Blackstone (BX) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		565,579,839

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and Cash Equivalents	$ 1,372,552	$ 1,837,324
Cash Held by Blackstone Funds and Other	548,591	587,132
Investments (including assets pledged of $75,668 and $64,535 at March 31, 2016 and December 31, 2015, respectively)	14,625,032	14,324,097
Accounts Receivable	660,853	613,153
Reverse Repurchase Agreements	45,301	204,893
Due from Affiliates	1,139,526	1,240,797
Intangible Assets, Net	322,719	345,547
Goodwill	1,718,519	1,718,519
Other Assets	316,196	377,189
Deferred Tax Assets	1,301,615	1,277,429
Total Assets	22,050,904	22,526,080
Liabilities and Partners' Capital
Loans Payable	6,357,782	6,116,747
Due to Affiliates	1,219,184	1,282,700
Accrued Compensation and Benefits	1,846,059	2,029,918
Securities Sold, Not Yet Purchased	105,857	176,667
Repurchase Agreements	49,540	40,929
Accounts Payable, Accrued Expenses and Other Liabilities	561,402	648,662
Total Liabilities	$ 10,139,824	$ 10,295,623
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	$ 177,054	$ 183,459
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 631,548,955 issued and outstanding as of March 31, 2016; 624,450,162 issued and outstanding as of December 31, 2015)	6,136,475	6,322,307
Accumulated Other Comprehensive Loss	(46,064)	(52,519)
Total The Blackstone Group L.P. Partners' Capital	6,090,411	6,269,788
Non-Controlling Interests in Consolidated Entities	2,480,358	2,408,701
Non-Controlling Interests in Blackstone Holdings	3,163,257	3,368,509
Total Partners' Capital	11,734,026	12,046,998
Total Liabilities and Partners' Capital	$ 22,050,904	$ 22,526,080

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments assets pledged	$ 75,668	$ 64,535
Partners' Capital, common units: issued	631,548,955	624,450,162
Partners' Capital, common units: outstanding	631,548,955	624,450,162
Assets
Cash Held by Blackstone Funds and Other	$ 548,591	$ 587,132
Investments	14,625,032	14,324,097
Accounts Receivable	660,853	613,153
Due from Affiliates	1,139,526	1,240,797
Other Assets	316,196	377,189
Total Assets	22,050,904	22,526,080
Liabilities
Loans Payable	6,357,782	6,116,747
Due to Affiliates	1,219,184	1,282,700
Accounts Payable, Accrued Expenses and Other	561,402	648,662
Total Liabilities	10,139,824	10,295,623
Blackstone Funds And Other
Assets
Cash Held by Blackstone Funds and Other	305,421	435,775
Investments	4,846,561	4,558,216
Accounts Receivable	129,634	122,077
Due from Affiliates	25,153	25,561
Other Assets	6,338	12,693
Total Assets	5,313,107	5,154,322
Liabilities
Loans Payable	3,550,109	3,319,656
Due to Affiliates	40,511	39,532
Accounts Payable, Accrued Expenses and Other	267,262	316,498
Total Liabilities	$ 3,857,882	$ 3,675,686

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues
Management and Advisory Fees, Net		$ 608,906	$ 616,768
Performance Fees
Performance Fees Realized - Carried Interest		230,909	1,207,594
Performance Fees Realized - Incentive Fees		28,419	29,638
Performance Fees Unrealized - Carried Interest		47,586	373,840
Performance Fees Unrealized - Incentive Fees		7,579	62,036
Total Performance Fees		314,493	1,673,108
Investment Income (Loss)
Realized		(12,001)	187,930
Unrealized		3,493	18,273
Total Investment Income (Loss)		(8,508)	206,203
Interest and Dividend Revenue		23,075	21,920
Other		(5,612)	(5,641)
Total Revenues		932,354	2,512,358
Expenses
Compensation and Benefits Compensation		346,003	559,559
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest		58,504	292,248
Performance Fee Compensation - Realized Incentive Fees		14,124	12,227
Performance Fee Compensation - Unrealized Carried Interest		30,001	74,380
Performance Fee Compensation - Unrealized Incentive Fees		3,448	24,961
Total Compensation and Benefits		452,080	963,375
General, Administrative and Other		123,045	130,973
Interest Expense		37,356	31,370
Fund Expenses		5,229	16,850
Total Expenses		617,710	1,142,568
Other Income
Net Gains from Fund Investment Activities		19,142	93,555
Income Before Provision for Taxes		333,786	1,463,345
Provision for Taxes		18,866	99,344
Net Income (Loss)		314,920	1,364,001
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(6,401)	7,527
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		40,086	81,796
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		131,202	645,230
Net Income Attributable to The Blackstone Group L.P.		$ 150,033	$ 629,448
Distributions Declared Per Common Unit	[1]	$ 0.61	$ 0.78
Net Income Per Common Unit
Common Units, Basic		0.23	1.01
Common Units, Diluted		$ 0.23	$ 1
Weighted-Average Common Units Outstanding
Common Units, Basic		644,897,849	625,276,969
Common Units, Diluted		1,194,570,331	631,232,041
Revenues Earned from Affiliates
Management and Advisory Fees, Net		$ 56,675	$ 48,112
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income	$ 314,920	$ 1,364,001
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	17,612	(47,788)
Comprehensive Income	332,532	1,316,213
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(6,401)	7,527
Less Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	51,243	55,158
Less Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	131,202	645,230
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 156,488	$ 608,298

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands	Total	Partners' Capital	Accumulated Other Comprehensive Income (Loss)	Total	Non-Controlling Interests in Consolidated Entities	Non-Controlling Interests in Blackstone Holdings	Total Partners' Capital	Redeemable Non-Controlling Interests in Consolidated Entities	Common Units	Appropriated Partners' Capital
Beginning Balance, Units at Dec. 31, 2014									595,624,855
Net Delivery of Vested Holdings Partnership Units and Blackstone Common Units, Units									7,956,871
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									5,603,820
Ending Balance, Units at Mar. 31, 2015									609,185,546
Beginning Balance at Dec. 31, 2014		$ 6,999,830	$ (20,864)	$ 7,060,267	$ 3,415,356	$ 4,416,070	$ 14,891,693			$ 81,301
Beginning Balance at Dec. 31, 2014								$ 2,441,854
Deconsolidation of CLOs and Funds on Adoption of ASU 2015-02				(90,928)	(1,002,728)		(1,093,656)	(2,258,289)		(90,928)
Net Income (Loss)	$ 1,364,001	629,448		629,448	81,796	645,230	1,356,474	7,527
Currency Translation Adjustment			(22,178)	(22,178)	(48,530)		(70,708)
Capital Contributions					63,910		63,910	2,000
Capital Distributions		(482,249)		(482,249)	(228,800)	(488,711)	(1,199,760)	(440)
Transfer of Non-Controlling Interests in Consolidated Entities					(10,163)		(10,163)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non- Controlling Interest Holders		9,113		9,113			9,113
Equity-Based Compensation		130,134		130,134		122,236	252,370
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(27,632)		(27,632)			(27,632)
Excess Tax Benefits Related to Equity-Based Compensation, Net		(23,834)		(23,834)			(23,834)
Change in The Blackstone Group L.P.'s Ownership Interest	68,361	68,361		68,361		(68,361)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		46,123		46,123		(46,123)
Ending Balance at Mar. 31, 2015		7,396,962	(43,042)	7,353,920	2,270,841	4,580,341	14,205,102
Ending Balance at Mar. 31, 2015								192,652
Adjustment to Appropriated Partners' Capital on Adoption of ASU 2014-13				9,627			9,627			$ 9,627
Beginning Balance, Units at Dec. 31, 2015									624,450,162
Net Delivery of Vested Holdings Partnership Units and Blackstone Common Units, Units									4,025,507
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									3,073,286
Ending Balance, Units at Mar. 31, 2016									631,548,955
Beginning 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
Beginning Balance at Dec. 31, 2015	183,459							183,459
Net Income (Loss)	314,920	150,033		150,033	40,086	131,202	321,321	(6,401)
Currency Translation Adjustment			6,455	6,455	11,157		17,612
Capital Contributions					94,418		94,418
Capital Distributions		(389,780)		(389,780)	(68,692)	(355,360)	(813,832)	(4)
Transfer of Non-Controlling Interests in Consolidated Entities					(5,312)		(5,312)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non- Controlling Interest Holders		(1,145)		(1,145)			(1,145)
Equity-Based Compensation		36,053		36,053		41,455	77,508
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(13,262)		(13,262)			(13,262)
Excess Tax Benefits Related to Equity-Based Compensation, Net		9,720		9,720			9,720
Change in The Blackstone Group L.P.'s Ownership Interest	3,618	3,618		3,618		(3,618)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		18,931		18,931		(18,931)
Ending Balance at Mar. 31, 2016	6,090,411	$ 6,136,475	$ (46,064)	$ 6,090,411	$ 2,480,358	$ 3,163,257	$ 11,734,026
Ending Balance at Mar. 31, 2016	$ 177,054							$ 177,054

