Benefits 621,836 1,018,759 205,119 424,824 258,284 2,528,822 Other Operating Expenses 124,499 116,391 66,966 96,940 81,843 486,639 Total Expenses 746,335 1,135,150 272,085 521,764 340,127 3,015,461 Economic Income $ 736,003 $ 2,069,975 $ 376,525 $ 358,486 $ 55,050 $ 3,596,039 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the years ended December 31, 2015, 2014 and 2013: December 31, 2015 and the Year Then Ended Total Consolidation Blackstone Revenues $ 4,555,932 $ 90,620 (a) $ 4,646,552 Expenses $ 2,378,136 $ 712,739 (b) $ 3,090,875 Other Income $ — $ 259,071 (c) $ 259,071 Economic Income $ 2,177,796 $ (363,048 )(d) $ 1,814,748 Total Assets $ 17,779,363 $ 4,746,717 (e) $ 22,526,080 December 31, 2014 and the Year Then Ended Total Consolidation Blackstone Revenues $ 7,537,294 $ (52,566 )(a) $ 7,484,728 Expenses $ 2,992,796 $ 863,060 (b) $ 3,855,856 Other Income $ — $ 357,854 (c) $ 357,854 Economic Income $ 4,544,498 $ (557,772 )(d) $ 3,986,726 Total Assets $ 19,099,623 $ 12,397,474 (e) $ 31,497,097 Year Ended December 31, 2013 Total Consolidation Blackstone Revenues $ 6,611,500 $ 1,668 (a) $ 6,613,168 Expenses $ 3,015,461 $ 851,279 (b) $ 3,866,740 Other Income $ — $ 402,133 (c) $ 402,133 Economic Income $ 3,596,039 $ (447,478 )(d) $ 3,148,561 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Year Ended December 31, 2015 2014 2013 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (100,657 ) $ 52,219 $ (5,575 ) Fund Expenses Added in Consolidation 48,239 19,169 30,727 Non-Controlling Interests in Income of Consolidated Entities 231,045 409,864 381,872 Transaction-Related Other Income (Loss) 80,444 (123,398 ) (4,891 ) Total Consolidation Adjustments and Reconciling Items $ 259,071 $ 357,854 $ 402,133 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Consolidated Statements of Operations consists of the following: Year Ended December 31, 2015 2014 2013 Economic Income $ 2,177,796 $ 4,544,498 $ 3,596,039 Adjustments Amortization of Intangibles (104,530 ) (111,254 ) (106,643 ) IPO and Acquisition-Related Charges (489,563 ) (856,382 ) (722,707 ) Non-Controlling Interests in Income of Consolidated Entities 231,045 409,864 381,872 Total Consolidation Adjustments and Reconciling Items (363,048 ) (557,772 ) (447,478 ) Income Before Provision for Taxes $ 1,814,748 $ 3,986,726 $ 3,148,561 (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	12 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS There have been no events since December 31, 2015 that require recognition or disclosure in the Consolidated Financial Statements.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
QUARTERLY FINANCIAL DATA (UNAUDITED)	23. QUARTERLY FINANCIAL DATA (UNAUDITED) Three Months Ended March 31, June 30, September 30, December 31, Revenues $ 2,512,358 $ 1,225,202 $ 11,573 $ 897,419 Expenses 1,142,568 914,432 476,997 556,878 Other Income (Loss) 93,555 82,015 (16,867 ) 100,368 Income (Loss) Before Provision for Taxes $ 1,463,345 $ 392,785 $ (482,291 ) $ 440,909 Net Income (Loss) $ 1,364,001 $ 349,534 $ (483,864 ) $ 394,679 Net Income (Loss) Attributable to The Blackstone Group L.P. $ 629,448 $ 134,168 $ (254,697 ) $ 200,870 Net Income (Loss) Per Common Unit Common Units, Basic $ 1.01 $ 0.21 $ (0.40 ) $ 0.31 Common Units, Diluted $ 1.00 $ 0.21 $ (0.40 ) $ 0.23 Distributions Declared (b) $ 0.78 $ 0.89 $ 0.74 $ 0.49 Three Months Ended March 31, June 30, September 30, December 31, Revenues $ 1,526,668 $ 2,257,860 $ 1,679,426 $ 2,020,774 Expenses 887,851 1,089,781 1,055,138 823,086 Other Income 70,155 138,585 8,682 140,432 Income Before Provision for Taxes $ 708,972 $ 1,306,664 $ 632,970 $ 1,338,120 Net Income $ 654,875 $ 1,223,382 $ 553,862 $ 1,263,434 Net Income Attributable to The Blackstone Group L.P. $ 265,617 $ 517,016 $ 250,505 $ 551,451 Net Income Per Common Unit Common Units, Basic $ 0.44 $ 0.85 $ 0.41 $ 0.90 Common Units, Diluted $ 0.44 $ 0.85 $ 0.41 $ 0.89 Distributions Declared (b) $ 0.58 $ 0.35 $ 0.55 $ 0.44 (a) Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015. (b) Distributions declared reflects the calendar date of the declaration of each distribution.

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Partnership have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The 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 Consolidated Statements of Cash Flows.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
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 that would overcome the presumption of control by the Partnership. 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 VIEs 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 Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”.
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, performance fees, investment income, interest and dividend revenue and other. Management and Advisory Fees, Net The Partnership earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital, or in some cases, a fixed fee. Base management fees are recognized based on contractual terms specified in the underlying investment advisory agreements. Transaction and other fees (including monitoring fees) are fees charged directly to managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to the Partnership (“management fee reductions”) by an amount equal to a portion of the transaction and other fees directly paid to the Partnership by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are granted based on the amount such limited partners reimburse the Blackstone Funds for placement fees. Advisory fees consist of advisory retainer and transaction-based fee arrangements related to financial and strategic advisory services, restructuring and reorganization advisory services, capital markets services and fund placement services for alternative investment funds. Advisory retainer fees are recognized when services for the transactions are complete, in accordance with terms set forth in individual agreements. Transaction-based fees are recognized when (a) there is evidence of an arrangement with a client, (b) agreed upon services have been provided, (c) fees are fixed or determinable, and (d) collection is reasonably assured. Fund placement fees are recognized as earned upon the acceptance by a fund of capital or capital commitments. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Consolidated Statements of Financial Condition. Management fees paid by limited partners to the Blackstone Funds and passed on to Blackstone are not considered affiliate revenues. Performance Fees In certain fund structures, specifically in private equity, real estate and certain hedge fund solutions and credit-focused funds (“Carry Funds”), performance fees (“Carried Interest”) are allocated to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, the Partnership calculates the Carried Interest that would be due to the Partnership for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Carried Interest to reflect either (a) positive performance resulting in an increase in the Carried Interest allocated to the general partner or (b) negative performance that would cause the amount due to the Partnership to be less than the amount previously recognized as revenue, resulting in a negative adjustment to Carried Interest allocated to the general partner. In each scenario, it is necessary to calculate the Carried Interest on cumulative results compared to the Carried Interest recorded to date and make the required positive or negative adjustments. The Partnership ceases to record negative Carried Interest allocations once previously recognized Carried Interest allocations for such fund have been fully reversed. The Partnership is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Carried Interest over the life of a fund. Accrued but unpaid Carried Interest as of the reporting date is reflected in Investments in the Consolidated Statements of Financial Condition. Carried Interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Carried Interest is subject to clawback to the extent that the Carried Interest received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Carried Interest, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the Blackstone Carry Funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, including certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. Investment Income (Loss) Interest and Dividend Revenue Other Revenue
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 subordinated 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 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 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 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 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 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 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 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 adjustments 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 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 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 Consolidated Statements of Operations. The carrying amounts of equity method investments are reflected in Investments in the 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations.
Cash Held by Blackstone Funds and Other	Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable	Accounts Receivable Accounts Receivable includes management fees receivable from limited partners, receivables from underlying funds in the fund of hedge funds business, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectibility. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill	Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Carried Interest. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 3 to 20 years, reflecting the contractual lives of such assets. Amortization expense is included within General, Administrative and Other in the Consolidated Statements of Operations. The Partnership does not hold any indefinite-lived intangible assets. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill comprises goodwill arising from the contribution and reorganization of the Partnership’s predecessor entities in 2007 immediately prior to its IPO, the acquisition of GSO in 2008 and the acquisition of Strategic Partners in 2013. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segment is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, a two-step quantitative assessment is performed to (a) calculate the fair value of the operating segment and compare it to its carrying value, and (b) if the carrying value exceeds its fair value, to measure an impairment loss.
Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten to fifteen years, and three to seven years for other fixed assets. The Partnership evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Foreign Currency	Foreign Currency In the normal course of business, the Partnership may enter into transactions not denominated in United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, the Partnership consolidates a number of entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income and allocated to Non-Controlling Interests in Consolidated Entities, as applicable.
Comprehensive Income	Comprehensive Incom Comprehensive Income consists of Net Income and Other Comprehensive Income. The Partnership’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
Non-Controlling Interests in Consolidated Entities	Non-Controlling Interests in Consolidated Entities Non-Controlling Interests in Consolidated Entities represent the component of Partners’ Capital in consolidated Blackstone Funds held by third party investors and employees. The percentage interests held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. In addition, all non-controlling interests in consolidated Blackstone Funds are attributed a share of income (loss) arising from the respective funds and a share of other comprehensive income, if applicable. Income (Loss) is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to The Blackstone Group L.P.
Redeemable Non-Controlling Interests in Consolidated Entities	Redeemable Non-Controlling Interests in Consolidated Entities Non-controlling interests related to funds of hedge funds and certain other credit-focused funds are subject to annual, semi-annual or quarterly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee in the funds of hedge funds and certain credit-focused funds during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third party interests in such consolidated funds are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. For all consolidated funds in which redemption rights have not been granted, non-controlling interests are presented within Partners’ Capital in the Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities.
Non-Controlling Interests in Blackstone Holdings	Non-Controlling Interests in Blackstone Holdings Non-Controlling Interests in Blackstone Holdings represent the component of Partners’ Capital in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits — Compensation — Compensation and Benefits — Performance Fee —
Other Income	Other Income Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments. Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations. Other Income also includes amounts attributable to the Reversal of the Tax Receivable Agreement Liability. See Note 14. “Income Taxes — Other Income — Reversal of the Tax Receivable Agreement Liability” for additional information.
Income Taxes	Income Taxes The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. jurisdictions. Accordingly, these entities in some cases are subject to New York City unincorporated business taxes or non-U.S. income taxes. In addition, certain of the wholly owned subsidiaries of the Partnership and the Blackstone Holdings Partnerships will be subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income tax is reflected in the Consolidated Financial Statements. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone uses the flow-through method to account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction to income tax expense. Blackstone analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. Blackstone records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (b) those tax positions that meet the more-likely-than-not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Blackstone recognizes accrued interest and penalties related to uncertain tax positions in General, Administrative, and Other expenses within the Consolidated Statements of Operations.
Net Income (Loss) Per Common Unit	Net Income (Loss) Per Common Unit Basic Income (Loss) Per Common Unit is calculated by dividing Net Income (Loss) Attributable to The Blackstone Group L.P. by the weighted-average number of common units and unvested participating common units outstanding for the period. Diluted Income (Loss) Per Common Unit reflects the assumed conversion of all dilutive securities. Diluted Income (Loss) Per Common Unit excludes the anti-dilutive effect of Blackstone Holdings Partnership Units and deferred restricted common units, as applicable.
Repurchase and Reverse Repurchase Agreements	Repurchase and Reverse 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 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 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 Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 12. “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 Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments The Partnership recognizes all derivatives as assets or liabilities on its 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 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 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 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 Consolidated Statements of Financial Condition. The Partnership has elected to not offset derivative assets and liabilities or financial assets in its 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 12. “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 consolidated financial statements when declared.
Recent Accounting Developments	Recent Accounting Developments In June 2014, the 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. The cash flow impact of the adoption of the amended guidance was $442.4 million as of January 1, 2015 and is reflected as Cash Relinquished with Deconsolidation and Liquidation of Partnership in the Consolidated Statements of Cash Flows. 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. Adoption of 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets, Net	Intangible Assets, Net consists of the following: December 31, 2015 2014 Finite-Lived Intangible Assets / Contractual Rights $ 1,424,226 $ 1,464,017 Accumulated Amortization (1,078,679 ) (1,005,184 ) Intangible Assets, Net $ 345,547 $ 458,833
Changes in Partnership's Intangible Assets, Net	Changes in the Partnership’s Intangible Assets, Net consists of the following: Year Ended December 31, 2015 2014 2013 Balance, Beginning of Year $ 458,833 $ 560,748 $ 598,535 Amortization Expense (101,437 ) (101,915 ) (95,671 ) Acquisitions — — 57,884 Intangibles Transferred to PJT Partners Inc. at Spin-Off (11,849 ) — — Balance, End of Year $ 345,547 $ 458,833 $ 560,748