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities
Net Income (Loss)	$ 314,920	$ 1,364,001
Blackstone Funds Related
Unrealized Appreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities	(35,684)	(87,529)
Net Realized Gains on Investments	(253,857)	(1,479,010)
Changes in Unrealized (Gains) Losses on Investments Allocable to The Blackstone Group L.P.	17,363	(61,239)
Non-Cash Performance Fees	(15,077)	(315,065)
Non-Cash Performance Fee Compensation	106,076	403,816
Equity-Based Compensation Expense	79,840	272,335
Excess Tax Benefits Related to Equity-Based Compensation	(11,690)	(23,834)
Amortization of Intangibles	22,828	24,800
Other Non-Cash Amounts Included in Net Income	17,372	107,020
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	51,134	350,505
Cash Relinquished in Deconsolidation and Liquidation of Partnership		(442,370)
Accounts Receivable	(21,063)	(47,474)
Reverse Repurchase Agreements	159,592	(79,628)
Due from Affiliates	124,519	(1,928)
Other Assets	52,381	(109,651)
Accrued Compensation and Benefits	(289,532)	(436,354)
Securities Sold, Not Yet Purchased	(76,620)	76,698
Accounts Payable, Accrued Expenses and Other Liabilities	(264,198)	(528,826)
Repurchase Agreements	8,620	57,152
Due to Affiliates	(3,642)	(90,700)
Net Cash Provided by Operating Activities	208,531	479,286
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(9,934)	(3,275)
Changes in Restricted Cash	5,843	5,843
Net Cash Provided by (Used in) Investing Activities	(4,091)	2,568
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(68,696)	(229,240)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	88,079	55,274
Payments Under Tax Receivable Agreement	(78,985)	(82,830)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(13,262)	(27,632)
Excess Tax Benefits Related to Equity-Based Compensation	11,690	23,834
Proceeds from Loans Payable		23
Repayment and Repurchase of Loans Payable		(2,410)
Distributions to Unitholders	(745,140)	(970,960)
Blackstone Funds Related
Proceeds from Loans Payable	158,456	507,832
Repayment of Loans Payable	(21,327)	(32,805)
Net Cash Used in Financing Activities	(669,185)	(758,914)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(27)	60
Net Decrease in Cash and Cash Equivalents	(464,772)	(277,000)
Cash and Cash Equivalents, Beginning of Period	1,837,324	1,412,472
Cash and Cash Equivalents, End of Period	1,372,552	1,135,472
Supplemental Disclosure of Cash Flows Information
Payments for Interest	60,907	49,484
Payments for Income Taxes	6,995	70,609
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	967	601
Transfer of Interests to Non-Controlling Interest Holders	(5,312)	(10,163)
Change in The Blackstone Group L.P.'s Ownership Interest	3,618	68,361
Net Settlement of Vested Common Units	59,605	51,228
Conversion of Blackstone Holdings Partnership Units to Common Units	18,931	46,123
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(14,427)	(54,313)
Due to Affiliates	15,572	45,200
Partners' Capital	(1,145)	9,113
Blackstone's Treasury Cash Management Strategies
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(590,772)	(1,063,714)
Cash Proceeds from Sale of Investments	590,649	1,120,428
Investments Of Consolidated Blackstone Funds
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(742,280)	(195,719)
Cash Proceeds from Sale or Pay Down of Investments	$ 967,652	$ 1,665,572

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2016
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’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. These historical operations included various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. 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. 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	3 Months Ended
	Mar. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission. As disclosed in the audited consolidated financial statements, the Partnership adopted certain accounting guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. As such, the condensed consolidated financial statements for the three months ended March 31, 2015 were recast from the amounts originally reported in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. The condensed consolidated financial statements include the accounts of the Partnership, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which the Partnership is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. The Partnership has a controlling interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick out rights or participating rights 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 Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”. Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. The Partnership does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. • Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. 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. 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. • 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 Level III Valuation Process Investments classified within Level III of the fair value hierarchy are valued on a quarterly basis, taking into consideration factors including 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 Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, the Partnership has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. The Partnership has applied the fair value option for certain loans and receivables and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. Accounting for these financial instruments at fair value is consistent with how the Partnership accounts for its other principal investments. Loans extended to third parties are recorded within Accounts Receivable within the Condensed Consolidated Statements of Financial Condition. Debt securities for which the fair value option has been elected are recorded within Investments. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. In addition, the Partnership has elected the fair value option for the assets and liabilities of CLO vehicles that are consolidated as of January 1, 2010, as a result of the initial adoption of variable interest entity consolidation guidance. The Partnership has also elected the fair value option for CLO vehicles consolidated as a result of the acquisitions of CLO management contracts or the acquisition of the share capital of CLO managers. Historically, the adjustment resulting from the difference between the fair value of assets and liabilities for each of these events was presented as a transition and acquisition adjustment to Appropriated Partners’ Capital. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income subsequent to adoption and acquisition are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Historically, amounts attributable to Non-Controlling Interests in Consolidated Entities had a corresponding adjustment to Appropriated Partners’ Capital. On the adoption of the new CLO measurement guidance, there is no attribution of amounts to Non-Controlling Interests and no corresponding 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 Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option” to the Condensed Consolidated Financial Statements. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, the Partnership may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Partnership will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side pocket no longer exist. As the timing of either of these events is uncertain, the timing at which the Partnership may redeem an investment held in a side pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value”. Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which the Partnership is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting. Under the equity method of accounting, the Partnership’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. As the underlying investments of the Partnership’s equity method investments in Blackstone Funds are reported at fair value, the carrying value of the Partnership’s equity method investments approximates fair value. 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 Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of repurchase and reverse repurchase agreements approximates fair value. The Partnership manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Partnership, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The Partnership takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. The Partnership also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to reverse repurchase and repurchase agreements are discussed in Note 10. “Reverse Repurchase and Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that the Partnership has borrowed and sold. The Partnership is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. The Partnership is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments The Partnership recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date the Partnership enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. The Partnership formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and the Partnership’s evaluation of effectiveness of its hedged transaction. At least monthly, the Partnership also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, the Partnership uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The Partnership may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, the Partnership presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by the Partnership, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets are recorded within Investments and freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. The Partnership has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Partnership, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates. Distributions Distributions are reflected in the condensed consolidated financial statements when declared. Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The guidance introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and determining the transaction price and amounts allocated to performance obligations. Additional disclosures are required about assets recognized from the costs to obtain or fulfill a contract. 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. The new revenue 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 February 2016, the FASB issued amended guidance on the accounting for leases. The guidance requires the recognition of lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. The guidance retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under previous GAAP. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not changed significantly from previous GAAP. For operating leases, a lessee is required to do the following: (a) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the Statement of Financial Condition, (b) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (c) classify all cash payments within operating activities in the statement of cash flows. The guidance is effective for fiscal periods beginning after December 15, 2018. Early application is permitted. Blackstone is evaluating the impact of the amended guidance on the Consolidated Statement of Financial Condition. It is not expected to have a material impact on the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. In March 2016, the FASB issued amended guidance on stock compensation. The amendments simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, accounting for forfeitures, and classification of excess tax benefits and employee taxes paid on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The guidance is not expected to have a material impact on Blackstone’s financial statements.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,424,226 $ 1,424,226 Accumulated Amortization (1,101,507 ) (1,078,679 ) Intangible Assets, Net $ 322,719 $ 345,547 Amortization expense associated with Blackstone’s intangible assets was $22.8 million for the three months ended March 31, 2016 and $24.8 million for the three months ended March 31, 2015. Amortization of Intangible Assets held at March 31, 2016 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 March 31, 2016 are expected to amortize over a weighted-average period of 6.3 years.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2016
INVESTMENTS	4. INVESTMENTS Investments consist of the following: March 31, December 31, Investments of Consolidated Blackstone Funds $ 4,885,584 $ 4,613,944 Equity Method Investments 3,116,125 3,110,810 Blackstone’s Treasury Cash Management Strategies 1,588,194 1,682,259 Performance Fees 4,782,046 4,757,932 Other Investments 253,083 159,152 $ 14,625,032 $ 14,324,097 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $405.9 million and $451.9 million at March 31, 2016 and December 31, 2015, respectively. Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2016 2015 Realized Gains $ 13,382 $ 67,039 Net Change in Unrealized Gains (Losses) (25,241 ) 3,933 Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (11,859 ) 70,972 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 31,001 22,583 Other Income — Net Gains from Fund Investment Activities $ 19,142 $ 93,555 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 three months ended March 31, 2016 and 2015, 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. The Partnership recognized net gains related to its equity method investments of $17.6 million and $162.1 million for the three months ended March 31, 2016 and 2015, respectively. Blackstone’s Treasury Cash Management Strategies The portion of Blackstone’s Treasury Cash Management Strategies included in Investments represents the Partnership’s liquid investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisers. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by Blackstone’s Treasury Cash Management Strategies: Three Months Ended March 31, 2016 2015 Realized Losses $ (18,609 ) $ (161 ) Net Change in Unrealized Gains 1,783 11,111 $ (16,826 ) $ 10,950 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, 2015 $ 1,479,443 $ 3,101,688 $ 9,747 $ 167,054 $ 4,757,932 Performance Fees Allocated as a Result of Changes in Fund Fair Values 104,602 179,842 (891 ) (4 ) 283,549 Foreign Exchange Gain — 18,631 — — 18,631 Fund Distributions (29,345 ) (222,978 ) (6,363 ) (19,380 ) (278,066 ) Performance Fees, March 31, 2016 $ 1,554,700 $ 3,077,183 $ 2,493 $ 147,670 $ 4,782,046 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended March 31, 2016 2015 Realized Gains $ 4,733 $ 22 Net Change in Unrealized Gains (Losses) (6,235 ) 371 $ (1,502 ) $ 393

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 153,867 $ 142 (a) (a) Credit Driven 257,775 268 (b) (b) Event Driven 64,773 — (c) (c) Equity 227 — (d) (d) Commodities 1,977 — (e) (e) $ 478,619 $ 410 (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 32% 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 64% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 4% of the total fair value in the credit driven category are subject to redemption restrictions such as the investee fund manager’s ability to limit the amount of redemptions. (c) The Event Driven category includes investments in hedge funds whose primary investing strategy is to identify certain event-driven investments. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
DERIVATIVE FINANCIAL INSTRUMENTS	6. DERIVATIVE FINANCIAL INSTRUMENTS Blackstone and the consolidated Blackstone Funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone Funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone Funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. Net Investment Hedges To manage the potential exposure from adverse changes in currency exchange rates arising from Blackstone’s net investment in foreign operations, during December 2014, Blackstone entered into several foreign currency forward contracts to hedge a portion of the net investment in Blackstone’s non-U.S. dollar denominated foreign operations. Blackstone uses foreign currency forward contracts to hedge portions of Blackstone’s net investments in foreign operations. The gains and losses due to change in fair value attributable to changes in spot exchange rates on foreign currency derivatives designated as net investment hedges were recognized in Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment. For the three months ended March 31, 2016 the resulting loss was $2.1 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. March 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 6,087 $ 9 $ 53,191 $ 1,677 $ 53,627 $ 319 $ 138 $ 1 Freestanding Derivatives Blackstone Interest Rate Contracts 603,327 900 724,087 5,765 1,681,533 2,212 1,054,465 4,288 Foreign Currency Contracts 163,031 2,902 127,891 1,063 158,684 2,088 271,891 2,042 Credit Default Swaps 2,275 12 — — — — 19,250 2,411 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 197,087 11,562 26,253 2,846 124,595 1,400 92,094 6,490 Credit Default Swaps — — 122,682 7,647 — — 108,786 6,275 965,720 15,376 1,000,913 17,321 1,964,812 5,700 1,546,486 21,506 Total $ 971,807 $ 15,385 $ 1,054,104 $ 18,998 $ 2,018,439 $ 6,019 $ 1,546,624 $ 21,507 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended March 31, 2016 2015 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ 129 $ 240 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (7,358 ) $ (3,735 ) Foreign Currency Contracts (4,310 ) 12,064 Credit Default Swaps (3,811 ) 1,826 Total $ (15,479 ) $ 10,155 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (2,666 ) $ (746 ) Foreign Currency Contracts 15,322 (11,024 ) Credit Default Swaps (4,276 ) (2,922 ) Total $ 8,380 $ (14,692 ) As of March 31, 2016 and December 31, 2015, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	3 Months Ended
	Mar. 31, 2016
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, Assets Loans and Receivables $ 287,858 $ 261,994 Equity and Preferred Securities 280,028 280,879 Debt Securities 14,487 15,176 Assets of Consolidated CLO Vehicles Corporate Loans 3,363,794 3,087,563 Corporate Bonds 412,073 379,000 $ 4,358,240 $ 4,024,612 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,467,956 $ 3,225,064 Subordinated Notes 86,063 98,371 $ 3,554,019 $ 3,323,435 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2016 2015 Realized Net Change in Unrealized Gains (Losses) Realized Net Change in Unrealized Gains (Losses) Assets Loans and Receivables $ — $ (3,778 ) $ — $ (1,875 ) Equity and Preferred Securities 3 (3,832 ) (185 ) (2,828 ) Debt Securities — (689 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (13,707 ) 957 (7,208 ) 22,557 Corporate Bonds 190 271 30 1,135 Other 178 — 1,955 (2,491 ) $ (13,336 ) $ (7,071 ) $ (5,408 ) $ 16,498 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ — $ (3,794 ) Subordinated Notes — 12,413 — 754 $ — $ 12,413 $ — $ (3,040 ) The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2016 December 31, 2015 For Financial Assets For Financial Assets Past (Deficiency) Fair (Deficiency) (Deficiency) Fair (Deficiency) Loans and Receivables $ (13,806 ) $ — $ — $ (8,845 ) $ — $ — Debt Securities (1,115 ) — — (426 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (71,562 ) — (1,784 ) (77,900 ) 1,088 (5,620 ) Corporate Bonds (6,588 ) — — (6,046 ) — — $ (93,071 ) $ — $ (1,784 ) $ (93,217 ) $ 1,088 $ (5,620 ) (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, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of March 31, 2016 and 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	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 149,071 $ 149,071 Equity Securities 71,851 53,317 82,724 — 207,892 Partnership and LLC Interests 32,642 75,005 445,697 — 553,344 Debt Instruments — 168,597 19,251 — 187,848 Assets of Consolidated CLO Vehicles Corporate Loans — 3,174,768 189,026 — 3,363,794 Corporate Bonds — 412,073 — — 412,073 Freestanding Derivatives — Foreign Currency Contracts — 11,562 — — 11,562 Total Investments of Consolidated Blackstone Funds 104,493 3,895,322 736,698 149,071 4,885,584 Blackstone’s Treasury Cash Management Strategies Equity Securities 143,882 — — — 143,882 Debt Instruments — 1,101,627 30,855 116,544 1,249,026 Other — — — 195,286 195,286 Total Blackstone’s Treasury Cash Management Strategies 143,882 1,101,627 30,855 311,830 1,588,194 Money Market Funds 170,680 — — — 170,680 Net Investment Hedges — Foreign Currency Contracts — 9 — — 9 Freestanding Derivatives Interest Rate Contracts 452 448 — — 900 Foreign Currency Contracts — 2,902 — — 2,902 Credit Default Swaps — 12 — — 12 Loans and Receivables — — 287,858 — 287,858 Other Investments 135,956 — 99,409 17,718 253,083 $ 555,463 $ 5,000,320 $ 1,154,820 $ 478,619 $ 7,189,222 March 31, 2016 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,467,956 $ — $ 3,467,956 Subordinated Notes (b) — 86,063 — 86,063 Freestanding Derivatives — Foreign Currency Contracts — 2,846 — 2,846 Freestanding Derivatives — Credit Default Swaps — 7,647 — 7,647 Net Investment Hedges — Foreign Currency Contracts — 1,677 — 1,677 Freestanding Derivatives Interest Rate Contracts 1,899 3,866 — 5,765 Foreign Currency Contracts — 1,063 — 1,063 Securities Sold, Not Yet Purchased — 105,857 — 105,857 $ 1,899 $ 3,676,975 $ — $ 3,678,874 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 (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, has a controlling financial interest. 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 March 31, 2016 and 2015, respectively: Three Months Ended 2016 2015 Transfers from Level I into Level II (a) $ 2,114 $ — Transfers from Level II into Level I (b) $ 28,346 $ 5,688 (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 March 31, 2016: Fair Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 69,289 Discounted Cash Flows Discount Rate 7.4% - 25.0% 13.1% Revenue CAGR -1.5% - 20.2% 8.1% Exit Multiple - EBITDA 4.0x - 18.2x 9.6x Exit Multiple - P/E 10.5x - 17.0x 11.3x Exit Capitalization Rate 5.5% - 11.4% 8.9% 5,878 Other N/A N/A N/A 5,869 Transaction Price N/A N/A N/A 1,661 Market Comparable Companies EBITDA Multiple 6.1x N/A Book Value Multiple 0.9x N/A 27 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 413,719 Discounted Cash Flows Discount Rate 2.1% - 29.2% 9.5% Revenue CAGR -13.8% - 67.1% 8.4% Exit Multiple - EBITDA 0.1x - 23.5x 10.3x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 3.0% - 12.1% 6.4% 14,342 Third Party Pricing N/A N/A N/A 9,671 Transaction Price N/A N/A N/A 7,965 Other N/A N/A N/A Debt Instruments 14,794 Third Party Pricing N/A N/A N/A 4,071 Discounted Cash Flows Discount Rate 8.3% - 52.7% 14.4% Revenue CAGR 6.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.3% 386 Transaction Pricing N/A N/A N/A Assets of Consolidated CLO Vehicles 172,442 Third Party Pricing N/A N/A N/A 16,584 Market Comparable Companies EBITDA Multiple 4.0x - 15.0x 7.2x Total Investments of Consolidated Blackstone Funds 736,698 Blackstone’s Treasury Cash Management Strategies $ 15,663 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 69.4% Recovery Lag 12 Months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 350 bps LIBOR + 394 bps LIBOR + 400 bps Discount Rate 8.4% - 13.5% 9.5% 15,192 Third Party Pricing N/A N/A N/A Loans and Receivables 222,726 Discounted Cash Flows Discount Rate 6.8% - 24.8% 12.2% 47,514 Transaction Price N/A N/A N/A 17,618 Third Party Pricing N/A N/A N/A Other Investments 83,210 Discounted Cash Flows Discount Rate 1.7% - 19.7% 3.9% 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 16,199 Transaction Price N/A N/A N/A Total $ 1,154,820 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% 5,426 Other N/A N/A N/A 6,722 Transaction Price N/A N/A N/A 1,710 Market Comparable EBITDA Multiple 6.5x - 8.0x 6.6x Companies 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 - 12.0x N/A Exit 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 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 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 and other investments 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, 2015, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. The following tables summarize the changes in financial assets and liabilities measured at fair value for which the Partnership has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in Investment Income (Loss) and Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2016 2015 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 $ 2,394,823 $ 40,397 $ 189,385 $ 2,624,605 Transfer Out Due to Deconsolidation — — — — (1,460,538 ) — — (1,460,538 ) Transfer In to Level III (b) 54,626 — 290 54,916 9,314 — 17,125 26,439 Transfer Out of Level III (b) (61,879 ) — (4,005 ) (65,884 ) (12,353 ) — (22,684 ) (35,037 ) Purchases 63,932 298,381 — 362,313 83,503 6,186 24,933 114,622 Sales (92,578 ) (267,556 ) (20,007 ) (380,141 ) (92,074 ) (4,071 ) (35,153 ) (131,298 ) Settlements — (4,294 ) (140 ) (4,434 ) — (1,144 ) (103 ) (1,247 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) (1,795 ) (667 ) (1,715 ) (4,177 ) (2,227 ) (677 ) (9,705 ) (12,609 ) Balance, End of Period $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 $ 920,448 $ 40,691 $ 163,798 $ 1,124,937 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (18,484 ) $ (667 ) $ (1,300 ) $ (20,451 ) $ 6,352 $ (806 ) $ 1,348 $ 6,894 Level III Financial Liabilities at Fair Value Collateralized Collateralized Total Balance, Beginning of Period $ 6,448,352 $ 348,752 $ 6,797,104 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) Transfer Out Due to Amended CLO Guidance (d) (2,279,947 ) (86,818 ) (2,366,765 ) Balance, End of Period $ — $ — $ — (a) Represents Blackstone’s Treasury Cash Management Strategies and Other Investments. (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) There were no Level III financial liabilities as of and for the three months ended March 31, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either March 31, 2016 or March 31, 2015. (d) 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	3 Months Ended
	Mar. 31, 2016
VARIABLE INTEREST ENTITIES	9. VARIABLE INTEREST ENTITIES Pursuant to GAAP consolidation guidance, the Partnership consolidates certain VIEs in which it is determined that the Partnership is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds have similar characteristics, including loss of invested capital and loss of management fees and performance based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. The Partnership does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these consolidated Blackstone Funds. In addition, there is no recourse to the Partnership for the consolidated VIEs’ liabilities including the liabilities of the consolidated CLO vehicles. The Partnership holds variable interests in certain VIEs which are not consolidated as it is determined that the Partnership is not the primary beneficiary. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated entities, any amounts due to non-consolidated entities and any clawback obligation relating to previously distributed Carried Interest. The assets and liabilities recognized in the Partnership’s Condensed Consolidated Statements of Financial Condition related to the Partnership’s interest in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, December 31, Investments $ 517,284 $ 466,651 Accounts Receivable 14,593 11,726 Due from Affiliates 45,314 51,029 Total VIE Assets 577,191 529,406 Due to Affiliates 652 586 Accounts Payable, Accrued Expenses and Other Liabilities 122 88 Potential Clawback Obligation 74,676 73,450 Maximum Exposure to Loss $ 652,641 $ 603,530