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Investments	Investments consist of the following: December 31, 2015 2014 Investments of Consolidated Blackstone Funds $ 4,613,944 $ 11,375,407 Equity Method Investments 3,110,810 3,240,825 Blackstone’s Treasury Cash Management Strategies 1,682,259 1,666,061 Performance Fees 4,757,932 6,337,045 Other Investments 159,152 146,251 $ 14,324,097 $ 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 — Net Gains from Fund Investment Activities in the Consolidated Statements of Operations: Year Ended December 31, 2015 2014 2013 Realized Gains $ 223,078 $ 143,194 $ 205,741 Net Change in Unrealized (Losses) (161,398 ) (20,127 ) (26,800 ) Realized and Net Change in Unrealized Gains from Blackstone Funds 61,680 123,067 178,941 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 114,684 234,787 202,723 Other Income — Net Gains from Fund Investment Activities $ 176,364 $ 357,854 $ 381,664
Summarized Financial Information of Partnership's Equity Method Investments	The summarized financial information of the Partnership’s equity method investments for December 31, 2015 are as follows: December 31, 2015 and the Year Then Ended Private Real Hedge Fund Equity Estate Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 48,210,598 $ 61,971,919 $ 21,858,491 $ 16,136,543 $ 11,577 $ 148,189,128 Other Assets 1,041,591 6,210,557 1,927,535 1,174,601 53,825 10,408,109 Total Assets $ 49,252,189 $ 68,182,476 $ 23,786,026 $ 17,311,144 $ 65,402 $ 158,597,237 Liabilities and Partners’ Capital Debt $ 2,178,261 $ 5,562,806 $ 275,068 $ 2,086,670 $ — $ 10,102,805 Other Liabilities 1,315,572 1,573,370 1,462,072 956,305 52,269 5,359,588 Total Liabilities 3,493,833 7,136,176 1,737,140 3,042,975 52,269 15,462,393 Partners’ Capital 45,758,356 61,046,300 22,048,886 14,268,169 13,133 143,134,844 Total Liabilities and Partners’ Capital $ 49,252,189 $ 68,182,476 $ 23,786,026 $ 17,311,144 $ 65,402 $ 158,597,237 Statement of Operations Interest Income $ 384,174 $ 361,249 $ 170 $ 533,591 $ — $ 1,279,184 Other Income 8,506 1,313,956 35,112 49,042 84,975 1,491,591 Interest Expense (33,416 ) (91,985 ) (3,228 ) (61,971 ) — (190,600 ) Other Expenses (278,911 ) (355,617 ) (125,393 ) (167,385 ) (45,203 ) (972,509 ) Net Realized and Unrealized Gain from Investments 3,272,934 3,740,127 449,930 (954,692 ) 17,778 6,526,077 Net Income $ 3,353,287 $ 4,967,730 $ 356,591 $ (601,415 ) $ 57,550 $ 8,133,743 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of the Partnership’s equity method investments for December 31, 2014 are as follows: December 31, 2014 and the Year Then Ended Private Real Hedge Fund Equity Estate Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 43,005,350 $ 59,117,360 $ 15,947,483 $ 14,611,539 $ 19,594 $ 132,701,326 Other Assets 667,131 3,213,450 1,411,406 1,751,967 53,551 7,097,505 Total Assets $ 43,672,481 $ 62,330,810 $ 17,358,889 $ 16,363,506 $ 73,145 $ 139,798,831 Liabilities and Partners’ Capital Debt $ 836,667 $ 3,645,998 $ 20,550 $ 1,254,774 $ — $ 5,757,989 Other Liabilities 100,362 617,101 919,013 827,469 24,937 2,488,892 Total Liabilities 937,029 4,263,099 939,563 2,082,243 24,937 8,246,871 Partners’ Capital 42,735,452 58,067,711 16,419,326 14,281,263 48,208 131,551,960 Total Liabilities and Partners’ Capital $ 43,672,481 $ 62,330,810 $ 17,358,889 $ 16,363,506 $ 73,145 $ 139,798,831 Statement of Operations Interest Income $ 406,255 $ 260,683 $ 483 $ 567,008 $ 1 $ 1,234,430 Other Income 21,305 1,030,685 125,441 52,207 118,835 1,348,473 Interest Expense (61,855 ) (89,842 ) (271 ) (86,957 ) (153 ) (239,078 ) Other Expenses (97,073 ) (249,095 ) (103,787 ) (177,968 ) (71,297 ) (699,220 ) Net Realized and Unrealized Gain from Investments 8,567,193 10,441,009 547,982 643,080 3,263 20,202,527 Net Income $ 8,835,825 $ 11,393,440 $ 569,848 $ 997,370 $ 50,649 $ 21,847,132 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of the Partnership’s equity method investments for December 31, 2013 are as follows: December 31, 2013 and the Year Then Ended Private Real Hedge Fund Equity Estate Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 35,516,755 $ 57,053,881 $ 11,529,163 $ 12,150,918 $ 26,839 $ 116,277,556 Other Assets 389,265 3,441,977 1,114,404 2,678,742 128,826 7,753,214 Total Assets $ 35,906,020 $ 60,495,858 $ 12,643,567 $ 14,829,660 $ 155,665 $ 124,030,770 Liabilities and Partners’ Capital Debt $ 1,691,018 $ 3,013,762 $ 63,830 $ 1,165,405 $ 967 $ 5,934,982 Other Liabilities 54,909 886,445 689,964 1,131,557 14,222 2,777,097 Total Liabilities 1,745,927 3,900,207 753,794 2,296,962 15,189 8,712,079 Partners’ Capital 34,160,093 56,595,651 11,889,773 12,532,698 140,476 115,318,691 Total Liabilities and Partners’ Capital $ 35,906,020 $ 60,495,858 $ 12,643,567 $ 14,829,660 $ 155,665 $ 124,030,770 Statement of Operations Interest Income $ 294,171 $ 140,879 $ 224 $ 630,902 $ 4 $ 1,066,180 Other Income 10,580 752,184 89,632 30,937 101,214 984,547 Interest Expense (37,846 ) (51,544 ) (310 ) (68,973 ) — (158,673 ) Other Expenses (88,957 ) (108,580 ) (71,326 ) (105,706 ) (65,197 ) (439,766 ) Net Realized and Unrealized Gain from Investments 9,002,197 13,225,141 1,127,173 1,979,078 2,944 25,336,533 Net Income $ 9,180,145 $ 13,958,080 $ 1,145,393 $ 2,466,238 $ 38,965 $ 26,788,821 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.
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: Year Ended December 31, 2015 2014 2013 Realized Gains (Losses) $ (15,525 ) $ 11,689 $ (5,793 ) Net Change in Unrealized Gains (Losses) (35,709 ) 2,002 (9,342 ) $ (51,234 ) $ 13,691 $ (15,135 )
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 757,001 1,026,731 27,916 (102,286 ) 1,709,362 Foreign Exchange Gain (Loss) — (48,363 ) — — (48,363 ) Fund Distributions (1,493,142 ) (1,598,431 ) (33,200 ) (115,339 ) (3,240,112 ) Performance Fees, December 31, 2015 $ 1,479,443 $ 3,101,688 $ 9,747 $ 167,054 $ 4,757,932
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: Year Ended December 31, 2015 2014 2013 Realized Gains $ 80 $ 5,082 $ 13,468 Net Change in Unrealized (Losses) (4,079 ) (6,309 ) (6,758 ) $ (3,999 ) $ (1,227 ) $ 6,710

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 157,837 $ 148 (a ) (a ) Credit Driven 265,735 268 (b ) (b ) Event Driven 64,513 — (c ) (c ) Equity 252 — (d ) (d ) Commodities 2,105 — (e ) (e ) $ 490,442 $ 416 (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 4% 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 96% 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 63% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 3% 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 INSTRUME35

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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. December 31, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 53,627 $ 319 $ 138 $ 1 $ 62,078 $ 523 $ — $ — Freestanding Derivatives Blackstone — Other Interest Rate Contracts 1,681,533 2,212 1,054,465 4,288 223,886 407 879,412 4,590 Foreign Currency Contracts 158,684 2,088 271,891 2,042 192,163 2,798 148,873 681 Credit Default Swaps — — 19,250 2,411 19,500 85 56,000 868 Consolidated Blackstone Funds Foreign Currency Contracts 124,595 1,400 92,094 6,490 199,364 8,915 250,244 21,875 Interest Rate Contracts — — — — 22,659 2,281 — — Credit Default Swaps — — 108,786 6,275 — — 91,372 2,514 1,964,812 5,700 1,546,486 21,506 657,572 14,486 1,425,901 30,528 Total $ 2,018,439 $ 6,019 $ 1,546,624 $ 21,507 $ 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 Consolidated Statements of Operations from derivative financial instruments: Year Ended December 31, 2015 2014 2013 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ 283 $ — $ — Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (8,716 ) $ (1,012 ) $ 34,206 Foreign Currency Contracts 12,828 8,251 4,022 Credit Default Swaps 2,336 1,363 752 Total $ 6,448 $ 8,602 $ 38,980 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 3,933 $ (7,757 ) $ (1,947 ) Foreign Currency Contracts (7,930 ) (31,728 ) 2,636 Credit Default Swaps (7,518 ) 5,193 392 Total $ (11,515 ) $ (34,292 ) $ 1,081

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2015 2014 Assets Loans and Receivables $ 261,994 $ 40,397 Debt Securities 15,176 — Equity and Preferred Securities 280,879 102,907 Assets of Consolidated CLO Vehicles Corporate Loans 3,087,563 6,279,592 Corporate Bonds 379,000 292,690 Other — 44,513 $ 4,024,612 $ 6,760,099 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,225,064 $ 6,448,352 Subordinated Notes 98,371 348,752 $ 3,323,435 $ 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: Year Ended December 31, 2015 2014 2013 Realized Net Change Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (4,793 ) $ (1,703 ) $ (3,022 ) $ 43 $ (1,101 ) Debt Securities — (426 ) — — — — Equity and Preferred Securities (300 ) (17,269 ) (2,038 ) 6,885 (2,833 ) 7,273 Assets of Consolidated CLO Vehicles Corporate Loans (1,895 ) (36,502 ) (77,041 ) (28,054 ) 37,464 172,968 Corporate Bonds (551 ) 1,188 (1,405 ) (7,931 ) 4,510 (5,058 ) Other 4,431 (3,589 ) 22,625 17,649 2,647 (476 ) $ 1,685 $ (61,391 ) $ (59,562 ) $ (14,473 ) $ 41,831 $ 173,606 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ (6,626 ) $ (133,274 ) $ (6,078 ) $ (485,655 ) Subordinated Notes — 57,119 — 108,611 — 96,991 $ — $ 57,119 $ (6,626 ) $ (24,663 ) $ (6,078 ) $ (388,664 )
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: December 31, 2015 December 31, 2014 For Financial Assets For Financial Assets (Deficiency) Fair (Deficiency) (Deficiency) Fair (Deficiency) Loans and Receivables $ (8,845 ) $ — $ — $ (5,323 ) $ — $ — Debt Securities (426 ) — — — — — Assets of Consolidated CLO Vehicles Corporate Loans (77,900 ) 1,088 (5,620 ) (197,580 ) 4,369 (21,876 ) Corporate Bonds (6,046 ) — — (7,814 ) — — $ (93,217 ) $ 1,088 $ (5,620 ) $ (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 FI37

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2015 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 155,512 $ 155,512 Equity Securities 82,734 53,250 80,849 — 216,833 Partnership and LLC Interests — 101,399 472,391 — 573,790 Debt Instruments — 179,465 20,381 — 199,846 Assets of Consolidated CLO Vehicles Corporate Loans — 2,886,792 200,771 — 3,087,563 Corporate Bonds — 379,000 — — 379,000 Freestanding Derivatives — Foreign Currency Contracts — 1,400 — — 1,400 Total Investments of Consolidated Blackstone Funds 82,734 3,601,306 774,392 155,512 4,613,944 Blackstone’s Treasury Cash Management Strategies Equity Securities 240,464 — — — 240,464 Debt Instruments — 1,069,915 54,657 115,657 1,240,229 Other — — — 201,566 201,566 Total Blackstone’s Treasury Cash Management Strategies 240,464 1,069,915 54,657 317,223 1,682,259 Money Market Funds 460,233 — — — 460,233 Net Investment Hedges — Foreign Currency Contracts — 319 — — 319 Freestanding Derivatives — — Interest Rate Contracts 1,806 406 — — 2,212 Foreign Currency Contracts — 2,088 — — 2,088 Loans and Receivables — — 261,994 — 261,994 Other Investments 40,261 — 101,184 17,707 159,152 $ 825,498 $ 4,674,034 $ 1,192,227 $ 490,442 $ 7,182,201 December 31, 2015 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,225,064 $ — $ 3,225,064 Subordinated Notes (b) — 98,371 — 98,371 Freestanding Derivatives — Foreign Currency Contracts — 6,490 — 6,490 Freestanding Derivatives — Credit Default Swaps — 6,275 — 6,275 Net Investment Hedges — Foreign Currency Contracts — 1 — 1 Freestanding Derivatives Interest Rate Contracts 835 3,453 — 4,288 Foreign Currency Contracts — 2,042 — 2,042 Credit Default Swaps — 2,411 — 2,411 Securities Sold, Not Yet Purchased — 176,667 — 176,667 $ 835 $ 3,520,774 $ — $ 3,521,609 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 CLO Vehicles (a) Senior Secured Notes (b) $ — $ — $ 6,448,352 $ 6,448,352 Subordinated Notes (b) — — 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 December 31, 2015 and 2014, respectively: Year Ended December 31, 2015 2014 Transfers from Level I into Level II (a) $ — $ 1,639 Transfers from Level II into Level I (b) $ 32,025 $ 23,758 (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 December 31, 2015: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 66,962 Discounted Cash Flows Discount Rate 7.8% - 25.0% 13.6% Revenue CAGR -5.0% - 61.5% 10.2% Exit Multiple - EBITDA 5.0x - 18.2x 9.6x Exit Multiple - P/E 10.5x - 17.0x 11.2x Exit Capitalization Rate 5.5% - 11.4% 9.0% 5,426 Other N/A N/A N/A 6,722 Transaction Price N/A N/A N/A 1,710 Market Comparable Companies EBITDA Multiple 6.5x - 8.0x 6.6x Book Value Multiple 0.9x N/A 29 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 423,588 Discounted Cash Flows Discount Rate 2.1% - 25.8% 9.3% Revenue CAGR -24.1% - 31.8% 8.6% Exit Multiple - EBITDA 0.1x - 23.8x 9.8x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 2.7% - 12.1% 6.3% 30,437 Transaction Price N/A N/A N/A 16,963 Third Party Pricing N/A N/A N/A 1,403 Other N/A N/A N/A Debt Instruments 16,217 Third Party Pricing N/A N/A N/A 4,086 Discounted Cash Flows Discount Rate 6.5% - 52.7% 14.1% Revenue CAGR 16.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.8% 78 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 180,988 Third Party Pricing N/A N/A N/A 19,783 Market Comparable Companies EBITDA Multiple 4.5x - 7.0x 6.5x Total Investments of Consolidated Blackstone Funds 774,392 Blackstone’s Treasury Cash Management Strategies $ 32,004 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 67.0% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 400 bps N/A Discount Rate 5.8% - 14.0% 8.6% 22,653 Third Party Pricing N/A N/A N/A Loans and Receivables 241,897 Discounted Cash Flows Discount Rate 6.7% - 20.6% 11.0% 20,097 Third Party Pricing N/A N/A N/A Other Investments 81,984 Discounted Cash Flows Discount Rate 1.4% - 12.5% 3.3% 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 19,200 Transaction Price N/A N/A N/A Total $ 1,192,227 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2014: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 106,727 Discounted Cash Flows Discount Rate 8.4% - 24.7% 11.8% Revenue CAGR 0.7% - 24.4% 7.1% Exit Multiple - EBITDA 5.0x - 13.0x 10.1x Exit Multiple - P/E 10.5x - 17.0x 11.2x 67,706 Transaction Price N/A N/A N/A 163 Market Comparable Companies EBITDA Multiple 6.7x - 7.6x 6.9x 45 Third Party Pricing N/A N/A N/A 4,670 Other N/A N/A N/A Partnership and LLC Interests 485,748 Discounted Cash Flows Discount Rate 4.4% - 21.5% 9.5% Revenue CAGR -4.4% - 41.7% 6.5% Exit Multiple - EBITDA 1.0x - 19.1x 9.7x Exit Capitalization Rate 2.0% - 19.1% 6.8% 996,199 Transaction Price N/A N/A N/A 13,793 Third Party Pricing N/A N/A N/A 682 Other N/A N/A N/A Debt Instruments 9,570 Discounted Cash Flows Discount Rate 8.8% - 24.7% 16.1% Revenue CAGR 4.7% - 6.8% 5.0% Exit Multiple - EBITDA 5.9x - 11.3x 11.0x Exit Capitalization Rate 1.0% - 12.4% 9.3% Default Rate 2% N/A Recovery Rate 30.0% - 70.0% 66.0% Recovery Lag 12 months N/A Pre-payment Rate 20% N/A Reinvestment Rate LIBOR + 400 bps N/A 95,542 Third Party Pricing N/A N/A N/A 686 Transaction Price N/A N/A N/A 172 Market Comparable Companies EBITDA Multiple 6.6x - 7.9x 6.6x Assets of Consolidated CLO Vehicles 318,636 Third Party Pricing N/A N/A N/A 290,658 Market Comparable Companies EBITDA Multiple 3.8x - 15.0x 6.1x 3,826 Discounted Cash Flows Discount Rate 8.0% N/A Total Investments of Consolidated Blackstone Funds 2,394,823 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. Third Party Pricing Third Party Pricing is generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. (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 Year Ended December 31, 2015 2014 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period (a) $ 2,394,823 $ 40,397 $ 189,385 $ 2,624,605 $ 2,460,907 $ 137,788 $ 44,774 $ 2,643,469 Transfer In Due to Consolidation and — — — — 205,890 — — 205,890 Transfer Out Due to Deconsolidation (1,460,538 ) — — (1,460,538 ) (335,357 ) — — (335,357 ) Transfer In to 47,097 — 31,479 78,576 570,902 — 32,681 603,583 Transfer Out of (195,422 ) — (58,158 ) (253,580 ) (358,406 ) — (48,282 ) (406,688 ) Purchases 328,237 233,693 47,978 609,908 910,440 192,568 193,367 1,296,375 Sales (383,302 ) (9,535 ) (40,000 ) (432,837 ) (1,211,216 ) (284,920 ) (17,138 ) (1,513,274 ) Settlements — (4,435 ) (465 ) (4,900 ) — (1,170 ) (522 ) (1,692 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income 43,497 1,874 (14,378 ) 30,993 151,663 (3,869 ) (15,495 ) 132,299 Balance, End of Period $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 $ 2,394,823 $ 40,397 $ 189,385 $ 2,624,605 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (5,333 ) $ 1,745 $ (3,624 ) $ (7,212 ) $ 43,450 $ (4,048 ) $ (991 ) $ 38,411
Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used	Level III Financial Liabilities at Fair Value Year Ended December 31, 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) — — — 1,990,703 144,107 2,134,810 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) (2,231,852 ) (277,302 ) (2,509,154 ) Transfer Out Due to Amended CLO Guidance (e) (2,279,947 ) (86,818 ) (2,366,765 ) — — — Issuances — — — 557,780 10,000 567,780 Settlements — — — (1,807,845 ) (703 ) (1,808,548 ) Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income — — — (363,006 ) (137,785 ) (500,791 ) Balance, End of Period $ — $ — $ — $ 6,448,352 $ 348,752 $ 6,797,104 Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date $ — $ — $ — $ 127,011 $ (79,423 ) $ 47,588 (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.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 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 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: December 31, 2015 2014 Investments $ 466,651 $ 776,079 Accounts Receivable 11,726 125,316 Due from Affiliates 51,029 53,751 Total VIE Assets 529,406 955,146 Due to Affiliates 586 108 Accounts Payable, Accrued Expenses and Other Liabilities 88 124 Potential Clawback Obligation 73,450 206,725 Maximum Exposure to Loss $ 603,530 $ 1,162,103