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	3 Months Ended
	Mar. 31, 2016
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At March 31, 2016, 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 $45.2 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $32.1 million and cash were used to cover Securities Sold, Not Yet Purchased. The Partnership also pledged securities with a carrying value of $75.7 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. At December 31, 2015, the Partnership 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. The following table provides information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged as of March 31, 2016: March 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater Total Repurchase Agreements Asset-Backed Securities $ — $ 5,148 $ 40,260 $ 4,132 $ 49,540 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 49,540 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2016
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of March 31, 2016: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 9 $ 9 $ — $ — Freestanding Derivatives 3,814 1,215 1,174 1,425 Reverse Repurchase Agreements 45,301 45,151 — 150 Total $ 49,124 $ 46,375 $ 1,174 $ 1,575 Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 1,677 $ 9 $ — $ 1,668 Freestanding Derivatives 14,475 1,215 12,909 351 Repurchase Agreements 49,540 46,573 2,967 — Total $ 65,692 $ 47,797 $ 15,876 $ 2,019 The following tables present the offsetting of assets and liabilities as of December 31, 2015: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount 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 Financial Condition 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 Reverse Repurchase Agreements and Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: March 31, 2016 December 31, 2015 Furniture, Equipment and Leasehold Improvements, Net $ 139,318 $ 135,543 Prepaid Expenses 144,887 190,241 Other Assets 28,168 46,786 Freestanding Derivatives 3,814 4,300 Net Investment Hedges 9 319 $ 316,196 $ 377,189 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has 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 March 31, 2016, the aggregate cash balance on deposit relating to the cash pooling arrangement was $952.1 million, which was fully offset with an accompanying overdraft.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2016
BORROWINGS	12. BORROWINGS 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 Condensed 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 basis or annual basis. March 31, 2016 December 31, 2015 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (b) $ 613,047 $ 667,485 $ 614,996 $ 665,438 5.875%, Due 3/15/2021 $ 397,814 $ 459,880 $ 397,720 $ 458,680 4.750%, Due 2/15/2023 $ 392,452 $ 436,560 $ 392,224 $ 430,560 6.250%, Due 8/15/2042 $ 237,692 $ 297,200 $ 237,648 $ 297,575 5.000%, Due 6/15/2044 $ 488,204 $ 510,750 $ 488,119 $ 515,050 4.450%, Due 7/15/2045 $ 343,737 $ 330,365 $ 343,689 $ 332,640 2.000%, Due 5/19/2025 $ 334,697 $ 351,977 $ 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 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 Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2016 December 31, 2015 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 3,786,464 1.94 % 5.5 $ 3,687,976 1.93 % 5.4 Subordinated Notes 234,071 (a ) N/A 226,350 (a ) N/A $ 4,020,535 $ 3,914,326 (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: March 31, 2016 December 31, 2015 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Value Fair Value Borrowing Fair Value Senior Secured Notes $ 3,467,956 $ — $ — $ 3,225,064 $ — $ — Subordinated Notes $ 86,063 $ 10,000 $ 8,164 $ 98,371 $ 10,000 $ 8,231 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 March 31, 2016 and December 31, 2015, the fair value of the consolidated CLO assets was $4.1 billion and $3.9 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds, other securities and receivables. Scheduled principal payments for borrowings as of March 31, 2016 were as follows: Operating Blackstone Fund Total 2016 $ — $ 4,253 $ 4,253 2017 — 538,555 538,555 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,240,140 3,481,980 5,722,120 Total $ 2,825,140 $ 4,024,788 $ 6,849,928

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 5.7% and 6.8% for the three months ended March 31, 2016 and 2015, respectively. Blackstone’s income tax provision was $18.9 million and $99.3 million for the three months ended March 31, 2016 and 2015, respectively. The Blackstone Group L.P. and certain of its 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. Blackstone’s effective tax rate for the three months ended March 31, 2016 and 2015 was substantially due to the fact that certain corporate subsidiaries are subject to federal, state, local and foreign income taxes (as applicable) and other subsidiaries are subject to New York City unincorporated business taxes.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	3 Months Ended
	Mar. 31, 2016
NET INCOME PER COMMON UNIT	14. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the three months ended March 31, 2016 and March 31, 2015 was calculated as follows: Three Months Ended March 31, 2016 2015 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 150,033 $ 629,448 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 119,594 — Net Income Attributable to The Blackstone Group L.P., Diluted $ 269,627 $ 629,448 Units Outstanding Weighted-Average Common Units Outstanding, Basic 644,897,849 625,276,969 Weighted-Average Unvested Deferred Restricted Common Units 1,629,702 5,955,072 Weighted-Average Blackstone Holdings Partnership Units 548,042,780 — Weighted-Average Common Units Outstanding, Diluted 1,194,570,331 631,232,041 Net Income Per Common Unit, Basic $ 0.23 $ 1.01 Net Income Per Common Unit, Diluted $ 0.23 $ 1.00 Distributions Declared Per Common Unit (a) $ 0.61 $ 0.78 (a) Distributions declared reflects the calendar date of the declaration for each distribution. The following table summarizes the anti-dilutive securities for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Weighted-Average Blackstone Holdings Partnership Units — 548,837,150 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 three month periods ended March 31, 2016 and 2015, no units were repurchased. As of March 31, 2016, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2016
EQUITY-BASED COMPENSATION	15. EQUITY-BASED COMPENSATION The Partnership has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under the Partnership’s 2007 Equity Incentive Plan (the “Equity Plan”), the majority of which to date were granted in connection with Blackstone’s initial public offering (“IPO”). The Equity Plan allows for the granting of options, unit appreciation rights or other unit-based awards (units, restricted units, restricted common units, deferred restricted common units, phantom restricted common units or other unit-based awards based in whole or in part on the fair value of the Blackstone common units or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2016, the Partnership had the ability to grant 168,600,140 units under the Equity Plan. For the three months ended March 31, 2016 and March 31, 2015, the Partnership recorded compensation expense of $79.8 million and $272.3 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $8.3 million and $23.6 million, respectively. As of March 31, 2016, 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 4.9 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,192,401,538 as of March 31, 2016. Total outstanding unvested phantom units were 35,844 as of March 31, 2016. A summary of the status of the Partnership’s unvested equity-based awards as of March 31, 2016 and of changes during the period January 1, 2016 through March 31, 2016 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, 2015 40,901,755 $ 32.98 14,342,129 $ 22.38 27,942 $ 28.79 Granted 363,239 28.57 1,893,628 28.77 2,465 29.24 Vested (4,089,498 ) 22.46 (2,600,563 ) 22.92 (529 ) 28.14 Forfeited (164,898 ) 39.21 (271,587 ) 20.04 — — Balance, March 31, 2016 37,010,598 $ 34.07 13,363,607 $ 23.23 29,878 $ 28.84 Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2016, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 29,122,600 4.4 Deferred Restricted Blackstone Common Units 11,561,529 2.0 Total Equity-Based Awards 40,684,129 3.7 Phantom Units 22,284 3.5 Equity-Based Awards with Performance Conditions The Partnership has also granted certain equity-based awards with performance requirements. These awards are based on the performance of certain businesses over a 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 $4.2 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 2,659 $ 1,686 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 293,701 331,558 Amounts Due from Portfolio Companies and Funds 295,718 319,758 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 6,760 5,931 Management and Performance Fees Due from Non-Consolidated Funds 371,260 403,538 Payments Made on Behalf of Non-Consolidated Entities 169,428 178,326 $ 1,139,526 $ 1,240,797 March 31, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,145,207 $ 1,201,543 Accrual for Potential Repayment of Previously Received Performance Fees 6,308 3,356 Due to Note Holders of Consolidated CLO Vehicles 8,164 8,231 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 17,262 26,593 Distributions Received on Behalf of Blackstone Entities 36,504 33,160 Payments Made by Non-Consolidated Entities 5,739 9,817 $ 1,219,184 $ 1,282,700 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 March 31, 2016 and December 31, 2015, such investments aggregated $732.1 million and $746.3 million, respectively. Their share of the Net Income (Loss) Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $3.0 million and $49.5 million for the three months ended March 31, 2016 and 2015, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $56.7 million and $48.1 million for the three months ended March 31, 2016 and 2015, respectively. Fees relate primarily to transaction and monitoring fees which are negotiated in the ordinary course of fundraising and investment activities. Loans to Affiliates Loans to affiliates consist of interest bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These loans earn interest at Blackstone’s cost of borrowing and such interest totaled $0.2 million and $2.0 million for the three months ended March 31, 2016 and 2015, 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 March 31, 2016. See Note 17. “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 Condensed Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and the sale of non-voting common units to Beijing Wonderful Investments to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for Blackstone common units on a one-for-one basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone’s wholly owned subsidiaries would otherwise be required to pay in the future. One of the subsidiaries of the Partnership which is a corporate taxpayer has entered into tax receivable agreements with each of the predecessor owners and additional tax receivable agreements have been executed, and will continue to be executed, with newly-admitted senior managing directors and others who acquire Blackstone Holdings Partnership Units. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements. Assuming no 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 $1.1 billion over the next 15 years. The after-tax net present value of these estimated payments totals $360.8 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to Blackstone common units, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Interest Holders in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows. Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 17. “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	3 Months Ended
	Mar. 31, 2016
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.2 billion of investment commitments as of March 31, 2016 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 $22.9 million as of March 31, 2016 which includes $10.6 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 $6.3 million as of March 31, 2016. 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 March 31, 2016 was $136.4 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. 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: March 31, 2016 December 31, 2015 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 3,649 $ 2,659 $ 6,308 $ 1,670 $ 1,686 $ 3,356 A portion of the Carried Interest paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of the Partnership, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2016, $576.8 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. If, at March 31, 2016, 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 $4.6 billion, on an after tax basis where applicable, of which $4.2 billion related to Blackstone Holdings and $432.0 million related to current and former Blackstone personnel.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2016
SEGMENT REPORTING	18. SEGMENT REPORTING Blackstone transacts its primary business in the United States and substantially all of its revenues are generated domestically. Blackstone conducts its alternative asset management businesses through four segments: • Private Equity — Blackstone’s Private Equity segment comprises its management of private equity funds, certain opportunistic investment funds, a core private equity fund 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+ real estate funds. In addition, the segment has debt investment funds and a publicly traded REIT targeting non-controlling real estate debt-related investment opportunities in the public and private markets, primarily in the United States and Europe. • Hedge Fund Solutions — Blackstone’s Hedge Fund Solutions segment is comprised principally of Blackstone Alternative Asset Management (“BAAM”), 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. Senior management makes operating decisions and assesses the performance of each of Blackstone’s business segments based on financial and operating metrics and data that is presented without the consolidation of any of the Blackstone Funds that are consolidated into the Condensed Consolidated Financial Statements. Consequently, all segment data excludes the assets, liabilities and operating results related to the Blackstone Funds. The following table presents the financial data for Blackstone’s four segments as of and for the three months ended March 31, 2016 and 2015. 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. These historical operations included various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. As of October 1, 2015, Blackstone no longer reported a Financial Advisory segment. Results of the historical Financial Advisory segment are included herein for comparative purposes only. The results 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. March 31, 2016 and the Three Months Then Ended Private Real Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 130,648 $ 199,907 $ 130,158 $ 125,990 $ 586,703 Advisory Fees 481 — — — 481 Transaction and Other Fees, Net 8,439 35,794 543 1,342 46,118 Management Fee Offsets (6,848 ) (3,595 ) — (9,658 ) (20,101 ) Total Management and Advisory Fees, Net 132,720 232,106 130,701 117,674 613,201 Performance Fees Realized Carried Interest 30,282 200,627 — — 230,909 Incentive Fees — 4,069 2,684 21,697 28,450 Unrealized Carried Interest 73,875 (11,522 ) 32 (14,779 ) 47,606 Incentive Fees — 9,765 (2,935 ) 270 7,100 Total Performance Fees 104,157 202,939 (219 ) 7,188 314,065 Investment Income (Loss) Realized (15,357 ) 12,975 (4,745 ) (2,974 ) (10,101 ) Unrealized 15,440 (2,137 ) (12,291 ) (17,561 ) (16,549 ) Total Investment Income (Loss) 83 10,838 (17,036 ) (20,535 ) (26,650 ) Interest and Dividend Revenue 9,849 13,188 5,296 6,748 35,081 Other (1,587 ) (1,909 ) (1,388 ) (1,364 ) (6,248 ) Total Revenues 245,222 457,162 117,354 109,711 929,449 Expenses Compensation and Benefits Compensation 80,274 100,578 54,169 52,382 287,403 Performance Fee Compensation Realized Carried Interest 15,427 43,076 — — 58,503 Incentive Fees — 2,133 1,863 10,127 14,123 Unrealized Carried Interest 9,296 27,703 — (6,998 ) 30,001 Incentive Fees — 4,158 (1,195 ) 485 3,448 Total Compensation and Benefits 104,997 177,648 54,837 55,996 393,478 Other Operating Expenses 48,063 48,097 26,146 26,220 148,526 Total Expenses 153,060 225,745 80,983 82,216 542,004 Economic Income $ 92,162 $ 231,417 $ 36,371 $ 27,495 $ 387,445 Segment Assets $ 5,390,618 $ 7,320,885 $ 1,762,700 $ 2,650,331 $ 17,124,534 Three Months Ended March 31, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 108,383 $ 152,348 $ 130,637 $ 125,029 $ — $ 516,397 Advisory Fees 2,429 — — — 81,809 84,238 Transaction and Other Fees, Net 20,359 15,216 25 1,457 16 37,073 Management Fee Offsets (4,949 ) (4,866 ) (280 ) (7,850 ) — (17,945 ) Total Management and Advisory Fees, Net 126,222 162,698 130,382 118,636 81,825 619,763 Performance Fees Realized Carried Interest 382,978 811,249 — 13,367 — 1,207,594 Incentive Fees — 723 10,516 18,431 — 29,670 Unrealized Carried Interest 566,822 (181,019 ) — (11,951 ) — 373,852 Incentive Fees — 6,069 47,427 9,124 — 62,620 Total Performance Fees 949,800 637,022 57,943 28,971 — 1,673,736 Investment Income (Loss) Realized 44,816 71,344 (10,375 ) 2,237 (230 ) 107,792 Unrealized 31,487 37,510 4,483 6,887 1,482 81,849 Total Investment Income (Loss) 76,303 108,854 (5,892 ) 9,124 1,252 189,641 Interest and Dividend Revenue 7,618 9,997 3,949 5,651 3,236 30,451 Other (1,825 ) (3,977 ) (1,607 ) 3,493 (956 ) (4,872 ) Total Revenues 1,158,118 914,594 184,775 165,875 85,357 2,508,719 Expenses Compensation and Benefits Compensation 71,072 84,834 56,104 49,877 67,951 329,838 Performance Fee Compensation Realized Carried Interest 39,482 246,496 — 6,270 — 292,248 Incentive Fees — 356 3,470 8,401 — 12,227 Unrealized Carried Interest 178,120 (98,084 ) — (5,656 ) — 74,380 Incentive Fees — 2,575 15,651 6,735 — 24,961 Total Compensation and Benefits 288,674 236,177 75,225 65,627 67,951 733,654 Other Operating Expenses 38,875 40,143 21,206 21,836 21,222 143,282 Total Expenses 327,549 276,320 96,431 87,463 89,173 876,936 Economic Income (Loss) $ 830,569 $ 638,274 $ 88,344 $ 78,412 $ (3,816 ) $ 1,631,783 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 929,449 $ 2,905 (a) $ 932,354 $ 2,508,719 $ 3,639 (a) $ 2,512,358 Expenses $ 542,004 $ 75,706 (b) $ 617,710 $ 876,936 $ 265,632 (b) $ 1,142,568 Other Income $ — $ 19,142 (c) $ 19,142 $ — $ 93,555 (c) $ 93,555 Economic Income $ 387,445 $ (53,659) (d) $ 333,786 $ 1,631,783 $ (168,438) (d) $ 1,463,345 Total Assets $ 17,124,534 $ 4,926,370 (e) $ 22,050,904 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended March 31, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (2,757 ) $ (3,711 ) Fund Expenses Added in Consolidation (5,847 ) 9,367 Non-Controlling Interests in Income of Consolidated Entities 33,685 89,323 Transaction-Related Other Loss (5,939 ) (1,424 ) Total Consolidation Adjustments and Reconciling Items $ 19,142 $ 93,555 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2016 2015 Economic Income $ 387,445 $ 1,631,783 Adjustments Amortization of Intangibles (23,208 ) (25,899 ) IPO and Acquisition-Related Charges (64,136 ) (231,862 ) Non-Controlling Interests in Income of Consolidated Entities 33,685 89,323 Total Consolidation Adjustments and Reconciling Items (53,659 ) (168,438 ) Income Before Provision for Taxes $ 333,786 $ 1,463,345 (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	3 Months Ended
	Mar. 31, 2016
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS There have been no events since March 31, 2016 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission. As disclosed in the audited consolidated financial statements, the Partnership adopted certain accounting guidance for the quarter ended June 30, 2015 and applied a modified retrospective approach as of January 1, 2015. As such, the condensed consolidated financial statements for the three months ended March 31, 2015 were recast from the amounts originally reported in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. The condensed consolidated financial statements include the accounts of the Partnership, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which the Partnership is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows.
Consolidation	Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. The Partnership has a controlling interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick out rights or participating rights 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 Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. The Partnership does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. • Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. 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. 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. • 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 Level III Valuation Process Investments classified within Level III of the fair value hierarchy are valued on a quarterly basis, taking into consideration factors including 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 Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, the Partnership has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. The Partnership has applied the fair value option for certain loans and receivables and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. Accounting for these financial instruments at fair value is consistent with how the Partnership accounts for its other principal investments. Loans extended to third parties are recorded within Accounts Receivable within the Condensed Consolidated Statements of Financial Condition. Debt securities for which the fair value option has been elected are recorded within Investments. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. In addition, the Partnership has elected the fair value option for the assets and liabilities of CLO vehicles that are consolidated as of January 1, 2010, as a result of the initial adoption of variable interest entity consolidation guidance. The Partnership has also elected the fair value option for CLO vehicles consolidated as a result of the acquisitions of CLO management contracts or the acquisition of the share capital of CLO managers. Historically, the adjustment resulting from the difference between the fair value of assets and liabilities for each of these events was presented as a transition and acquisition adjustment to Appropriated Partners’ Capital. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income subsequent to adoption and acquisition are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Historically, amounts attributable to Non-Controlling Interests in Consolidated Entities had a corresponding adjustment to Appropriated Partners’ Capital. On the adoption of the new CLO measurement guidance, there is no attribution of amounts to Non-Controlling Interests and no corresponding 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 Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option” to the Condensed Consolidated Financial Statements. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, the Partnership may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Partnership will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side pocket no longer exist. As the timing of either of these events is uncertain, the timing at which the Partnership may redeem an investment held in a side pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value”. Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which the Partnership is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting. Under the equity method of accounting, the Partnership’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. As the underlying investments of the Partnership’s equity method investments in Blackstone Funds are reported at fair value, the carrying value of the Partnership’s equity method investments approximates fair value.
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 Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of repurchase and reverse repurchase agreements approximates fair value. The Partnership manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Partnership, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The Partnership takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. The Partnership also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to reverse repurchase and repurchase agreements are discussed in Note 10. “Reverse Repurchase and Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that the Partnership has borrowed and sold. The Partnership is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. The Partnership is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments The Partnership recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date the Partnership enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. The Partnership formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and the Partnership’s evaluation of effectiveness of its hedged transaction. At least monthly, the Partnership also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, the Partnership uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The Partnership may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, the Partnership presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by the Partnership, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets are recorded within Investments and freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. The Partnership has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Partnership, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Distributions	Distributions Distributions are reflected in the condensed consolidated financial statements when declared.
Recent Accounting Developments	Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The guidance introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and determining the transaction price and amounts allocated to performance obligations. Additional disclosures are required about assets recognized from the costs to obtain or fulfill a contract. 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. The new revenue 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 February 2016, the FASB issued amended guidance on the accounting for leases. The guidance requires the recognition of lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. The guidance retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under previous GAAP. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not changed significantly from previous GAAP. For operating leases, a lessee is required to do the following: (a) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the Statement of Financial Condition, (b) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (c) classify all cash payments within operating activities in the statement of cash flows. The guidance is effective for fiscal periods beginning after December 15, 2018. Early application is permitted. Blackstone is evaluating the impact of the amended guidance on the Consolidated Statement of Financial Condition. It is not expected to have a material impact on the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. In March 2016, the FASB issued amended guidance on stock compensation. The amendments simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, accounting for forfeitures, and classification of excess tax benefits and employee taxes paid on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The guidance is not expected to have a material impact on Blackstone’s financial statements.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,424,226 $ 1,424,226 Accumulated Amortization (1,101,507 ) (1,078,679 ) Intangible Assets, Net $ 322,719 $ 345,547