REVERSE REPURCHASE AND REPURC39

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Repurchase Agreements Obligation by Type of Collateral	The following table provides information regarding the Partnership’s Repurchase Agreements obligation by type of collateral as of December 31, 2015: December 31, 2015 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 970 $ — $ — $ — $ 970 Asset-Backed Securities — 39,959 — — 39,959 Total $ 970 $ 39,959 $ — $ — $ 40,929 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 40,929 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ —

OTHER ASSETS AND ACCOUNTS PAY40

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Other Assets	Other Assets consists of the following: December 31, 2015 2014 Furniture, Equipment and Leasehold Improvements $ 317,496 $ 318,672 Less: Accumulated Depreciation (181,953 ) (182,932 ) Furniture, Equipment and Leasehold Improvements, Net 135,543 135,740 Prepaid Expenses 190,241 102,503 Other Assets 46,786 82,704 Freestanding Derivatives 4,300 3,290 Net Investment Hedges 319 523 $ 377,189 $ 324,760

OFFSETTING OF ASSETS AND LIAB41

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Offsetting of Assets and Liabilities	The following tables present the offsetting of assets and liabilities as of December 31, 2015: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Assets Net Investment Hedges $ 319 $ 1 $ — $ 318 Freestanding Derivatives 4,300 2,149 1,310 841 Reverse Repurchase Agreements 204,893 203,938 — 955 Total $ 209,512 $ 206,088 $ 1,310 $ 2,114 Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Liabilities Net Investment Hedges $ 1 $ 1 $ — $ — Freestanding Derivatives 15,016 2,149 12,076 791 Repurchase Agreements 40,929 40,259 670 — Total $ 55,946 $ 42,409 $ 12,746 $ 791 The following tables present the offsetting of assets and liabilities as of December 31, 2014: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net 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 Gross Amounts Not Offset in Financial Cash Collateral Net 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

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2015
Partnership's Credit Facilities	The Partnership’s credit facilities consist of the following: December 31, 2015 2014 Credit Borrowing Weighted Credit Borrowing Weighted Revolving Credit Facility (a) $ 1,100,000 $ 6,129 0.88 % $ 1,100,000 $ 689 0.88 % Blackstone Issued Senior Notes (b) 6.625%, Due 8/15/2019 (c) 585,000 585,000 6.63 % 585,000 585,000 6.63 % 5.875%, Due 3/15/2021 400,000 400,000 5.88 % 400,000 400,000 5.88 % 4.750%, Due 2/15/2023 400,000 400,000 4.75 % 400,000 400,000 4.75 % 6.250%, Due 8/15/2042 250,000 250,000 6.25 % 250,000 250,000 6.25 % 5.000%, Due 6/15/2044 500,000 500,000 5.00 % 500,000 500,000 5.00 % 4.450%, Due 7/15/2045 350,000 350,000 4.45 % — — — 2.000%, Due 5/19/2025 327,990 327,990 2.00 % — — — 3,912,990 2,819,119 5.11 % 3,235,000 2,135,689 5.71 % Blackstone Fund Facilities (d) 4,453 4,453 1.97 % 6,877 6,877 2.53 % CLO Vehicles (e) 3,914,326 3,914,326 1.94 % 7,519,660 7,334,316 1.27 % $ 7,831,769 $ 6,737,898 3.26 % $ 10,761,537 $ 9,476,882 2.27 % (a) Blackstone, through indirect subsidiaries, has a $1.1 billion unsecured revolving credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent with a maturity date of May 29, 2019. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee. Borrowings may also be made in U.K. sterling or euros, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The Borrowing Outstanding at each date represent outstanding but undrawn letters of credit against the credit facility. (b) Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), an indirect subsidiary of the Partnership, has issued long term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by the Partnership, Blackstone Holdings, and the Issuer (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been capitalized and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. Interest expense on the Notes was $136.5 million, $115.2 million and $96.9 million for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively. (c) The Credit Available and Borrowing Outstanding 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. (d) Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. (e) Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition.
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the Consolidated Statements of Financial Condition. All of the Notes were issued at a discount. All of the Notes accrue interest from the Issue Date and all pay interest in arrears on a semi-annual Issue Date Interest Payment First Interest Payment December 31, 2015 2014 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (c) 8/20/2009 2/15, 8/15 2/15/2010 $ 614,996 $ 665,438 $ 622,552 $ 684,158 5.875%, Due 3/15/2021 9/15/2010 3/15, 9/15 3/15/2011 $ 397,720 $ 458,680 $ 397,357 $ 462,360 4.750%, Due 2/15/2023 8/17/2012 2/15, 9/15 2/15/2013 $ 392,224 $ 430,560 $ 391,344 $ 436,240 6.250%, Due 8/15/2042 8/17/2012 2/15, 9/15 2/15/2013 $ 237,648 $ 297,575 $ 237,487 $ 307,125 5.000%, Due 6/15/2044 4/7/2014 6/15, 12/15 12/15/2014 $ 488,119 $ 515,050 $ 487,966 $ 527,500 4.450%, Due 7/15/2045 4/27/2015 1/15, 7/15 1/15/2016 $ 343,689 $ 332,640 $ — $ — 2.000%, Due 5/19/2025 5/19/2015 5/19 5/19/2016 $ 322,664 $ 327,465 $ — $ — (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 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. (c) 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.
Partnership's Borrowings Through Consolidated CLO Vehicles	Borrowings through the consolidated CLO vehicles consisted of the following: December 31, 2015 2014 Borrowing Weighted Weighted Borrowing Weighted Weighted Senior Secured Notes $ 3,687,976 1.93 % 5.4 $ 6,594,266 1.27 % 3.8 Subordinated Notes 226,350 (a) N/A 740,050 (a) N/A $ 3,914,326 $ 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: December 31, 2015 2014 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Fair Value Borrowing Fair Senior Secured Notes $ 3,225,064 $ — $ — $ 6,448,352 $ 2,500 $ 2,504 Subordinated Notes $ 98,371 $ 10,000 $ 8,231 $ 348,752 $ 24,200 $ 14,377
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings at December 31, 2015 are as follows: Operating Blackstone Fund Total Borrowings 2016 $ — $ 4,453 $ 4,453 2017 — 519,318 519,318 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,227,990 3,395,008 5,622,998 Total $ 2,812,990 $ 3,918,779 $ 6,731,769

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Provision (Benefit) for Income Taxes	The Provision for Taxes consists of the following: Year Ended December 31, 2015 2014 2013 Current Federal Income Tax $ 45,506 $ 135,193 $ 19,237 Foreign Income Tax 16,769 24,199 13,302 State and Local Income Tax 28,137 69,281 33,273 90,412 228,673 65,812 Deferred Federal Income Tax 80,307 54,375 157,962 Foreign Income Tax (398 ) (416 ) (638 ) State and Local Income Tax 20,077 8,541 32,506 99,986 62,500 189,830 Provision for Taxes $ 190,398 $ 291,173 $ 255,642
Summary of Blackstone's Tax Position	The following table summarizes Blackstone’s tax position: Year Ended December 31, 2015 2014 2013 Income Before Provision for Taxes $ 1,814,748 $ 3,986,726 $ 3,148,561 Provision for Taxes $ 190,398 $ 291,173 $ 255,642 Effective Income Tax Rate 10.5 % 7.3 % 8.1 %
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate	The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: Year Ended December 31, 2015 2014 2013 Statutory U.S. Federal Income Tax Rate 35.0 % 35.0 % 35.0 % Income Passed Through to Common Unitholders and Non-Controlling Interest -22.3 % -28.7 % -28.7 % Interest Expense -4.0 % -0.5 % -0.9 % Foreign Income Taxes -0.1 % -0.3 % -0.2 % State and Local Income Taxes 1.8 % 1.5 % 1.7 % Equity-Based Compensation 1.8 % 1.1 % 1.6 % Change in Tax Rate — — 0.6 % Net Unrecognized Tax Benefits -0.2 % 0.1 % -0.2 % Non Deductible Expenses 0.2 % 0.2 % — Tax Deductible Compensation -1.5 % -0.4 % -0.3 % Other -0.2 % -0.7 % -0.5 % Effective Income Tax Rate (b) 10.5 % 7.3 % 8.1 % (a) Includes income that is not taxable to the Partnership and its subsidiaries. Such income is directly taxable to the Partnership’s unitholders and the non-controlling interest holders. (b) The effective tax rate is calculated on Income (Loss) Before Provision for Taxes.
Summary of Tax Effects of Temporary Differences	A summary of the tax effects of the temporary differences is as follows: December 31, 2015 2014 Deferred Tax Assets Fund Management Fees $ 16,357 $ 21,607 Equity-Based Compensation 57,552 56,783 Unrealized Gains from Investments — (119,428 ) Depreciation and Amortization 1,326,395 1,314,570 Net Operating Loss Carry Forward 15,874 — Other — (21,302 ) Total Deferred Tax Assets 1,416,178 1,252,230 Deferred Tax Liabilities Unrealized Gains from Investments 105,830 — Other 32,919 — Depreciation and Amortization — 10 Total Deferred Tax Liabilities 138,749 10 Net Deferred Tax Assets $ 1,277,429 $ 1,252,220
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties	Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2015 2014 2013 Unrecognized Tax Benefits — January 1 $ 19,836 $ 18,862 $ 30,742 Additions based on Tax Positions Related to Current Year 1,031 2,104 6,517 Additions for Tax Positions of Prior Years — 4,002 3,435 Reductions for Tax Positions of Prior Years (4,032 ) (2,503 ) (17,686 ) Settlements — (1,062 ) (3,538 ) Exchange Rate Fluctuations (1,137 ) (1,567 ) (608 ) Unrecognized Tax Benefits — December 31 $ 15,698 $ 19,836 $ 18,862

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	12 Months Ended
	Dec. 31, 2015
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the years ended December 31, 2015, 2014 and 2013 was calculated as follows: Year Ended December 31, 2015 2014 2013 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 709,789 $ 1,584,589 $ 1,171,202 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 524,353 — — Net Income Attributable to The Blackstone Group L.P., Diluted $ 1,234,142 $ 1,584,589 $ 1,171,202 Units Outstanding Weighted-Average Common Units Outstanding, Basic 634,337,179 608,803,111 587,018,828 Weighted-Average Unvested Deferred Restricted Common Units 2,993,398 4,373,294 3,527,812 Weighted-Average Blackstone Holdings Partnership Units 550,754,834 — — Weighted-Average Common Units Outstanding, Diluted 1,188,085,411 613,176,405 590,546,640 Net Income Per Common Unit, Basic $ 1.12 $ 2.60 $ 2.00 Net Income Per Common Unit, Diluted $ 1.04 $ 2.58 $ 1.98 Distributions Declared Per Common Unit (a) $ 2.90 $ 1.92 $ 1.18 (a) Distributions declared reflects the calendar date of declaration for each distribution. The fourth quarter distribution, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2015 2014 2013 Weighted-Average Blackstone Holdings Partnership Units — 542,553,088 553,579,525

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and of changes during the period January 1, 2015 through December 31, 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 28,861,922 37.91 5,655,007 32.98 16,928 34.03 Vested (19,845,114 ) 29.48 (7,942,152 ) 17.62 (815 ) 32.62 Exchanged — — (10,374 ) 28.23 10,374 28.23 Forfeited (1,613,290 ) 23.31 (929,724 ) 24.82 — — Balance, December 31, 2015 40,901,755 $ 32.98 14,342,129 $ 22.38 27,942 $ 28.79
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of December 31, 2015, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 33,675,366 4.4 Deferred Restricted Blackstone Common Units 12,386,848 1.9 Total Equity-Based Awards 46,062,214 3.7 Phantom Units 19,495 3.8

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2015 2014 Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 1,686 $ 2,518 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 331,558 253,597 Amounts Due from Portfolio Companies and Funds 319,758 372,820 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 5,931 32,020 Management and Performance Fees Due from Non-Consolidated Funds 403,538 355,657 Payments Made on Behalf of Non-Consolidated Entities 178,326 111,796 $ 1,240,797 $ 1,128,408 December 31, 2015 2014 Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,201,543 $ 1,234,890 Accrual for Potential Repayment of Previously Received Performance Fees 3,356 3,889 Due to Note Holders of Consolidated CLO Vehicles 8,231 16,881 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 26,593 21,266 Payable to Affiliates for Consolidated Funds — 22,447 Distributions Received on Behalf of Blackstone Entities 33,160 176,304 Payments Made by Non-Consolidated Entities 9,817 14,411 $ 1,282,700 $ 1,490,088

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Aggregate Minimum Future Payments, Net of Sublease Income, Required on Operating Leases	As of December 31, 2015, the aggregate minimum future payments, net of sublease income, required on the operating leases are as follows: 2016 $ 75,076 2017 74,629 2018 72,207 2019 67,579 2020 63,407 Thereafter 490,835 Total $ 843,733
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: December 31, 2015 2014 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ — $ — $ — $ 130 $ 1,647 $ 1,777 Credit 1,670 1,686 3,356 1,241 871 2,112 Total $ 1,670 $ 1,686 $ 3,356 $ 1,371 $ 2,518 $ 3,889