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Investments	Investments consist of the following: March 31, December 31, Investments of Consolidated Blackstone Funds $ 4,885,584 $ 4,613,944 Equity Method Investments 3,116,125 3,110,810 Blackstone’s Treasury Cash Management Strategies 1,588,194 1,682,259 Performance Fees 4,782,046 4,757,932 Other Investments 253,083 159,152 $ 14,625,032 $ 14,324,097
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2016 2015 Realized Gains $ 13,382 $ 67,039 Net Change in Unrealized Gains (Losses) (25,241 ) 3,933 Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (11,859 ) 70,972 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 31,001 22,583 Other Income — Net Gains from Fund Investment Activities $ 19,142 $ 93,555
Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by Blackstone’s Treasury Cash Management Strategies: Three Months Ended March 31, 2016 2015 Realized Losses $ (18,609 ) $ (161 ) Net Change in Unrealized Gains 1,783 11,111 $ (16,826 ) $ 10,950
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, 2015 $ 1,479,443 $ 3,101,688 $ 9,747 $ 167,054 $ 4,757,932 Performance Fees Allocated as a Result of Changes in Fund Fair Values 104,602 179,842 (891 ) (4 ) 283,549 Foreign Exchange Gain — 18,631 — — 18,631 Fund Distributions (29,345 ) (222,978 ) (6,363 ) (19,380 ) (278,066 ) Performance Fees, March 31, 2016 $ 1,554,700 $ 3,077,183 $ 2,493 $ 147,670 $ 4,782,046
Realized and Net Change in Unrealized Gains (Losses), Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended March 31, 2016 2015 Realized Gains $ 4,733 $ 22 Net Change in Unrealized Gains (Losses) (6,235 ) 371 $ (1,502 ) $ 393

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 153,867 $ 142 (a) (a) Credit Driven 257,775 268 (b) (b) Event Driven 64,773 — (c) (c) Equity 227 — (d) (d) Commodities 1,977 — (e) (e) $ 478,619 $ 410 (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 32% 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 64% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 4% of the total fair value in the credit driven category are subject to redemption restrictions such as the investee fund manager’s ability to limit the amount of redemptions. (c) The Event Driven category includes investments in hedge funds whose primary investing strategy is to identify certain event-driven investments. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