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Data of Segments	The following table presents the financial data for Blackstone’s four segments as of and for the years ended December 31, 2015, 2014 and 2013. December 31, 2015 and the Year Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 502,640 $ 668,575 $ 524,386 $ 500,982 $ — $ 2,196,583 Advisory Fees 10,561 — — — 297,570 308,131 Transaction and Other Fees, Net 36,258 110,577 317 6,371 162 153,685 Management Fee Offsets (36,760 ) (26,840 ) 171 (30,065 ) — (93,494 ) Total Management and Advisory Fees, Net 512,699 752,312 524,874 477,288 297,732 2,564,905 Performance Fees Realized Carried Interest 1,474,987 1,634,733 — 96,156 — 3,205,876 Incentive Fees — 17,153 68,197 109,396 — 194,746 Unrealized Carried Interest (717,955 ) (680,542 ) 2,021 (198,820 ) — (1,595,296 ) Incentive Fees — 20,802 (8,084 ) (19,967 ) — (7,249 ) Total Performance Fees 757,032 992,146 62,134 (13,235 ) — 1,798,077 Investment Income (Loss) Realized 189,649 235,582 (12,741 ) 7,186 (868 ) 418,808 Unrealized (116,338 ) (231,889 ) (1,435 ) (16,258 ) (39 ) (365,959 ) Total Investment Income (Loss) 73,311 3,693 (14,176 ) (9,072 ) (907 ) 52,849 Interest and Dividend Revenue 33,218 43,990 17,274 24,599 12,520 131,601 Other 5,854 (1,422 ) 200 5,171 (1,303 ) 8,500 Total Revenues 1,382,114 1,790,719 590,306 484,751 308,042 4,555,932 Expenses Compensation and Benefits Compensation 280,248 358,381 179,484 190,189 180,917 1,189,219 Performance Fee Compensation Realized Carried Interest 256,922 484,037 — 52,841 — 793,800 Incentive Fees — 8,678 27,155 50,113 — 85,946 Unrealized Carried Interest (10,172 ) (196,347 ) 823 (107,000 ) — (312,696 ) Incentive Fees — 8,817 (2,912 ) (8,395 ) — (2,490 ) Total Compensation and Benefits 526,998 663,566 204,550 177,748 180,917 1,753,779 Other Operating Expenses 199,158 179,175 90,072 93,626 62,326 624,357 Total Expenses 726,156 842,741 294,622 271,374 243,243 2,378,136 Economic Income $ 655,958 $ 947,978 $ 295,684 $ 213,377 $ 64,799 $ 2,177,796 Segment Assets $ 5,680,315 $ 7,456,507 $ 1,916,956 $ 2,725,585 $ — $ 17,779,363 December 31, 2014 and the Year Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 415,841 $ 628,502 $ 482,981 $ 460,205 $ — $ 1,987,529 Advisory Fees 21,903 — — — 398,942 420,845 Transaction and Other Fees, Net 135,718 91,610 569 18,161 379 246,437 Management Fee Offsets (19,146 ) (34,443 ) (5,014 ) (28,168 ) — (86,771 ) Total Management and Advisory Fees, Net 554,316 685,669 478,536 450,198 399,321 2,568,040 Performance Fees Realized Carried Interest 754,402 1,487,762 — 208,432 — 2,450,596 Incentive Fees — 11,499 140,529 109,717 — 261,745 Unrealized Carried Interest 1,222,828 524,046 — (37,913 ) — 1,708,961 Incentive Fees — (5,521 ) (879 ) (23,025 ) — (29,425 ) Total Performance Fees 1,977,230 2,017,786 139,650 257,211 — 4,391,877 Investment Income (Loss) Realized 202,719 309,095 21,550 9,354 707 543,425 Unrealized (23,914 ) (58,930 ) 5,132 5,055 860 (71,797 ) Total Investment Income 178,805 250,165 26,682 14,409 1,567 471,628 Interest and Dividend Revenue 21,993 30,197 11,114 23,040 10,000 96,344 Other 6,569 2,863 1,855 (2,310 ) 428 9,405 Total Revenues 2,738,913 2,986,680 657,837 742,548 411,316 7,537,294 Expenses Compensation and Benefits Compensation 280,499 326,317 131,658 188,200 226,837 1,153,511 Performance Fee Compensation Realized Carried Interest 266,393 432,996 — 116,254 — 815,643 Incentive Fees — 5,980 42,451 61,668 — 110,099 Unrealized Carried Interest 210,446 197,174 — (28,583 ) — 379,037 Incentive Fees — (2,751 ) (273 ) (16,252 ) — (19,276 ) Total Compensation and Benefits 757,338 959,716 173,836 321,287 226,837 2,439,014 Other Operating Expenses 143,562 146,083 86,129 90,524 87,484 553,782 Total Expenses 900,900 1,105,799 259,965 411,811 314,321 2,992,796 Economic Income $ 1,838,013 $ 1,880,881 $ 397,872 $ 330,737 $ 96,995 $ 4,544,498 Segment Assets $ 6,134,869 $ 8,032,854 $ 1,472,992 $ 2,592,313 $ 866,595 $ 19,099,623 December 31, 2013 and the Year Then Ended Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 368,146 $ 565,182 $ 409,321 $ 398,158 $ — $ 1,740,807 Advisory Fees 24,313 — — — 386,201 410,514 Transaction and Other Fees, Net 97,678 79,675 623 28,586 415 206,977 Management Fee Offsets (5,683 ) (22,821 ) (3,387 ) (40,329 ) — (72,220 ) Total Management and Advisory Fees, Net 484,454 622,036 406,557 386,415 386,616 2,286,078 Performance Fees Realized Carried Interest 329,993 486,773 — 127,192 — 943,958 Incentive Fees — 45,862 207,735 220,736 — 474,333 Unrealized Carried Interest 398,232 1,651,700 — 108,078 — 2,158,010 Incentive Fees — (28,753 ) 7,718 1,107 — (19,928 ) Total Performance Fees 728,225 2,155,582 215,453 457,113 — 3,556,373 Investment Income (Loss) Realized 88,026 52,359 27,613 4,098 (1,625 ) 170,471 Unrealized 161,749 350,201 (9,306 ) 13,951 739 517,334 Total Investment Income (Loss) 249,775 402,560 18,307 18,049 (886 ) 687,805 Interest and Dividend Revenue 15,625 21,563 7,605 18,146 7,997 70,936 Other 4,259 3,384 688 527 1,450 10,308 Total Revenues 1,482,338 3,205,125 648,610 880,250 395,177 6,611,500 Expenses Compensation and Benefits Compensation 240,150 294,222 136,470 186,514 258,284 1,115,640 Performance Fee Compensation Realized Carried Interest 38,953 148,837 — 69,411 — 257,201 Incentive Fees — 23,878 65,793 111,244 — 200,915 Unrealized Carried Interest 342,733 566,837 — 57,147 — 966,717 Incentive Fees — (15,015 ) 2,856 508 — (11,651 ) Total Compensation and Benefits 621,836 1,018,759 205,119 424,824 258,284 2,528,822 Other Operating Expenses 124,499 116,391 66,966 96,940 81,843 486,639 Total Expenses 746,335 1,135,150 272,085 521,764 340,127 3,015,461 Economic Income $ 736,003 $ 2,069,975 $ 376,525 $ 358,486 $ 55,050 $ 3,596,039
Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets	The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the years ended December 31, 2015, 2014 and 2013: December 31, 2015 and the Year Then Ended Total Consolidation Blackstone Revenues $ 4,555,932 $ 90,620 (a) $ 4,646,552 Expenses $ 2,378,136 $ 712,739 (b) $ 3,090,875 Other Income $ — $ 259,071 (c) $ 259,071 Economic Income $ 2,177,796 $ (363,048 )(d) $ 1,814,748 Total Assets $ 17,779,363 $ 4,746,717 (e) $ 22,526,080 December 31, 2014 and the Year Then Ended Total Consolidation Blackstone Revenues $ 7,537,294 $ (52,566 )(a) $ 7,484,728 Expenses $ 2,992,796 $ 863,060 (b) $ 3,855,856 Other Income $ — $ 357,854 (c) $ 357,854 Economic Income $ 4,544,498 $ (557,772 )(d) $ 3,986,726 Total Assets $ 19,099,623 $ 12,397,474 (e) $ 31,497,097 Year Ended December 31, 2013 Total Consolidation Blackstone Revenues $ 6,611,500 $ 1,668 (a) $ 6,613,168 Expenses $ 3,015,461 $ 851,279 (b) $ 3,866,740 Other Income $ — $ 402,133 (c) $ 402,133 Economic Income $ 3,596,039 $ (447,478 )(d) $ 3,148,561 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Year Ended December 31, 2015 2014 2013 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (100,657 ) $ 52,219 $ (5,575 ) Fund Expenses Added in Consolidation 48,239 19,169 30,727 Non-Controlling Interests in Income of Consolidated Entities 231,045 409,864 381,872 Transaction-Related Other Income (Loss) 80,444 (123,398 ) (4,891 ) Total Consolidation Adjustments and Reconciling Items $ 259,071 $ 357,854 $ 402,133 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Consolidated Statements of Operations consists of the following: Year Ended December 31, 2015 2014 2013 Economic Income $ 2,177,796 $ 4,544,498 $ 3,596,039 Adjustments Amortization of Intangibles (104,530 ) (111,254 ) (106,643 ) IPO and Acquisition-Related Charges (489,563 ) (856,382 ) (722,707 ) Non-Controlling Interests in Income of Consolidated Entities 231,045 409,864 381,872 Total Consolidation Adjustments and Reconciling Items (363,048 ) (557,772 ) (447,478 ) Income Before Provision for Taxes $ 1,814,748 $ 3,986,726 $ 3,148,561 (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.

QUARTERLY FINANCIAL DATA (UNA49

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data	Three Months Ended March 31, June 30, September 30, December 31, Revenues $ 2,512,358 $ 1,225,202 $ 11,573 $ 897,419 Expenses 1,142,568 914,432 476,997 556,878 Other Income (Loss) 93,555 82,015 (16,867 ) 100,368 Income (Loss) Before Provision for Taxes $ 1,463,345 $ 392,785 $ (482,291 ) $ 440,909 Net Income (Loss) $ 1,364,001 $ 349,534 $ (483,864 ) $ 394,679 Net Income (Loss) Attributable to The Blackstone Group L.P. $ 629,448 $ 134,168 $ (254,697 ) $ 200,870 Net Income (Loss) Per Common Unit Common Units, Basic $ 1.01 $ 0.21 $ (0.40 ) $ 0.31 Common Units, Diluted $ 1.00 $ 0.21 $ (0.40 ) $ 0.23 Distributions Declared (b) $ 0.78 $ 0.89 $ 0.74 $ 0.49 Three Months Ended March 31, June 30, September 30, December 31, Revenues $ 1,526,668 $ 2,257,860 $ 1,679,426 $ 2,020,774 Expenses 887,851 1,089,781 1,055,138 823,086 Other Income 70,155 138,585 8,682 140,432 Income Before Provision for Taxes $ 708,972 $ 1,306,664 $ 632,970 $ 1,338,120 Net Income $ 654,875 $ 1,223,382 $ 553,862 $ 1,263,434 Net Income Attributable to The Blackstone Group L.P. $ 265,617 $ 517,016 $ 250,505 $ 551,451 Net Income Per Common Unit Common Units, Basic $ 0.44 $ 0.85 $ 0.41 $ 0.90 Common Units, Diluted $ 0.44 $ 0.85 $ 0.41 $ 0.89 Distributions Declared (b) $ 0.58 $ 0.35 $ 0.55 $ 0.44 (a) Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015. (b) Distributions declared reflects the calendar date of the declaration of each distribution.

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015SegmentPerson	Dec. 31, 2014Segment
Organization [Line Items]
Number of business segments | Segment	4	4
Number of Blackstone founders managing the Partnership | Person	1
Partnership Unit to Blackstone Common Unit ratio	100.00%

Summary of Significant Accoun51

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 01, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years		6 years 4 months 24 days
Cash Relinquished with Deconsolidation and Liquidation of Partnership	$ 442,400	$ (442,370)	$ (476,533)	$ (173,726)
Minimum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years		3 years
Minimum | Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years		10 years
Minimum | Other Long Lived Assets
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years		20 years
Maximum | Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years		15 years
Maximum | Other Long Lived Assets
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years		7 years
Adoption of new accounting guidance
Summary Of Significant Accounting Policies [Line Items]
Reduction in consolidated assets	8,000,000
Reduction in consolidated liabilities	4,700,000
Adoption of new accounting guidance | Redeemable NonControlling Interests in Consolidated Entities
Summary Of Significant Accounting Policies [Line Items]
Changes in assets and liabilities	2,300,000
Adoption of new accounting guidance | Appropriated Partners' Capital
Summary Of Significant Accounting Policies [Line Items]
Changes in assets and liabilities	90,900
Adoption of new accounting guidance | Non-Controlling Interests in Consolidated Entities
Summary Of Significant Accounting Policies [Line Items]
Changes in assets and liabilities	$ 1,000,000

Goodwill and Intangible Asset52

Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands	Oct. 01, 2015USD ($)	Dec. 31, 2015USD ($)Segment	Dec. 31, 2014USD ($)Segment
Goodwill And Intangible Assets [Line Items]
Goodwill, carrying value		$ 1,718,519	$ 1,787,392
Intangibles Transferred to PJT Partners Inc. at Spin-Off		$ (11,849)
Number of business segments | Segment		4	4
Expected amortization of intangibles, 2016		$ 82,900
Expected amortization of intangibles, 2017		43,900
Expected amortization of intangibles, 2018		43,800
Expected amortization of intangibles, 2019		43,800
Expected amortization of intangibles, 2020		$ 43,800
Intangible assets expected to amortize over a weighted-average period		6 years 4 months 24 days
Financial Advisory Segment
Goodwill And Intangible Assets [Line Items]
Goodwill, carrying value			$ 68,900
Intangibles Transferred to PJT Partners Inc. at Spin-Off	$ 68,900
Private Equity Segment
Goodwill And Intangible Assets [Line Items]
Goodwill, carrying value		$ 778,300	778,300
Real Estate Segment
Goodwill And Intangible Assets [Line Items]
Goodwill, carrying value		421,700	421,700
Hedge Fund Solutions
Goodwill And Intangible Assets [Line Items]
Goodwill, carrying value		172,100	172,100
Credit Segment
Goodwill And Intangible Assets [Line Items]
Goodwill, carrying value		$ 346,400	$ 346,400

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets / Contractual Rights	$ 1,424,226	$ 1,464,017
Accumulated Amortization	(1,078,679)	(1,005,184)
Intangible Assets, Net	$ 345,547	$ 458,833	$ 560,748	$ 598,535

Changes in Partnership's Intang

Changes in Partnership's Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Balance, Beginning of Year	$ 458,833	$ 560,748	$ 598,535
Amortization Expense	(101,437)	(101,915)	(95,671)
Acquisitions			57,884
Intangibles Transferred to PJT Partners Inc. at Spin-Off	(11,849)
Balance, End of Year	$ 345,547	$ 458,833	$ 560,748

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Investments of Consolidated Blackstone Funds	$ 4,613,944	$ 11,375,407
Equity Method Investments	3,110,810	3,240,825
Blackstone's Treasury Cash Management Strategies	1,682,259	1,666,061
Performance Fees	4,757,932	6,337,045
Other Investments	159,152	146,251
Investments	$ 14,324,097	$ 22,765,589

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Equity method investment, percentage	40.00%
Recognized net gains related to equity method investments	$ 82.2	$ 297.9	$ 591.9
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 451.9	$ 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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 223,078	$ 143,194	$ 205,741
Net Change in Unrealized (Losses)	(161,398)	(20,127)	(26,800)
Realized and Net Change in Unrealized Gains from Blackstone Funds	61,680	123,067	178,941
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	114,684	234,787	202,723
Other Income - Net Gains from Fund Investment Activities	$ 176,364	$ 357,854	$ 381,664

Summarized Financial Informatio

Summarized Financial Information of Partnership's Equity Method Investments (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investments		$ 148,189,128	$ 132,701,326	$ 116,277,556
Other Assets		10,408,109	7,097,505	7,753,214
Total Assets		158,597,237	139,798,831	124,030,770
Debt		10,102,805	5,757,989	5,934,982
Other Liabilities		5,359,588	2,488,892	2,777,097
Total Liabilities		15,462,393	8,246,871	8,712,079
Partners' Capital		143,134,844	131,551,960	115,318,691
Total Liabilities and Partners' Capital		158,597,237	139,798,831	124,030,770
Interest Income		1,279,184	1,234,430	1,066,180
Other Income		1,491,591	1,348,473	984,547
Interest Expense		(190,600)	(239,078)	(158,673)
Other Expenses		(972,509)	(699,220)	(439,766)
Net Realized and Unrealized Gain from Investments		6,526,077	20,202,527	25,336,533
Net Income		8,133,743	21,847,132	26,788,821
Private Equity
Schedule of Equity Method Investments [Line Items]
Investments		48,210,598	43,005,350	35,516,755
Other Assets		1,041,591	667,131	389,265
Total Assets		49,252,189	43,672,481	35,906,020
Debt		2,178,261	836,667	1,691,018
Other Liabilities		1,315,572	100,362	54,909
Total Liabilities		3,493,833	937,029	1,745,927
Partners' Capital		45,758,356	42,735,452	34,160,093
Total Liabilities and Partners' Capital		49,252,189	43,672,481	35,906,020
Interest Income		384,174	406,255	294,171
Other Income		8,506	21,305	10,580
Interest Expense		(33,416)	(61,855)	(37,846)
Other Expenses		(278,911)	(97,073)	(88,957)
Net Realized and Unrealized Gain from Investments		3,272,934	8,567,193	9,002,197
Net Income		3,353,287	8,835,825	9,180,145
Real Estate
Schedule of Equity Method Investments [Line Items]
Investments		61,971,919	59,117,360	57,053,881
Other Assets		6,210,557	3,213,450	3,441,977
Total Assets		68,182,476	62,330,810	60,495,858
Debt		5,562,806	3,645,998	3,013,762
Other Liabilities		1,573,370	617,101	886,445
Total Liabilities		7,136,176	4,263,099	3,900,207
Partners' Capital		61,046,300	58,067,711	56,595,651
Total Liabilities and Partners' Capital		68,182,476	62,330,810	60,495,858
Interest Income		361,249	260,683	140,879
Other Income		1,313,956	1,030,685	752,184
Interest Expense		(91,985)	(89,842)	(51,544)
Other Expenses		(355,617)	(249,095)	(108,580)
Net Realized and Unrealized Gain from Investments		3,740,127	10,441,009	13,225,141
Net Income		4,967,730	11,393,440	13,958,080
Hedge Fund Solutions
Schedule of Equity Method Investments [Line Items]
Investments		21,858,491	15,947,483	11,529,163
Other Assets		1,927,535	1,411,406	1,114,404
Total Assets		23,786,026	17,358,889	12,643,567
Debt		275,068	20,550	63,830
Other Liabilities		1,462,072	919,013	689,964
Total Liabilities		1,737,140	939,563	753,794
Partners' Capital		22,048,886	16,419,326	11,889,773
Total Liabilities and Partners' Capital		23,786,026	17,358,889	12,643,567
Interest Income		170	483	224
Other Income		35,112	125,441	89,632
Interest Expense		(3,228)	(271)	(310)
Other Expenses		(125,393)	(103,787)	(71,326)
Net Realized and Unrealized Gain from Investments		449,930	547,982	1,127,173
Net Income		356,591	569,848	1,145,393
Credit
Schedule of Equity Method Investments [Line Items]
Investments		16,136,543	14,611,539	12,150,918
Other Assets		1,174,601	1,751,967	2,678,742
Total Assets		17,311,144	16,363,506	14,829,660
Debt		2,086,670	1,254,774	1,165,405
Other Liabilities		956,305	827,469	1,131,557
Total Liabilities		3,042,975	2,082,243	2,296,962
Partners' Capital		14,268,169	14,281,263	12,532,698
Total Liabilities and Partners' Capital		17,311,144	16,363,506	14,829,660
Interest Income		533,591	567,008	630,902
Other Income		49,042	52,207	30,937
Interest Expense		(61,971)	(86,957)	(68,973)
Other Expenses		(167,385)	(177,968)	(105,706)
Net Realized and Unrealized Gain from Investments		(954,692)	643,080	1,979,078
Net Income		(601,415)	997,370	2,466,238
Other
Schedule of Equity Method Investments [Line Items]
Investments	[1]	11,577	19,594	26,839
Other Assets	[1]	53,825	53,551	128,826
Total Assets	[1]	65,402	73,145	155,665
Debt	[1]			967
Other Liabilities	[1]	52,269	24,937	14,222
Total Liabilities	[1]	52,269	24,937	15,189
Partners' Capital	[1]	13,133	48,208	140,476
Total Liabilities and Partners' Capital	[1]	65,402	73,145	155,665
Interest Income	[1]		1	4
Other Income	[1]	84,975	118,835	101,214
Interest Expense	[1]		(153)
Other Expenses	[1]	(45,203)	(71,297)	(65,197)
Net Realized and Unrealized Gain from Investments	[1]	17,778	3,263	2,944
Net Income	[1]	$ 57,550	$ 50,649	$ 38,965
[1]	Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone's segments.

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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ (15,525)	$ 11,689	$ (5,793)
Net Change in Unrealized Gains (Losses)	(35,709)	2,002	(9,342)
Total realized and net change in unrealized gains (losses)	$ (51,234)	$ 13,691	$ (15,135)

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 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	1,709,362
Foreign Exchange Gain (Loss)	(48,363)
Fund Distributions	(3,240,112)
Performance Fees, December 31, 2015	4,757,932
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	757,001
Fund Distributions	(1,493,142)
Performance Fees, December 31, 2015	1,479,443
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	1,026,731
Foreign Exchange Gain (Loss)	(48,363)
Fund Distributions	(1,598,431)
Performance Fees, December 31, 2015	3,101,688
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	27,916
Fund Distributions	(33,200)
Performance Fees, December 31, 2015	9,747
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	(102,286)
Fund Distributions	(115,339)
Performance Fees, December 31, 2015	$ 167,054

Realized and Net Change in Un61

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 80	$ 5,082	$ 13,468
Net Change in Unrealized (Losses)	(4,079)	(6,309)	(6,758)
Total realized and net change in unrealized gains (losses) on other investments	$ (3,999)	$ (1,227)	$ 6,710

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	Dec. 31, 2015USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 490,442
Unfunded Commitments	416
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	157,837	[1]
Unfunded Commitments	148	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	265,735	[2]
Unfunded Commitments	268	[2]
Event Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	64,513	[3]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	252	[4]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 2,105	[5]
[1]	Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 4% 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 96% 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 63% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 3% 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 Stra63

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	Dec. 31, 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	4.00%
Percentage of investments side pocketed as of reporting date	96.00%
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	63.00%
Percentage of investments redeemable as of reporting date	3.00%

Derivative Financial Instrume64

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Derivative [Line Items]
Net gain (loss) on hedged items	$ 64.2
Hedged gain (loss) remaining amortization period end date	Aug. 15, 2019
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Gains due to change in fair value attributable to changes in spot exchange rates	$ 6.7

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 2,018,439	$ 719,650
Derivative Liabilities, Notional	1,546,624	1,425,901
Derivative Assets, Fair Value	6,019	15,009
Derivative Liabilities, Fair Value	21,507	30,528
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	53,627	62,078
Derivative Liabilities, Notional	138
Derivative Assets, Fair Value	319	523
Derivative Liabilities, Fair Value	1
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,964,812	657,572
Derivative Liabilities, Notional	1,546,486	1,425,901
Derivative Assets, Fair Value	5,700	14,486
Derivative Liabilities, Fair Value	21,506	30,528
Freestanding Derivatives | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair Value		85
Derivative Liabilities, Fair Value	2,411
Freestanding Derivatives | Blackstone - Other | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		19,500
Derivative Liabilities, Notional	19,250	56,000
Derivative Assets, Fair Value		85
Derivative Liabilities, Fair Value	2,411	868
Freestanding Derivatives | Investments Of Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	108,786	91,372
Derivative Liabilities, Fair Value	6,275	2,514
Freestanding Derivatives | Foreign Currency Contracts | Blackstone - Other
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	158,684	192,163
Derivative Liabilities, Notional	271,891	148,873
Derivative Assets, Fair Value	2,088	2,798
Derivative Liabilities, Fair Value	2,042	681
Freestanding Derivatives | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	124,595	199,364
Derivative Liabilities, Notional	92,094	250,244
Derivative Assets, Fair Value	1,400	8,915
Derivative Liabilities, Fair Value	6,490	21,875
Freestanding Derivatives | Interest Rate Contracts | Blackstone - Other
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,681,533	223,886
Derivative Liabilities, Notional	1,054,465	879,412
Derivative Assets, Fair Value	2,212	407
Derivative Liabilities, Fair Value	$ 4,288	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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Realized Gains (Losses)	$ 6,448	$ 8,602	$ 38,980
Net Change in Unrealized Gain (Loss)	(11,515)	(34,292)	1,081
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Hedge Ineffectiveness	283
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	2,336	1,363	752
Net Change in Unrealized Gain (Loss)	(7,518)	5,193	392
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	12,828	8,251	4,022
Net Change in Unrealized Gain (Loss)	(7,930)	(31,728)	2,636
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(8,716)	(1,012)	34,206
Net Change in Unrealized Gain (Loss)	$ 3,933	$ (7,757)	$ (1,947)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and Preferred Securities	$ 280,879	$ 102,907
Total Assets	4,024,612	6,760,099
Total Liabilities	3,323,435	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	379,000	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	3,225,064	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	98,371	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	261,994	40,397
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	15,176
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Loans	$ 3,087,563	$ 6,279,592

Realized and Net Change in Un68

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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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		$ (6,626)	$ (6,078)
Realized 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		(1,703)	43
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	$ 1,685	(59,562)	41,831
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	(551)	(1,405)	4,510
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		(6,626)	(6,078)
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	4,431	22,625	2,647
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	57,119	(24,663)	(388,664)
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	(4,793)	(3,022)	(1,101)
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	(426)
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	(61,391)	(14,473)	173,606
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	1,188	(7,931)	(5,058)
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		(133,274)	(485,655)
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	57,119	108,611	96,991
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	(3,589)	17,649	(476)
Equity and Preferred Securities | Realized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(300)	(2,038)	(2,833)
Equity and Preferred Securities | Net Change In Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(17,269)	6,885	7,273
Corporate Loans | Realized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(1,895)	(77,041)	37,464
Corporate Loans | Net Change In Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (36,502)	$ (28,054)	$ 172,968

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		$ (93,217,000)	$ (210,717,000)
Fair value of financial instruments more than one day past due	[1]	1,088,000	4,369,000
(Deficiency) of fair value more than one day past due over uncollected principal	[1]	(5,620,000)	(21,876,000)
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(6,046,000)	(7,814,000)
Fair value of financial instruments more than one day past due		0
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(77,900,000)	(197,580,000)
Fair value of financial instruments more than one day past due	[1]	1,088,000	4,369,000
(Deficiency) of fair value more than one day past due over uncollected principal	[1]	(5,620,000)	(21,876,000)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(426,000)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(8,845,000)	(5,323,000)
Fair value of financial instruments more than one day past due		$ 0	$ 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 Ins70

Information for Financial Instruments on Which Fair Value Option was Elected (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 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 ($)		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	[1]	$ 1,088,000	$ 4,369,000
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due		0
Fair value of financial instruments with non-accrual status		0
Loans and Receivables
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
[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		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Blackstone's Treasury Cash Management Strategies		$ 1,682,259	$ 1,666,061
Money Market Funds		460,233	198,278
Freestanding Derivatives, Assets		6,019	15,009
Net Investment Hedges - Foreign Currency Contracts		319	523
Investments of Consolidated Funds		4,613,944	11,375,407
Freestanding Derivatives, Liabilities		21,507	30,528
Other Investments		159,152	146,251
Total Financial Assets		7,182,201	13,430,207
Securities Sold, Not Yet Purchased		176,667	85,878
Total Financial Liabilities		3,521,609
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		5,700	14,486
Freestanding Derivatives, Liabilities		21,506	30,528
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		261,994	40,397
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		3,087,563	6,279,592
Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	155,512	1,103,210
Equity Securities	[1]	216,833	352,360
Partnership and LLC Interests	[1]	573,790	1,683,562
Debt Instruments	[1]	199,846	1,608,284
Investments of Consolidated Funds	[1]	4,613,944	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]	3,087,563	6,279,592
Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds			307,111
Equity Securities		240,464	71,746
Debt Instruments		1,240,229	1,226,195
Other		201,566	61,009
Total Blackstone's Treasury Cash Management Strategies		1,682,259	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		2,411
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		6,275	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		379,000	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]	379,000	292,690
Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts		319	523
Net Investment Hedges - Foreign Currency Contracts		1
Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,088	2,798
Freestanding Derivatives, Liabilities		2,042
Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	1,400	8,915
Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,212	407
Freestanding Derivatives, Liabilities		4,288
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]	6,275
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]	6,490
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]	3,225,064
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]	98,371
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities			4,590
Other Investments		17,707	9,593
Total Financial Assets		490,442	1,224,319
Securities Sold, Not Yet Purchased			85,878
Total Financial Liabilities			6,913,510
Net Asset Value | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	155,512	1,103,210
Investments of Consolidated Funds	[1]	155,512	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		115,657	50,507
Other		201,566	61,009
Total Blackstone's Treasury Cash Management Strategies		317,223	111,516
Net Asset Value | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities			868
Net Asset Value | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities			681
Net Asset Value | 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]		2,514
Net Asset Value | 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]		21,875
Net Asset Value | 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]		6,448,352
Net Asset Value | 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]		348,752
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds		460,233	198,278
Freestanding Derivatives, Liabilities			1,357
Other Investments		40,261	31,731
Total Financial Assets		825,498	668,076
Total Financial Liabilities		835	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]	82,734	58,934
Investments of Consolidated Funds	[1]	82,734	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			307,111
Equity Securities		240,464	71,746
Total Blackstone's Treasury Cash Management Strategies		240,464	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		1,806	263
Freestanding Derivatives, Liabilities		835
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities			3,233
Other Investments			436
Total Financial Assets		4,674,034	8,913,207
Securities Sold, Not Yet Purchased		176,667	85,878
Total Financial Liabilities		3,520,774	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]	53,250	114,115
Partnership and LLC Interests	[1]	101,399	187,140
Debt Instruments	[1]	179,465	1,502,314
Investments of Consolidated Funds	[1]	3,601,306	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]	2,886,792	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		1,069,915	1,090,794
Total Blackstone's Treasury Cash Management Strategies		1,069,915	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		2,411	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]	379,000	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		319	523
Net Investment Hedges - Foreign Currency Contracts		1
Level 2 | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,088	2,798
Freestanding Derivatives, Liabilities		2,042	681
Level 2 | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	1,400	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		406	144
Freestanding Derivatives, Liabilities		3,453
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]	6,275	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]	6,490	21,875
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]	3,225,064
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]	98,371
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments		101,184	104,491
Total Financial Assets		1,192,227	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		261,994	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]	80,849	179,311
Partnership and LLC Interests	[1]	472,391	1,496,422
Debt Instruments	[1]	20,381	105,970
Investments of Consolidated Funds	[1]	774,392	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]	200,771	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		54,657	84,894
Total Blackstone's Treasury Cash Management Strategies		$ 54,657	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 | 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]		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],[2]		$ 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		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]		$ 1,639
Transfers from Level II into Level I	[2]	$ 32,025	$ 23,758
[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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 4,024,612	$ 6,760,099
Fair value liabilities	3,323,435	6,797,104
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,192,227	$ 2,624,605
Discounted Cash Flows | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate		2.00%
Recovery Lag		12 months
Pre-payment Rate		20.00%
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 | Weighted Average | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate		6.10%
Discounted Cash Flows | Minimum | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		0.30%
Recovery Rate		30.00%
Discounted Cash Flows | Maximum | Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		19.30%
Recovery Rate		70.00%
Discounted Cash Flows | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 241,897	$ 26,247
Discounted Cash Flows | Loans and Receivables | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	11.00%	66.00%
Discounted Cash Flows | Loans and Receivables | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	6.70%	10.50%
Discounted Cash Flows | Loans and Receivables | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	20.60%	12.20%
Transaction Price Valuation Technique | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 14,150
Third Party Pricing Valuation Technique | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 20,097
Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	13.60%
Revenue CAGR	10.20%
Exit Multiple - EBITDA	9.6
Exit Multiple - P/E	11.2
Exit Capitalization Rate	9.00%
Equity Securities | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	6.6
Partnership And LLC Interests | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.30%
Revenue CAGR	8.60%
Exit Multiple - EBITDA	9.8
Exit Capitalization Rate	6.30%
Debt Instruments | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	14.10%
Exit Capitalization Rate	5.80%
Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	6.5
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		1.00%
Recovery Lag	12 months	12 months
Pre-payment Rate	20.00%	30.00%
Reinvestment Rate	4.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 32,004	$ 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	8.60%
Default Rate	1.90%
Recovery Rate	67.00%	9.30%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	5.80%	5.80%
Default Rate	1.00%
Recovery Rate	30.00%	30.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	14.00%	10.00%
Default Rate	2.00%
Recovery Rate	70.00%	70.00%
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	$ 22,653	$ 54,257
Other | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	2.00%
Recovery Rate	70.00%
Recovery Lag	12 months	12 months
Pre-payment Rate	20.00%	20.00%
Reinvestment Rate	4.00%
Other | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 81,984	$ 92,604
Other | Discounted Cash Flows | LIBOR
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.00%
Other | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	3.30%	6.60%
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 | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 19,200	$ 11,887
Investments Of Consolidated Blackstone Funds | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	774,392	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	$ 66,962	$ 106,727
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		11.80%
Revenue CAGR		7.10%
Exit Multiple - EBITDA		10.1
Exit Multiple - P/E		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
Exit Capitalization Rate	550.00%
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	61.50%	24.40%
Exit Multiple - EBITDA	18.2	13
Exit Multiple - P/E	17	17
Exit Capitalization Rate	1140.00%
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	9
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 6,722	$ 163
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	6.5	6.7
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	8	7.6
Investments Of Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 5,426	$ 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	1,710	45
Investments Of Consolidated Blackstone Funds | Equity Securities | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 29	4,670
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	9.3
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 423,588	$ 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		6.90%
Revenue CAGR		9.50%
Exit Multiple - EBITDA		6.5
Exit Capitalization Rate		9.70%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	2.10%	4.40%
Revenue CAGR	(24.10%)	(4.40%)
Exit Multiple - EBITDA	0.1	1
Exit Capitalization Rate	2.70%	2.00%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	25.80%	21.50%
Revenue CAGR	31.80%	41.70%
Exit Multiple - EBITDA	23.8	19.1
Exit Capitalization Rate	12.10%	19.10%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 30,437	$ 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	16,963	13,793
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,403	$ 682
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate		2.00%
Revenue CAGR	16.80%
Exit Multiple - EBITDA	12
Recovery Lag		12 months
Pre-payment Rate		2000.00%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 4,086	$ 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		6.80%
Recovery Rate		16.10%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	6.50%	8.80%
Revenue CAGR		4.70%
Exit Multiple - EBITDA		5.9
Exit Capitalization Rate	1.00%	1.00%
Recovery Rate		30.00%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	52.70%	24.70%
Revenue CAGR		6.80%
Exit Multiple - EBITDA		11.3
Exit Capitalization Rate	8.30%	12.40%
Recovery Rate		70.00%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 172
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		5
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		6.6
Investments Of Consolidated Blackstone Funds | Debt Instruments | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		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	$ 78	$ 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	16,217	$ 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	$ 19,783	$ 290,658
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		11
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	4.5	3.8
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	7	15
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 180,988	$ 318,636