DERIVATIVE FINANCIAL INSTRUME31

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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. March 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 6,087 $ 9 $ 53,191 $ 1,677 $ 53,627 $ 319 $ 138 $ 1 Freestanding Derivatives Blackstone Interest Rate Contracts 603,327 900 724,087 5,765 1,681,533 2,212 1,054,465 4,288 Foreign Currency Contracts 163,031 2,902 127,891 1,063 158,684 2,088 271,891 2,042 Credit Default Swaps 2,275 12 — — — — 19,250 2,411 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 197,087 11,562 26,253 2,846 124,595 1,400 92,094 6,490 Credit Default Swaps — — 122,682 7,647 — — 108,786 6,275 965,720 15,376 1,000,913 17,321 1,964,812 5,700 1,546,486 21,506 Total $ 971,807 $ 15,385 $ 1,054,104 $ 18,998 $ 2,018,439 $ 6,019 $ 1,546,624 $ 21,507
Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended March 31, 2016 2015 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ 129 $ 240 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (7,358 ) $ (3,735 ) Foreign Currency Contracts (4,310 ) 12,064 Credit Default Swaps (3,811 ) 1,826 Total $ (15,479 ) $ 10,155 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (2,666 ) $ (746 ) Foreign Currency Contracts 15,322 (11,024 ) Credit Default Swaps (4,276 ) (2,922 ) Total $ 8,380 $ (14,692 )

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, Assets Loans and Receivables $ 287,858 $ 261,994 Equity and Preferred Securities 280,028 280,879 Debt Securities 14,487 15,176 Assets of Consolidated CLO Vehicles Corporate Loans 3,363,794 3,087,563 Corporate Bonds 412,073 379,000 $ 4,358,240 $ 4,024,612 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,467,956 $ 3,225,064 Subordinated Notes 86,063 98,371 $ 3,554,019 $ 3,323,435
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2016 2015 Realized Net Change in Unrealized Gains (Losses) Realized Net Change in Unrealized Gains (Losses) Assets Loans and Receivables $ — $ (3,778 ) $ — $ (1,875 ) Equity and Preferred Securities 3 (3,832 ) (185 ) (2,828 ) Debt Securities — (689 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (13,707 ) 957 (7,208 ) 22,557 Corporate Bonds 190 271 30 1,135 Other 178 — 1,955 (2,491 ) $ (13,336 ) $ (7,071 ) $ (5,408 ) $ 16,498 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ — $ — $ (3,794 ) Subordinated Notes — 12,413 — 754 $ — $ 12,413 $ — $ (3,040 )
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: March 31, 2016 December 31, 2015 For Financial Assets For Financial Assets Past (Deficiency) Fair (Deficiency) (Deficiency) Fair (Deficiency) Loans and Receivables $ (13,806 ) $ — $ — $ (8,845 ) $ — $ — Debt Securities (1,115 ) — — (426 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (71,562 ) — (1,784 ) (77,900 ) 1,088 (5,620 ) Corporate Bonds (6,588 ) — — (6,046 ) — — $ (93,071 ) $ — $ (1,784 ) $ (93,217 ) $ 1,088 $ (5,620 ) (a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

FAIR VALUE MEASUREMENTS OF FI33

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 149,071 $ 149,071 Equity Securities 71,851 53,317 82,724 — 207,892 Partnership and LLC Interests 32,642 75,005 445,697 — 553,344 Debt Instruments — 168,597 19,251 — 187,848 Assets of Consolidated CLO Vehicles Corporate Loans — 3,174,768 189,026 — 3,363,794 Corporate Bonds — 412,073 — — 412,073 Freestanding Derivatives — Foreign Currency Contracts — 11,562 — — 11,562 Total Investments of Consolidated Blackstone Funds 104,493 3,895,322 736,698 149,071 4,885,584 Blackstone’s Treasury Cash Management Strategies Equity Securities 143,882 — — — 143,882 Debt Instruments — 1,101,627 30,855 116,544 1,249,026 Other — — — 195,286 195,286 Total Blackstone’s Treasury Cash Management Strategies 143,882 1,101,627 30,855 311,830 1,588,194 Money Market Funds 170,680 — — — 170,680 Net Investment Hedges — Foreign Currency Contracts — 9 — — 9 Freestanding Derivatives Interest Rate Contracts 452 448 — — 900 Foreign Currency Contracts — 2,902 — — 2,902 Credit Default Swaps — 12 — — 12 Loans and Receivables — — 287,858 — 287,858 Other Investments 135,956 — 99,409 17,718 253,083 $ 555,463 $ 5,000,320 $ 1,154,820 $ 478,619 $ 7,189,222 March 31, 2016 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,467,956 $ — $ 3,467,956 Subordinated Notes (b) — 86,063 — 86,063 Freestanding Derivatives — Foreign Currency Contracts — 2,846 — 2,846 Freestanding Derivatives — Credit Default Swaps — 7,647 — 7,647 Net Investment Hedges — Foreign Currency Contracts — 1,677 — 1,677 Freestanding Derivatives Interest Rate Contracts 1,899 3,866 — 5,765 Foreign Currency Contracts — 1,063 — 1,063 Securities Sold, Not Yet Purchased — 105,857 — 105,857 $ 1,899 $ 3,676,975 $ — $ 3,678,874 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 (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, has a controlling financial interest. 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 March 31, 2016 and 2015, respectively: Three Months Ended 2016 2015 Transfers from Level I into Level II (a) $ 2,114 $ — Transfers from Level II into Level I (b) $ 28,346 $ 5,688 (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 March 31, 2016: Fair Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 69,289 Discounted Cash Flows Discount Rate 7.4% - 25.0% 13.1% Revenue CAGR -1.5% - 20.2% 8.1% Exit Multiple - EBITDA 4.0x - 18.2x 9.6x Exit Multiple - P/E 10.5x - 17.0x 11.3x Exit Capitalization Rate 5.5% - 11.4% 8.9% 5,878 Other N/A N/A N/A 5,869 Transaction Price N/A N/A N/A 1,661 Market Comparable Companies EBITDA Multiple 6.1x N/A Book Value Multiple 0.9x N/A 27 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 413,719 Discounted Cash Flows Discount Rate 2.1% - 29.2% 9.5% Revenue CAGR -13.8% - 67.1% 8.4% Exit Multiple - EBITDA 0.1x - 23.5x 10.3x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 3.0% - 12.1% 6.4% 14,342 Third Party Pricing N/A N/A N/A 9,671 Transaction Price N/A N/A N/A 7,965 Other N/A N/A N/A Debt Instruments 14,794 Third Party Pricing N/A N/A N/A 4,071 Discounted Cash Flows Discount Rate 8.3% - 52.7% 14.4% Revenue CAGR 6.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.3% 386 Transaction Pricing N/A N/A N/A Assets of Consolidated CLO Vehicles 172,442 Third Party Pricing N/A N/A N/A 16,584 Market Comparable Companies EBITDA Multiple 4.0x - 15.0x 7.2x Total Investments of Consolidated Blackstone Funds 736,698 Blackstone’s Treasury Cash Management Strategies $ 15,663 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 30.0% - 70.0% 69.4% Recovery Lag 12 Months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 350 bps LIBOR + 394 bps LIBOR + 400 bps Discount Rate 8.4% - 13.5% 9.5% 15,192 Third Party Pricing N/A N/A N/A Loans and Receivables 222,726 Discounted Cash Flows Discount Rate 6.8% - 24.8% 12.2% 47,514 Transaction Price N/A N/A N/A 17,618 Third Party Pricing N/A N/A N/A Other Investments 83,210 Discounted Cash Flows Discount Rate 1.7% - 19.7% 3.9% 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 16,199 Transaction Price N/A N/A N/A Total $ 1,154,820 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% 5,426 Other N/A N/A N/A 6,722 Transaction Price N/A N/A N/A 1,710 Market Comparable EBITDA Multiple 6.5x - 8.0x 6.6x Companies 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 - 12.0x N/A Exit 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 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 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 Three Months Ended March 31, 2016 2015 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 $ 2,394,823 $ 40,397 $ 189,385 $ 2,624,605 Transfer Out Due to Deconsolidation — — — — (1,460,538 ) — — (1,460,538 ) Transfer In to Level III (b) 54,626 — 290 54,916 9,314 — 17,125 26,439 Transfer Out of Level III (b) (61,879 ) — (4,005 ) (65,884 ) (12,353 ) — (22,684 ) (35,037 ) Purchases 63,932 298,381 — 362,313 83,503 6,186 24,933 114,622 Sales (92,578 ) (267,556 ) (20,007 ) (380,141 ) (92,074 ) (4,071 ) (35,153 ) (131,298 ) Settlements — (4,294 ) (140 ) (4,434 ) — (1,144 ) (103 ) (1,247 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) (1,795 ) (667 ) (1,715 ) (4,177 ) (2,227 ) (677 ) (9,705 ) (12,609 ) Balance, End of Period $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 $ 920,448 $ 40,691 $ 163,798 $ 1,124,937 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (18,484 ) $ (667 ) $ (1,300 ) $ (20,451 ) $ 6,352 $ (806 ) $ 1,348 $ 6,894
Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used	Level III Financial Liabilities at Fair Value Collateralized Collateralized Total Balance, Beginning of Period $ 6,448,352 $ 348,752 $ 6,797,104 Transfer Out Due to Deconsolidation (4,168,405 ) (261,934 ) (4,430,339 ) Transfer Out Due to Amended CLO Guidance (d) (2,279,947 ) (86,818 ) (2,366,765 ) Balance, End of Period $ — $ — $ — (a) Represents Blackstone’s Treasury Cash Management Strategies and Other Investments. (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) There were no Level III financial liabilities as of and for the three months ended March 31, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either March 31, 2016 or March 31, 2015. (d) 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)	3 Months Ended
	Mar. 31, 2016
Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss	The assets and liabilities recognized in the Partnership’s Condensed Consolidated Statements of Financial Condition related to the Partnership’s interest in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, December 31, Investments $ 517,284 $ 466,651 Accounts Receivable 14,593 11,726 Due from Affiliates 45,314 51,029 Total VIE Assets 577,191 529,406 Due to Affiliates 652 586 Accounts Payable, Accrued Expenses and Other Liabilities 122 88 Potential Clawback Obligation 74,676 73,450 Maximum Exposure to Loss $ 652,641 $ 603,530