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		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1]	$ 2,624,605	$ 2,643,469
Transfer In Due to Consolidation and Acquisition	[2]		205,890
Transfer Out Due to Deconsolidation		(1,460,538)	(335,357)
Transfer In to Level III	[3]	78,576	603,583
Transfer Out of Level III	[3]	(253,580)	(406,688)
Purchases		609,908	1,296,375
Sales		(432,837)	(1,513,274)
Settlements		(4,900)	(1,692)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income		30,993	132,299
Balance, End of Period		1,192,227	2,624,605	[1]
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(7,212)	38,411
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1]	40,397	137,788
Purchases		233,693	192,568
Sales		(9,535)	(284,920)
Settlements		(4,435)	(1,170)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income		1,874	(3,869)
Balance, End of Period		261,994	40,397	[1]
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		1,745	(4,048)
Investments Of Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1]	2,394,823	2,460,907
Transfer In Due to Consolidation and Acquisition	[2]		205,890
Transfer Out Due to Deconsolidation		(1,460,538)	(335,357)
Transfer In to Level III	[3]	47,097	570,902
Transfer Out of Level III	[3]	(195,422)	(358,406)
Purchases		328,237	910,440
Sales		(383,302)	(1,211,216)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income		43,497	151,663
Balance, End of Period		774,392	2,394,823	[1]
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(5,333)	43,450
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[1],[4]	189,385	44,774
Transfer In to Level III	[3],[4]	31,479	32,681
Transfer Out of Level III	[3],[4]	(58,158)	(48,282)
Purchases	[4]	47,978	193,367
Sales	[4]	(40,000)	(17,138)
Settlements	[4]	(465)	(522)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income	[4]	(14,378)	(15,495)
Balance, End of Period	[4]	155,841	189,385	[1]
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[4]	$ (3,624)	$ (991)
[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 Financi76

Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 6,797,104	$ 8,913,007
Transfer In Due to Consolidation and Acquisition	[1]		2,134,810
Transfer Out Due to Deconsolidation		(4,430,339)	(2,509,154)
Transfer Out Due to Amended CLO Guidance	[2]	(2,366,765)
Issuances			567,780
Settlements			(1,808,548)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income			(500,791)
Balance, End of Period			6,797,104
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date			47,588
Collateralized Loan Obligations Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		6,448,352	8,302,572
Transfer In Due to Consolidation and Acquisition	[1]		1,990,703
Transfer Out Due to Deconsolidation		(4,168,405)	(2,231,852)
Transfer Out Due to Amended CLO Guidance	[2]	(2,279,947)
Issuances			557,780
Settlements			(1,807,845)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income			(363,006)
Balance, End of Period			6,448,352
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date			127,011
Collateralized Loan Obligations Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		348,752	610,435
Transfer In Due to Consolidation and Acquisition	[1]		144,107
Transfer Out Due to Deconsolidation		(261,934)	(277,302)
Transfer Out Due to Amended CLO Guidance	[2]	$ (86,818)
Issuances			10,000
Settlements			(703)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income			(137,785)
Balance, End of Period			348,752
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date			$ (79,423)
[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.

Assets and Liabilities Related

Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Investments	$ 466,651,000	$ 776,079,000
Accounts Receivable	11,726,000	125,316,000
Due from Affiliates	51,029,000	53,751,000
Total VIE Assets	529,406,000	955,146,000
Due to Affiliates	586,000	108,000
Accounts Payable, Accrued Expenses and Other Liabilities	88,000	124,000
Potential Clawback Obligation	73,450,000	206,725,000
Maximum Exposure to Loss	$ 603,530,000	$ 1,162,103,000

Reverse Repurchase and Repurc78

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 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	$ 203.9
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	99.3
Pledged securities with carrying value to collateralize its repurchase agreements	$ 64.5	$ 44.8

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 40,929	$ 29,907
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	55,946	38,560
Net Amount, Liabilities	791	97
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	39,959
Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	970
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	40,929	$ 29,907
Net Amount, Liabilities	0
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	970
Overnight and Continuous | Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	970
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	39,959
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	39,959
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

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements	$ 317,496	$ 318,672
Less: Accumulated Depreciation	(181,953)	(182,932)
Furniture, Equipment and Leasehold Improvements, Net	135,543	135,740
Prepaid Expenses	190,241	102,503
Other Assets	46,786	82,704
Freestanding Derivatives	4,300	3,290
Net Investment Hedges	319	523
Total Other Assets	$ 377,189	$ 324,760

Other Assets and Accounts Pay81

Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Other Assets [Line Items]
Depreciation expense	$ 26	$ 28.6	$ 33.6
Accounts Payable, Accrued Expenses and Other Liabilities for redemption to investors	53.7	97.8
Payables relating to unsettled purchases	$ 187.7	$ 591.7

Offsetting of Assets and Liab82

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 209,512	$ 3,813
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	206,088	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	1,310	352
Net Amount, Assets	2,114	2,329
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	55,946	38,560
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	42,409	30,570
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	12,746	7,893
Net Amount, Liabilities	791	97
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	40,929	29,907
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	40,259	29,438
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	670	469
Net Amount, Liabilities	0
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	4,300	3,290
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	2,149	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	1,310	352
Net Amount, Assets	841	1,806
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	15,016	8,653
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	2,149	1,132
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	12,076	7,424
Net Amount, Liabilities	791	97
Reverse Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	204,893
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	203,938
Net Amount, Assets	955
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	319	523
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	1
Net Amount, Assets	318	$ 523
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	1
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	$ 1

Offsetting Of Assets And Liab83

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Millions	Dec. 31, 2015USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 905.5
Overdraft facility	$ 895.9

Partnership Credit Facilities (

Partnership Credit Facilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Credit Available		$ 7,831,769	$ 10,761,537
Borrowing Outstanding		$ 6,737,898	$ 9,476,882
Weighted Average Interest Rate		3.26%	2.27%
Credit Facility
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 1,100,000	$ 1,100,000
Borrowing Outstanding	[1]	$ 6,129	$ 689
Weighted Average Interest Rate	[1]	0.88%	0.88%
Senior Secured Note | 6.625% Notes
Line of Credit Facility [Line Items]
Credit Available	[2],[3]	$ 585,000	$ 585,000
Borrowing Outstanding	[2],[3]	$ 585,000	$ 585,000
Weighted Average Interest Rate	[2],[3]	6.63%	6.63%
Senior Secured Note | 5.875% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 400,000	$ 400,000
Borrowing Outstanding	[2]	$ 400,000	$ 400,000
Weighted Average Interest Rate	[2]	5.88%	5.88%
Senior Secured Note | 4.750% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 400,000	$ 400,000
Borrowing Outstanding	[2]	$ 400,000	$ 400,000
Weighted Average Interest Rate	[2]	4.75%	4.75%
Senior Secured Note | 6.250% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 250,000	$ 250,000
Borrowing Outstanding	[2]	$ 250,000	$ 250,000
Weighted Average Interest Rate	[2]	6.25%	6.25%
Senior Secured Note | 5.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 500,000	$ 500,000
Borrowing Outstanding	[2]	$ 500,000	$ 500,000
Weighted Average Interest Rate	[2]	5.00%	5.00%
Senior Secured Note | 4.450% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 350,000
Borrowing Outstanding	[2]	$ 350,000
Weighted Average Interest Rate	[2]	4.45%
Senior Secured Note | 2.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 327,990
Borrowing Outstanding	[2]	$ 327,990
Weighted Average Interest Rate	[2]	2.00%
Partnership's Credit Facilities
Line of Credit Facility [Line Items]
Credit Available		$ 3,912,990	$ 3,235,000
Borrowing Outstanding		$ 2,819,119	$ 2,135,689
Weighted Average Interest Rate		5.11%	5.71%
Blackstone Fund Facilities
Line of Credit Facility [Line Items]
Credit Available	[4]	$ 4,453	$ 6,877
Borrowing Outstanding	[4]	$ 4,453	$ 6,877
Weighted Average Interest Rate	[4]	1.97%	2.53%
Clo Vehicles
Line of Credit Facility [Line Items]
Credit Available	[5]	$ 3,914,326	$ 7,519,660
Borrowing Outstanding	[5]	$ 3,914,326	$ 7,334,316
Weighted Average Interest Rate	[5]	1.94%	1.27%
[1]	Blackstone, through indirect subsidiaries, has a $1.1 billion unsecured revolving credit facility (the "Credit Facility") with Citibank, N.A., as Administrative Agent with a maturity date of May 29, 2019. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee. Borrowings may also be made in U.K. sterling or euros, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The Borrowing Outstanding at each date represent outstanding but undrawn letters of credit against the credit facility.
[2]	Blackstone Holdings Finance Co. L.L.C. (the "Issuer"), an indirect subsidiary of the Partnership, has issued long term borrowings in the form of senior notes (the "Notes"). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by the Partnership, Blackstone Holdings, and the Issuer (the "Guarantors"). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been capitalized and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer's and the Guarantors' ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer's option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. Interest expense on the Notes was $136.5 million, $115.2 million and $96.9 million for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively.
[3]	The Credit Available and Borrowing Outstanding 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.
[4]	Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds.
[5]	Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition.

Partnership Credit Facilities85

Partnership Credit Facilities (Parenthetical) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Line of Credit Facility [Line Items]
Maximum percentage of aggregate principal amount of the outstanding notes		25.00%
Percentage of repurchase of note on principal amount of notes		101.00%
Senior notes issued					$ 600
Notes acquired not retired					$ 15
6.625% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1],[2]	Aug. 15, 2019
Interest expense		$ 136.5	$ 115.2	$ 96.9
Senior notes issued		600
Notes acquired not retired		$ 15
5.875% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Mar. 15, 2021
4.750% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Feb. 15, 2023
6.250% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Aug. 15, 2042
5.000% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Jun. 15, 2044
4.450% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Jul. 15, 2045
2.000% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	May 19, 2025
Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 1,100
Line of credit expiration date		May 29, 2019
[1]	Blackstone Holdings Finance Co. L.L.C. (the "Issuer"), an indirect subsidiary of the Partnership, has issued long term borrowings in the form of senior notes (the "Notes"). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by the Partnership, Blackstone Holdings, and the Issuer (the "Guarantors"). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been capitalized and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer's and the Guarantors' ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer's option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. Interest expense on the Notes was $136.5 million, $115.2 million and $96.9 million for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively.
[2]	The Credit Available and Borrowing Outstanding 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.

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
6.625% Notes
Debt Instrument [Line Items]
Issue Date	[1]	Aug. 20, 2009
First Interest Payment Date	[1]	Feb. 15, 2010
Carrying Value	[1]	$ 614,996	$ 622,552	[2]
Debt instrument, fair value	[1],[3]	$ 665,438	684,158
6.625% Notes | Date One
Debt Instrument [Line Items]
Interest Payment Dates	[1]	2015-02
6.625% Notes | Date Two
Debt Instrument [Line Items]
Interest Payment Dates	[1]	2015-08
5.875% Notes
Debt Instrument [Line Items]
Issue Date		Sep. 15, 2010
First Interest Payment Date		Mar. 15, 2011
Carrying Value		$ 397,720	397,357	[2]
Debt instrument, fair value	[3]	$ 458,680	462,360
5.875% Notes | Date One
Debt Instrument [Line Items]
Interest Payment Dates		2015-03
5.875% Notes | Date Two
Debt Instrument [Line Items]
Interest Payment Dates		2015-09
4.750% Notes
Debt Instrument [Line Items]
Issue Date		Aug. 17, 2012
First Interest Payment Date		Feb. 15, 2013
Carrying Value		$ 392,224	391,344	[2]
Debt instrument, fair value	[3]	$ 430,560	436,240
4.750% Notes | Date One
Debt Instrument [Line Items]
Interest Payment Dates		2015-02
4.750% Notes | Date Two
Debt Instrument [Line Items]
Interest Payment Dates		2015-09
6.250% Notes
Debt Instrument [Line Items]
Issue Date		Aug. 17, 2012
First Interest Payment Date		Feb. 15, 2013
Carrying Value		$ 237,648	237,487	[2]
Debt instrument, fair value	[3]	$ 297,575	307,125
6.250% Notes | Date One
Debt Instrument [Line Items]
Interest Payment Dates		2015-02
6.250% Notes | Date Two
Debt Instrument [Line Items]
Interest Payment Dates		2015-09
5.000% Notes
Debt Instrument [Line Items]
Issue Date		Apr. 7, 2014
First Interest Payment Date		Dec. 15, 2014
Carrying Value		$ 488,119	487,966	[2]
Debt instrument, fair value	[3]	$ 515,050	$ 527,500
5.000% Notes | Date One
Debt Instrument [Line Items]
Interest Payment Dates		2015-06
5.000% Notes | Date Two
Debt Instrument [Line Items]
Interest Payment Dates		2015-12
4.450% Notes
Debt Instrument [Line Items]
Issue Date		Apr. 27, 2015
First Interest Payment Date		Jan. 15, 2016
Carrying Value		$ 343,689
Debt instrument, fair value	[3]	$ 332,640
4.450% Notes | Date One
Debt Instrument [Line Items]
Interest Payment Dates		2015-01
4.450% Notes | Date Two
Debt Instrument [Line Items]
Interest Payment Dates		2015-07
2.000% Notes
Debt Instrument [Line Items]
Issue Date		May 17, 2015
First Interest Payment Date		May 19, 2016
Carrying Value		$ 322,664
Debt instrument, fair value	[3]	$ 327,465
2.000% Notes | Date Two
Debt Instrument [Line Items]
Interest Payment Dates		2019-05
[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 Value87

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Debt Instrument [Line Items]
Debt instrument, interest rate		3.26%	2.27%
Senior Notes				$ 600
Notes acquired not retired				$ 15
6.625% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1],[2]	Aug. 15, 2019
Senior Notes		$ 600
Notes acquired not retired		$ 15
5.875% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]	Mar. 15, 2021
4.750% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]	Feb. 15, 2023
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]	Aug. 15, 2042
5.000% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]	Jun. 15, 2044
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]	Jul. 15, 2045
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]	May 19, 2025
Senior Secured Notes | 6.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		6.625%
Debt instrument, maturity date		Aug. 15, 2019
Senior Secured Notes | 5.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		5.875%
Debt instrument, maturity date		Mar. 15, 2021
Senior Secured Notes | 4.750% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		4.75%
Debt instrument, maturity date		Feb. 15, 2023
Senior Secured Notes | 6.250% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		6.25%
Debt instrument, maturity date		Aug. 15, 2042
Senior Secured Notes | 5.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		5.00%
Debt instrument, maturity date		Jun. 15, 2044
Senior Secured Notes | 4.450% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		4.45%
Debt instrument, maturity date		Jul. 15, 2045
Senior Secured Notes | 2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		2.00%
Debt instrument, maturity date		May 19, 2025
[1]	Blackstone Holdings Finance Co. L.L.C. (the "Issuer"), an indirect subsidiary of the Partnership, has issued long term borrowings in the form of senior notes (the "Notes"). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by the Partnership, Blackstone Holdings, and the Issuer (the "Guarantors"). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been capitalized and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer's and the Guarantors' ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer's option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. Interest expense on the Notes was $136.5 million, $115.2 million and $96.9 million for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively.
[2]	The Credit Available and Borrowing Outstanding 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.

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - Partnership's Borrowings Through Consolidated CLO Vehicles - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowing Outstanding		$ 3,914,326	$ 7,334,316
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 3,687,976	$ 6,594,266
Weighted Average Interest Rate		1.93%	1.27%
Weighted Average Remaining Maturity in Years		5 years 4 months 24 days	3 years 9 months 18 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	[1]	$ 226,350	$ 740,050
[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	Dec. 31, 2015	Dec. 31, 2014
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	$ 3,225,064	$ 6,448,352
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	98,371	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	$ 8,231	$ 14,377

Borrowings - Additional Informa

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

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
2,016	$ 4,453
2,017	519,318
2,018	0
2,019	585,000
2,020	0
Thereafter	5,622,998
Total	6,731,769
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
2,020	0
Thereafter	2,227,990
Total	2,812,990
Blackstone Fund Facilities Clo Vehicles
Debt Instrument [Line Items]
2,016	4,453
2,017	519,318
2,018	0
2,020	0
Thereafter	3,395,008
Total	$ 3,918,779

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Income Before Provision for Taxes	$ 440,909,000	$ (482,291,000)	$ 392,785,000	$ 1,463,345,000		$ 1,338,120,000	$ 632,970,000	$ 1,306,664,000	$ 708,972,000	$ 1,814,748,000	$ 3,986,726,000	$ 3,148,561,000
Decrease in net deferred tax assets										$ (70,800,000)
Amortization period for tax basis intangibles, years										15 years
Taxable loss of partnership	46,300,000									$ 46,300,000
Carryforward period for tax basis intangibles, years										20 years
Unrecognized tax benefits that if recognized would affect the annual effective rate	15,700,000					19,800,000				$ 15,700,000	19,800,000
Interest expense accrued	(400,000)					2,000,000				(400,000)	2,000,000	1,000,000
Accrued Penalties	$ 0					$ 0				0	$ 0	0
Reversal of Tax Receivable Agreement Liability										82,707,000		$ 20,469,000
Domestic Tax Authority
Income Taxes [Line Items]
Income Before Provision for Taxes										1,800,000,000
Foreign Tax Authority
Income Taxes [Line Items]
Income Before Provision for Taxes										$ 59,800,000
[1]	Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015.

Provision (Benefit) for Income

Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Federal Income Tax	$ 45,506	$ 135,193	$ 19,237
Foreign Income Tax	16,769	24,199	13,302
State and Local Income Tax	28,137	69,281	33,273
Current Income Tax Expense (Benefit), Total	90,412	228,673	65,812
Federal Income Tax	80,307	54,375	157,962
Foreign Income Tax	(398)	(416)	(638)
State and Local Income Tax	20,077	8,541	32,506
Deferred Income Tax Expense (Benefit), Total	99,986	62,500	189,830
Provision (Benefit) for Taxes	$ 190,398	$ 291,173	$ 255,642

Summary of Tax Positions (Detai

Summary of Tax Positions (Detail) - USD ($) $ in Thousands		3 Months Ended									12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax [Line Items]
Income Before Provision for Taxes		$ 440,909	$ (482,291)	$ 392,785	$ 1,463,345		$ 1,338,120	$ 632,970	$ 1,306,664	$ 708,972	$ 1,814,748	$ 3,986,726	$ 3,148,561
Provision for Taxes											$ 190,398	$ 291,173	$ 255,642
Effective Income Tax Rate	[2]										10.50%	7.30%	8.10%
[1]	Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015.
[2]	The effective tax rate is calculated on Income (Loss) Before Provision for Taxes.

Reconciliations of Effective In

Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Effective Tax Rate Reconciliation [Line Items]
Statutory U.S. Federal Income Tax Rate		35.00%	35.00%	35.00%
Income Passed Through to Common Unitholders and Non-Controlling Interest Holders	[1]	(22.30%)	(28.70%)	(28.70%)
Interest Expense		(4.00%)	(0.50%)	(0.90%)
Foreign Income Taxes		(0.10%)	(0.30%)	(0.20%)
State and Local Income Taxes		1.80%	1.50%	1.70%
Equity-Based Compensation		1.80%	1.10%	1.60%
Change in Tax Rate				0.60%
Net Unrecognized Tax Benefits		(0.20%)	0.10%	(0.20%)
Non Deductible Expenses		0.20%	0.20%
Tax Deductible Compensation		(1.50%)	(0.40%)	(0.30%)
Other		(0.20%)	(0.70%)	(0.50%)
Effective Income Tax Rate	[2]	10.50%	7.30%	8.10%
[1]	Includes income that is not taxable to the Partnership and its subsidiaries. Such income is directly taxable to the Partnership's unitholders and the non-controlling interest holders.
[2]	The effective tax rate is calculated on Income (Loss) Before Provision for Taxes.

Summary of Tax Effects of Tempo

Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets
Fund Management Fees	$ 16,357	$ 21,607
Equity-Based Compensation	57,552	56,783
Unrealized Gains from Investments		(119,428)
Depreciation and Amortization	1,326,395	1,314,570
Net Operating Loss Carry Forward	15,874
Other		(21,302)
Total Deferred Tax Assets	1,416,178	1,252,230
Deferred Tax Liabilities
Unrealized Gains from Investments	105,830
Other	32,919
Depreciation and Amortization		10
Total Deferred Tax Liabilities	138,749	10
Net Deferred Tax Assets	$ 1,277,429	$ 1,252,220

Unrecognized Tax Benefits Exclu

Unrecognized Tax Benefits Excluding Related Interest and Penalties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits - January 1	$ 19,836	$ 18,862	$ 30,742
Additions based on Tax Positions Related to Current Year	1,031	2,104	6,517
Additions for Tax Positions of Prior Years		4,002	3,435
Reductions for Tax Positions of Prior Years	(4,032)	(2,503)	(17,686)
Settlements		(1,062)	(3,538)
Exchange Rate Fluctuations	(1,137)	(1,567)	(608)
Unrecognized Tax Benefits - December 31	$ 15,698	$ 19,836	$ 18,862

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015	[1]	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Earnings Per Share [Line Items]
Net Income for Per Common Unit Calculations																	634,337,179		608,803,111		587,018,828
Net Income Attributable to The Blackstone Group L.P., Basic	$ 200,870		$ (254,697)		$ 134,168		$ 629,448		$ 551,451		$ 250,505		$ 517,016		$ 265,617		$ 709,789		$ 1,584,589		$ 1,171,202
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units																	524,353
Net Income Attributable to The Blackstone Group L.P., Diluted																	$ 1,234,142		$ 1,584,589		$ 1,171,202
Weighted-Average Common Units Outstanding, Basic																	634,337,179		608,803,111		587,018,828
Weighted-Average Unvested Deferred Restricted Common Units																	2,993,398		4,373,294		3,527,812
Weighted-Average Blackstone Holdings Partnership Units																	550,754,834
Weighted-Average Common Units Outstanding, Diluted																	1,188,085,411		613,176,405		590,546,640
Net Income Per Common Unit, Basic	$ 0.31		$ (0.40)		$ 0.21		$ 1.01		$ 0.90		$ 0.41		$ 0.85		$ 0.44		$ 1.12		$ 2.60		$ 2
Net Income Per Common Unit, Diluted	0.23		(0.40)		0.21		1		0.89		0.41		0.85		0.44		1.04		2.58		1.98
Distributions Declared Per Common Unit	$ 0.49	[2]	$ 0.74	[2]	$ 0.89	[2]	$ 0.78	[2]	$ 0.44	[2]	$ 0.55	[2]	$ 0.35	[2]	$ 0.58	[2]	$ 2.90	[3]	$ 1.92	[3]	$ 1.18	[3]
[1]	Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015.
[2]	Distributions declared reflects the calendar date of the declaration of each distribution.
[3]	Distributions declared reflects the calendar date of declaration for each distribution. The fourth quarter distribution, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	542,553,088	553,579,525

Net Income (Loss) Per Common Un

Net Income (Loss) Per Common Unit - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2008
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 335,800,000
Common stock repurchased, units	0	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 ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	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	$ 629,642	$ 734,733	$ 855,087
Tax benefits in relation to equity-based awards	41,000	23,100	33,300
Estimated unrecognized compensation expense related to unvested awards	$ 1,000,000
Weighted-average period for recognized compensation expense related to unvested awards, years	5 years 2 months 12 days
Total vested and unvested outstanding units	1,191,126,830
Phantom units vesting period	3 years 9 months 18 days
Predecessor owners and selected advisors received, units	827,516,625
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, units	39,296
Payment in settlement of phantom units	$ 1,100	$ 1,100	$ 600
Phantom Share Units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate	6.90%
Phantom units vesting period	1 year
Phantom Share Units (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate	12.20%
Phantom units vesting period	6 years
Equity Settled Awards Deferred Restricted Common Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	1 year
Assumed forfeiture rate	1.00%
Per unit discount	$ 0.01
Equity Settled Awards Deferred Restricted Common Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	9 years
Assumed forfeiture rate	12.20%
Per unit discount	$ 7.56
Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, units	439,711,537
Assumed forfeiture rate	12.20%
Vested, units	387,805,088
Closing share price	$ 31
Blackstone Partnership Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	1 year
Blackstone Partnership Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	9 years
Vesting period	8 years
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	$ 3,800
Performance period of equity-based awards, in years	4 years

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (Units)	(387,805,088)
Ending Balance	439,711,537
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	33,498,237
Granted (Units)	28,861,922
Vested (Units)	(19,845,114)
Forfeited (Units)	(1,613,290)
Ending Balance	40,901,755
Beginning Balance | $ / shares	$ 26.19
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	37.91
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	29.48
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	23.31
Ending Balance | $ / shares	32.98
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 | $ / shares	16.95
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	32.98
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	17.62
Exchanged (Weighted-Average Grant Date Fair Value) | $ / shares	28.23
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	24.82
Ending Balance | $ / shares	22.38
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 | $ / shares	31.95
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	34.03
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	32.62
Exchanged (Weighted-Average Grant Date Fair Value) | $ / shares	28.23
Ending Balance | $ / shares	$ 28.79
Blackstone Group L P | Equity Settled Awards Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	17,569,372
Granted (Units)	5,655,007
Vested (Units)	(7,942,152)
Exchanged (Units)	(10,374)
Forfeited (Units)	(929,724)
Ending Balance	14,342,129
Blackstone Group L P | Cash Settled Awards Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	1,455
Granted (Units)	16,928
Vested (Units)	(815)
Exchanged (Units)	10,374
Ending Balance	27,942

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	12 Months Ended
	Dec. 31, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	33,675,366
Deferred Restricted Blackstone Common Units	12,386,848
Total Equity-Based Awards (Units)	46,062,214
Phantom Units (Units)	19,495
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	4 years 4 months 24 days
Deferred Restricted Blackstone Common Units	1 year 10 months 24 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 8 months 12 days
Phantom Units (Weighted-Average Service Period in Years)	3 years 9 months 18 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accrual for Potential Clawback of Previously Distributed Carried Interest	$ 1,686	$ 2,518
Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds	331,558	253,597
Amounts Due from Portfolio Companies and Funds	319,758	372,820
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	5,931	32,020
Management and Performance Fees Due from Non-Consolidated Funds	403,538	355,657
Payments Made on Behalf of Non-Consolidated Entities	178,326	111,796
Due from Affiliates, total	1,240,797	1,128,408
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,201,543	1,234,890
Accrual for Potential Repayment of Previously Received Performance Fees	3,356	3,889
Due to Note Holders of Consolidated CLO Vehicles	8,231	16,881
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	26,593	21,266
Payable to Affiliates for Consolidated Funds		22,447
Distributions Received on Behalf of Blackstone Entities	33,160	176,304
Payments Made by Non-Consolidated Entities	9,817	14,411
Due to Affiliates, total	$ 1,282,700	$ 1,490,088

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 26, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Founder's, other senior managing directors' and employees' investments		$ 746,300	$ 1,000,000
Founder's, other senior managing directors' and employees' share of the Net Income Attributable to Redeemable Non-Controlling Interests		49,000	176,000	$ 224,700
Management and Advisory Fees, Net from Affiliates		210,672	327,134	253,877
Interest from loans to affiliates		$ 5,000	$ 2,900	3,400
Partnership Unit to Blackstone Common Unit ratio		100.00%
Cash saving in tax receivable agreements, percentage		85.00%
Reduction in tax receivable agreement		$ 82,707		$ 20,469
Expected future payments under the tax receivable agreements		$ 1,200,000
Expected future payments under the tax receivable agreements in years		15 years
After-tax net present value estimated payments		$ 402,400
After-tax net present value discount rate assumption		15.00%
Subsequent Event
Related Party Transaction [Line Items]
Payments made under tax receivable agreements and related tax benefits	$ 79,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Commitments And Contingencies [Line Items]
Rent expense	$ 112	$ 97.2	$ 78.6
Leases	15.7	$ 8.5
General partner capital funding	2,000
Total investments at risk in respect of guarantees extended	$ 21.5
Contingent obligations currently anticipated to expire end	2,028
Contingent Obligations (Clawback)	$ 4,400
Provision for cash clawback	582.7
Blackstone Holdings Finance Co. L.L.C.
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	126.2
Contingent Obligations (Clawback)	4,100
Current And Former Blackstone Personnel
Schedule Of Commitments And Contingencies [Line Items]
Contingent Obligations (Clawback)	370.5
Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	48.6
Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 31.6
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Operating lease expiration year	2,032

Aggregate Minimum Future Paymen

Aggregate Minimum Future Payments, Net of Sublease Income, Required on Operating Leases (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leased Assets [Line Items]
2,016	$ 75,076
2,017	74,629
2,018	72,207
2,019	67,579
2,020	63,407
Thereafter	490,835
Total	$ 843,733

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Product Liability Contingency [Line Items]
Clawback obligations	$ 3,356	$ 3,889
Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	1,670	1,371
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	1,686	2,518
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		1,777
Real Estate Segment | Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships		130
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel		1,647
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	3,356	2,112
Credit Segment | Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	1,670	1,241
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	$ 1,686	$ 871

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Contribution Plan Disclosure [Line Items]
Percentage of partnership contribution in professionals pre-tax annual compensation	2.00%
Annual maximum contribution professionals are able to receive from Plan Partnerships	$ 1,600
Additional percentage of partnership contribution in professionals pre-tax annual compensation	50.00%
401(k) Plan | UNITED STATES
Defined Contribution Plan Disclosure [Line Items]
Expenses incurred by partnership in connection with employee benefit plan	$ 2,000,000	$ 1,900,000	$ 1,700,000
UK Defined Contribution Plan
Defined Contribution Plan Disclosure [Line Items]
Expenses incurred by partnership in connection with employee benefit plan	$ 800,000	$ 700,000	$ 400,000

Regulated Entities - Additional

Regulated Entities - Additional Information (Detail) $ in Millions	Dec. 31, 2015USD ($)
Regulatory Matters [Line Items]
Consolidated entities net assets restricted as to payment of cash dividends and advances to partnership	$ 24.8

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	Oct. 01, 2015	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Number of business segments		4	4
Partnership Unit to Blackstone Common Unit ratio		100.00%
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									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net										$ 2,542,505	$ 2,497,252	$ 2,193,985
Performance Fees Realized - Carried Interest										3,205,290	2,450,082	943,958
Performance Fees Realized - Incentive Fees										193,238	249,005	464,838
Performance Fees Unrealized - Carried Interest										(1,595,174)	1,704,924	2,158,010
Performance Fees Unrealized - Incentive Fees										(6,688)	(29,749)	(22,749)
Total Performance Fees										1,796,666	4,374,262	3,544,057
Investment Income (Loss), Realized										555,171	523,735	188,644
Investment Income (Loss), Unrealized										(350,529)	10,265	611,664
Total Investment Income (Loss)										204,642	534,000	800,308
Interest and Dividend Revenue										94,957	69,809	64,511
Other										7,782	9,405	10,307
Total Revenues	$ 897,419	$ 11,573	$ 1,225,202	$ 2,512,358		$ 2,020,774	$ 1,679,426	$ 2,257,860	$ 1,526,668	4,646,552	7,484,728	6,613,168
Compensation and Benefits Compensation										1,726,191	1,868,868	1,844,485
Performance Fee Compensation - Realized Carried Interest										793,801	815,643	257,201
Performance Fee Compensation - Realized Incentive Fees										85,945	110,099	200,915
Performance Fee Compensation - Unrealized Carried Interest										(312,696)	379,037	966,717
Performance Fee Compensation - Unrealized Incentive Fees										(2,490)	(19,276)	(11,651)
Total Compensation and Benefits										2,290,751	3,154,371	3,257,667
Total Expenses	556,878	476,997	914,432	1,142,568		823,086	1,055,138	1,089,781	887,851	3,090,875	3,855,856	3,866,740
Economic Income	440,909	$ (482,291)	$ 392,785	$ 1,463,345		1,338,120	$ 632,970	$ 1,306,664	$ 708,972	1,814,748	3,986,726	3,148,561
Segment Assets	22,526,080					31,497,097				22,526,080	31,497,097
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees										2,196,583	1,987,529	1,740,807
Management and Advisory Fees, Advisory Fees										308,131	420,845	410,514
Management and Advisory Fees, Transaction and Other Fees, Net										153,685	246,437	206,977
Management and Advisory Fees, Management Fee Offsets										(93,494)	(86,771)	(72,220)
Total Management and Advisory Fees, Net										2,564,905	2,568,040	2,286,078
Performance Fees Realized - Carried Interest										3,205,876	2,450,596	943,958
Performance Fees Realized - Incentive Fees										194,746	261,745	474,333
Performance Fees Unrealized - Carried Interest										(1,595,296)	1,708,961	2,158,010
Performance Fees Unrealized - Incentive Fees										(7,249)	(29,425)	(19,928)
Total Performance Fees										1,798,077	4,391,877	3,556,373
Investment Income (Loss), Realized										418,808	543,425	170,471
Investment Income (Loss), Unrealized										(365,959)	(71,797)	517,334
Total Investment Income (Loss)										52,849	471,628	687,805
Interest and Dividend Revenue										131,601	96,344	70,936
Other										8,500	9,405	10,308
Total Revenues										4,555,932	7,537,294	6,611,500
Compensation and Benefits Compensation										1,189,219	1,153,511	1,115,640
Performance Fee Compensation - Realized Carried Interest										793,800	815,643	257,201
Performance Fee Compensation - Realized Incentive Fees										85,946	110,099	200,915
Performance Fee Compensation - Unrealized Carried Interest										(312,696)	379,037	966,717
Performance Fee Compensation - Unrealized Incentive Fees										(2,490)	(19,276)	(11,651)
Total Compensation and Benefits										1,753,779	2,439,014	2,528,822
Other Operating Expenses										624,357	553,782	486,639
Total Expenses										2,378,136	2,992,796	3,015,461
Economic Income										2,177,796	4,544,498	3,596,039
Segment Assets	17,779,363					19,099,623				17,779,363	19,099,623
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees										502,640	415,841	368,146
Management and Advisory Fees, Advisory Fees										10,561	21,903	24,313
Management and Advisory Fees, Transaction and Other Fees, Net										36,258	135,718	97,678
Management and Advisory Fees, Management Fee Offsets										(36,760)	(19,146)	(5,683)
Total Management and Advisory Fees, Net										512,699	554,316	484,454
Performance Fees Realized - Carried Interest										1,474,987	754,402	329,993
Performance Fees Unrealized - Carried Interest										(717,955)	1,222,828	398,232
Total Performance Fees										757,032	1,977,230	728,225
Investment Income (Loss), Realized										189,649	202,719	88,026
Investment Income (Loss), Unrealized										(116,338)	(23,914)	161,749
Total Investment Income (Loss)										73,311	178,805	249,775
Interest and Dividend Revenue										33,218	21,993	15,625
Other										5,854	6,569	4,259
Total Revenues										1,382,114	2,738,913	1,482,338
Compensation and Benefits Compensation										280,248	280,499	240,150
Performance Fee Compensation - Realized Carried Interest										256,922	266,393	38,953
Performance Fee Compensation - Unrealized Carried Interest										(10,172)	210,446	342,733
Total Compensation and Benefits										526,998	757,338	621,836
Other Operating Expenses										199,158	143,562	124,499
Total Expenses										726,156	900,900	746,335
Economic Income										655,958	1,838,013	736,003
Segment Assets	5,680,315					6,134,869				5,680,315	6,134,869
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees										668,575	628,502	565,182
Management and Advisory Fees, Transaction and Other Fees, Net										110,577	91,610	79,675
Management and Advisory Fees, Management Fee Offsets										(26,840)	(34,443)	(22,821)
Total Management and Advisory Fees, Net										752,312	685,669	622,036
Performance Fees Realized - Carried Interest										1,634,733	1,487,762	486,773
Performance Fees Realized - Incentive Fees										17,153	11,499	45,862
Performance Fees Unrealized - Carried Interest										(680,542)	524,046	1,651,700
Performance Fees Unrealized - Incentive Fees										20,802	(5,521)	(28,753)
Total Performance Fees										992,146	2,017,786	2,155,582
Investment Income (Loss), Realized										235,582	309,095	52,359
Investment Income (Loss), Unrealized										(231,889)	(58,930)	350,201
Total Investment Income (Loss)										3,693	250,165	402,560
Interest and Dividend Revenue										43,990	30,197	21,563
Other										(1,422)	2,863	3,384
Total Revenues										1,790,719	2,986,680	3,205,125
Compensation and Benefits Compensation										358,381	326,317	294,222
Performance Fee Compensation - Realized Carried Interest										484,037	432,996	148,837
Performance Fee Compensation - Realized Incentive Fees										8,678	5,980	23,878
Performance Fee Compensation - Unrealized Carried Interest										(196,347)	197,174	566,837
Performance Fee Compensation - Unrealized Incentive Fees										8,817	(2,751)	(15,015)
Total Compensation and Benefits										663,566	959,716	1,018,759
Other Operating Expenses										179,175	146,083	116,391
Total Expenses										842,741	1,105,799	1,135,150
Economic Income										947,978	1,880,881	2,069,975
Segment Assets	7,456,507					8,032,854				7,456,507	8,032,854
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees										524,386	482,981	409,321
Management and Advisory Fees, Transaction and Other Fees, Net										317	569	623
Management and Advisory Fees, Management Fee Offsets										171	(5,014)	(3,387)
Total Management and Advisory Fees, Net										524,874	478,536	406,557
Performance Fees Realized - Incentive Fees										68,197	140,529	207,735
Performance Fees Unrealized - Carried Interest										2,021
Performance Fees Unrealized - Incentive Fees										(8,084)	(879)	7,718
Total Performance Fees										62,134	139,650	215,453
Investment Income (Loss), Realized										(12,741)	21,550	27,613
Investment Income (Loss), Unrealized										(1,435)	5,132	(9,306)
Total Investment Income (Loss)										(14,176)	26,682	18,307
Interest and Dividend Revenue										17,274	11,114	7,605
Other										200	1,855	688
Total Revenues										590,306	657,837	648,610
Compensation and Benefits Compensation										179,484	131,658	136,470
Performance Fee Compensation - Realized Incentive Fees										27,155	42,451	65,793
Performance Fee Compensation - Unrealized Carried Interest										823
Performance Fee Compensation - Unrealized Incentive Fees										(2,912)	(273)	2,856
Total Compensation and Benefits										204,550	173,836	205,119
Other Operating Expenses										90,072	86,129	66,966
Total Expenses										294,622	259,965	272,085
Economic Income										295,684	397,872	376,525
Segment Assets	1,916,956					1,472,992				1,916,956	1,472,992
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees										500,982	460,205	398,158
Management and Advisory Fees, Transaction and Other Fees, Net										6,371	18,161	28,586
Management and Advisory Fees, Management Fee Offsets										(30,065)	(28,168)	(40,329)
Total Management and Advisory Fees, Net										477,288	450,198	386,415
Performance Fees Realized - Carried Interest										96,156	208,432	127,192
Performance Fees Realized - Incentive Fees										109,396	109,717	220,736
Performance Fees Unrealized - Carried Interest										(198,820)	(37,913)	108,078
Performance Fees Unrealized - Incentive Fees										(19,967)	(23,025)	1,107
Total Performance Fees										(13,235)	257,211	457,113
Investment Income (Loss), Realized										7,186	9,354	4,098
Investment Income (Loss), Unrealized										(16,258)	5,055	13,951
Total Investment Income (Loss)										(9,072)	14,409	18,049
Interest and Dividend Revenue										24,599	23,040	18,146
Other										5,171	(2,310)	527
Total Revenues										484,751	742,548	880,250
Compensation and Benefits Compensation										190,189	188,200	186,514
Performance Fee Compensation - Realized Carried Interest										52,841	116,254	69,411
Performance Fee Compensation - Realized Incentive Fees										50,113	61,668	111,244
Performance Fee Compensation - Unrealized Carried Interest										(107,000)	(28,583)	57,147
Performance Fee Compensation - Unrealized Incentive Fees										(8,395)	(16,252)	508
Total Compensation and Benefits										177,748	321,287	424,824
Other Operating Expenses										93,626	90,524	96,940
Total Expenses										271,374	411,811	521,764
Economic Income										213,377	330,737	358,486
Segment Assets	$ 2,725,585					2,592,313				2,725,585	2,592,313
Operating Segments | Financial Advisory Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Advisory Fees										297,570	398,942	386,201
Management and Advisory Fees, Transaction and Other Fees, Net										162	379	415
Total Management and Advisory Fees, Net										297,732	399,321	386,616
Investment Income (Loss), Realized										(868)	707	(1,625)
Investment Income (Loss), Unrealized										(39)	860	739
Total Investment Income (Loss)										(907)	1,567	(886)
Interest and Dividend Revenue										12,520	10,000	7,997
Other										(1,303)	428	1,450
Total Revenues										308,042	411,316	395,177
Compensation and Benefits Compensation										180,917	226,837	258,284
Total Compensation and Benefits										180,917	226,837	258,284
Other Operating Expenses										62,326	87,484	81,843
Total Expenses										243,243	314,321	340,127
Economic Income										$ 64,799	96,995	$ 55,050
Segment Assets						$ 866,595					$ 866,595
[1]	Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015.

Reconciliation of Total Segment

Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended									12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues		$ 897,419	$ 11,573	$ 1,225,202	$ 2,512,358		$ 2,020,774	$ 1,679,426	$ 2,257,860	$ 1,526,668	$ 4,646,552	$ 7,484,728	$ 6,613,168
Expenses		556,878	476,997	914,432	1,142,568		823,086	1,055,138	1,089,781	887,851	3,090,875	3,855,856	3,866,740
Other Income		100,368	(16,867)	82,015	93,555		140,432	8,682	138,585	70,155	259,071	357,854	402,133
Income Before Provision for Taxes		440,909	$ (482,291)	$ 392,785	$ 1,463,345		1,338,120	$ 632,970	$ 1,306,664	$ 708,972	1,814,748	3,986,726	3,148,561
Total Assets		22,526,080					31,497,097				22,526,080	31,497,097
Operating Segments
Segment Reporting Information [Line Items]
Revenues											4,555,932	7,537,294	6,611,500
Expenses											2,378,136	2,992,796	3,015,461
Income Before Provision for Taxes											2,177,796	4,544,498	3,596,039
Total Assets		17,779,363					19,099,623				17,779,363	19,099,623
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues	[2]										90,620	(52,566)	1,668
Expenses	[3]										712,739	863,060	851,279
Other Income	[4]										259,071	357,854	402,133
Income Before Provision for Taxes	[5]										(363,048)	(557,772)	$ (447,478)
Total Assets	[6]	$ 4,746,717					$ 12,397,474				$ 4,746,717	$ 12,397,474
[1]	Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015.
[2]	The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues.
[3]	The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses.
[4]	The Other Income adjustment results from the following:
[5]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Consolidated Statements of Operations consists of the following:
[6]	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 Segm114

Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss										$ (100,657)	$ 52,219	$ (5,575)
Fund Expenses Added in Consolidation										48,239	19,169	30,727
Non-Controlling Interests in Income of Consolidated Entities										231,045	409,864	381,872
Transaction-Related Other Income (Loss)										80,444	(123,398)	(4,891)
Total Other Income	$ 100,368	$ (16,867)	$ 82,015	$ 93,555		$ 140,432	$ 8,682	$ 138,585	$ 70,155	259,071	357,854	402,133
Economic Income										2,177,796	4,544,498	3,596,039
Amortization of Intangibles										(104,530)	(111,254)	(106,643)
IPO and Acquisition-Related Charges										(489,563)	(856,382)	(722,707)
Non-Controlling Interests in Income of Consolidated Entities										231,045	409,864	381,872
Total Consolidation Adjustments and Reconciling Items										(363,048)	(557,772)	(447,478)
Income Before Provision for Taxes	$ 440,909	$ (482,291)	$ 392,785	$ 1,463,345		$ 1,338,120	$ 632,970	$ 1,306,664	$ 708,972	$ 1,814,748	$ 3,986,726	$ 3,148,561
[1]	Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015.

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015	[1]	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Quarterly Financial Information [Line Items]
Revenues	$ 897,419		$ 11,573		$ 1,225,202		$ 2,512,358		$ 2,020,774		$ 1,679,426		$ 2,257,860		$ 1,526,668		$ 4,646,552		$ 7,484,728		$ 6,613,168
Expenses	556,878		476,997		914,432		1,142,568		823,086		1,055,138		1,089,781		887,851		3,090,875		3,855,856		3,866,740
Other Income	100,368		(16,867)		82,015		93,555		140,432		8,682		138,585		70,155		259,071		357,854		402,133
Income (Loss) Before Provision for Taxes	440,909		(482,291)		392,785		1,463,345		1,338,120		632,970		1,306,664		708,972		1,814,748		3,986,726		3,148,561
Net Income	394,679		(483,864)		349,534		1,364,001		1,263,434		553,862		1,223,382		654,875		1,624,350		3,695,553		2,892,919
Net Income (Loss) Attributable to The Blackstone Group L.P.	$ 200,870		$ (254,697)		$ 134,168		$ 629,448		$ 551,451		$ 250,505		$ 517,016		$ 265,617		$ 709,789		$ 1,584,589		$ 1,171,202
Net Income (Loss) Per Common Unit
Common Units, Basic	$ 0.31		$ (0.40)		$ 0.21		$ 1.01		$ 0.90		$ 0.41		$ 0.85		$ 0.44		$ 1.12		$ 2.60		$ 2
Common Units, Diluted	0.23		(0.40)		0.21		1		0.89		0.41		0.85		0.44		1.04		2.58		1.98
Distributions Declared	$ 0.49	[2]	$ 0.74	[2]	$ 0.89	[2]	$ 0.78	[2]	$ 0.44	[2]	$ 0.55	[2]	$ 0.35	[2]	$ 0.58	[2]	$ 2.90	[3]	$ 1.92	[3]	$ 1.18	[3]
[1]	Blackstone adopted new GAAP consolidation guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. Adoption did not change Net Income Attributable to The Blackstone Group L.P. for the quarter ended March 31, 2015, but did change Revenues, Expenses, Other Income (Loss), Income (Loss) Before Provision for Taxes and Net Income (Loss). Such amounts have been recast here from the amounts originally reported for the quarter ended March 31, 2015.
[2]	Distributions declared reflects the calendar date of the declaration of each distribution.
[3]	Distributions declared reflects the calendar date of declaration for each distribution. The fourth quarter distribution, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.