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following table provides information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged as of March 31, 2016: March 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater Total Repurchase Agreements Asset-Backed Securities $ — $ 5,148 $ 40,260 $ 4,132 $ 49,540 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 49,540 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIAB36

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Offsetting of Liabilities	The following tables present the offsetting of liabilities as of March 31, 2016: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 9 $ 9 $ — $ — Freestanding Derivatives 3,814 1,215 1,174 1,425 Reverse Repurchase Agreements 45,301 45,151 — 150 Total $ 49,124 $ 46,375 $ 1,174 $ 1,575 The following tables present the offsetting of liabilities as of December 31, 2015: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount 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
Offsetting of Assets	The following tables present the offsetting of assets as of March 31, 2016: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 1,677 $ 9 $ — $ 1,668 Freestanding Derivatives 14,475 1,215 12,909 351 Repurchase Agreements 49,540 46,573 2,967 — Total $ 65,692 $ 47,797 $ 15,876 $ 2,019 The following tables present the offsetting of assets as of December 31, 2015: Gross and Net Financial Condition 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
Components of Other Assets	The following table presents the components of Other Assets: March 31, 2016 December 31, 2015 Furniture, Equipment and Leasehold Improvements, Net $ 139,318 $ 135,543 Prepaid Expenses 144,887 190,241 Other Assets 28,168 46,786 Freestanding Derivatives 3,814 4,300 Net Investment Hedges 9 319 $ 316,196 $ 377,189

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2016
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 Condensed 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 basis or annual basis. March 31, 2016 December 31, 2015 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (b) $ 613,047 $ 667,485 $ 614,996 $ 665,438 5.875%, Due 3/15/2021 $ 397,814 $ 459,880 $ 397,720 $ 458,680 4.750%, Due 2/15/2023 $ 392,452 $ 436,560 $ 392,224 $ 430,560 6.250%, Due 8/15/2042 $ 237,692 $ 297,200 $ 237,648 $ 297,575 5.000%, Due 6/15/2044 $ 488,204 $ 510,750 $ 488,119 $ 515,050 4.450%, Due 7/15/2045 $ 343,737 $ 330,365 $ 343,689 $ 332,640 2.000%, Due 5/19/2025 $ 334,697 $ 351,977 $ 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 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: March 31, 2016 December 31, 2015 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 3,786,464 1.94 % 5.5 $ 3,687,976 1.93 % 5.4 Subordinated Notes 234,071 (a ) N/A 226,350 (a ) N/A $ 4,020,535 $ 3,914,326 (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: March 31, 2016 December 31, 2015 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Value Fair Value Borrowing Fair Value Senior Secured Notes $ 3,467,956 $ — $ — $ 3,225,064 $ — $ — Subordinated Notes $ 86,063 $ 10,000 $ 8,164 $ 98,371 $ 10,000 $ 8,231
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2016 were as follows: Operating Blackstone Fund Total 2016 $ — $ 4,253 $ 4,253 2017 — 538,555 538,555 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,240,140 3,481,980 5,722,120 Total $ 2,825,140 $ 4,024,788 $ 6,849,928

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2016
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three months ended March 31, 2016 and March 31, 2015 was calculated as follows: Three Months Ended March 31, 2016 2015 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 150,033 $ 629,448 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 119,594 — Net Income Attributable to The Blackstone Group L.P., Diluted $ 269,627 $ 629,448 Units Outstanding Weighted-Average Common Units Outstanding, Basic 644,897,849 625,276,969 Weighted-Average Unvested Deferred Restricted Common Units 1,629,702 5,955,072 Weighted-Average Blackstone Holdings Partnership Units 548,042,780 — Weighted-Average Common Units Outstanding, Diluted 1,194,570,331 631,232,041 Net Income Per Common Unit, Basic $ 0.23 $ 1.01 Net Income Per Common Unit, Diluted $ 0.23 $ 1.00 Distributions Declared Per Common Unit (a) $ 0.61 $ 0.78 (a) Distributions declared reflects the calendar date of the declaration for each distribution.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Weighted-Average Blackstone Holdings Partnership Units — 548,837,150

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and of changes during the period January 1, 2016 through March 31, 2016 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, 2015 40,901,755 $ 32.98 14,342,129 $ 22.38 27,942 $ 28.79 Granted 363,239 28.57 1,893,628 28.77 2,465 29.24 Vested (4,089,498 ) 22.46 (2,600,563 ) 22.92 (529 ) 28.14 Forfeited (164,898 ) 39.21 (271,587 ) 20.04 — — Balance, March 31, 2016 37,010,598 $ 34.07 13,363,607 $ 23.23 29,878 $ 28.84
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of March 31, 2016, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 29,122,600 4.4 Deferred Restricted Blackstone Common Units 11,561,529 2.0 Total Equity-Based Awards 40,684,129 3.7 Phantom Units 22,284 3.5

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 2,659 $ 1,686 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 293,701 331,558 Amounts Due from Portfolio Companies and Funds 295,718 319,758 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 6,760 5,931 Management and Performance Fees Due from Non-Consolidated Funds 371,260 403,538 Payments Made on Behalf of Non-Consolidated Entities 169,428 178,326 $ 1,139,526 $ 1,240,797 March 31, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,145,207 $ 1,201,543 Accrual for Potential Repayment of Previously Received Performance Fees 6,308 3,356 Due to Note Holders of Consolidated CLO Vehicles 8,164 8,231 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 17,262 26,593 Distributions Received on Behalf of Blackstone Entities 36,504 33,160 Payments Made by Non-Consolidated Entities 5,739 9,817 $ 1,219,184 $ 1,282,700

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2016
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2016 December 31, 2015 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 3,649 $ 2,659 $ 6,308 $ 1,670 $ 1,686 $ 3,356

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2016
Financial Data of Segments	The following table presents the financial data for Blackstone’s four segments as of and for the three months ended March 31, 2016 and 2015. March 31, 2016 and the Three Months Then Ended Private Real Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 130,648 $ 199,907 $ 130,158 $ 125,990 $ 586,703 Advisory Fees 481 — — — 481 Transaction and Other Fees, Net 8,439 35,794 543 1,342 46,118 Management Fee Offsets (6,848 ) (3,595 ) — (9,658 ) (20,101 ) Total Management and Advisory Fees, Net 132,720 232,106 130,701 117,674 613,201 Performance Fees Realized Carried Interest 30,282 200,627 — — 230,909 Incentive Fees — 4,069 2,684 21,697 28,450 Unrealized Carried Interest 73,875 (11,522 ) 32 (14,779 ) 47,606 Incentive Fees — 9,765 (2,935 ) 270 7,100 Total Performance Fees 104,157 202,939 (219 ) 7,188 314,065 Investment Income (Loss) Realized (15,357 ) 12,975 (4,745 ) (2,974 ) (10,101 ) Unrealized 15,440 (2,137 ) (12,291 ) (17,561 ) (16,549 ) Total Investment Income (Loss) 83 10,838 (17,036 ) (20,535 ) (26,650 ) Interest and Dividend Revenue 9,849 13,188 5,296 6,748 35,081 Other (1,587 ) (1,909 ) (1,388 ) (1,364 ) (6,248 ) Total Revenues 245,222 457,162 117,354 109,711 929,449 Expenses Compensation and Benefits Compensation 80,274 100,578 54,169 52,382 287,403 Performance Fee Compensation Realized Carried Interest 15,427 43,076 — — 58,503 Incentive Fees — 2,133 1,863 10,127 14,123 Unrealized Carried Interest 9,296 27,703 — (6,998 ) 30,001 Incentive Fees — 4,158 (1,195 ) 485 3,448 Total Compensation and Benefits 104,997 177,648 54,837 55,996 393,478 Other Operating Expenses 48,063 48,097 26,146 26,220 148,526 Total Expenses 153,060 225,745 80,983 82,216 542,004 Economic Income $ 92,162 $ 231,417 $ 36,371 $ 27,495 $ 387,445 Segment Assets $ 5,390,618 $ 7,320,885 $ 1,762,700 $ 2,650,331 $ 17,124,534 Three Months Ended March 31, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 108,383 $ 152,348 $ 130,637 $ 125,029 $ — $ 516,397 Advisory Fees 2,429 — — — 81,809 84,238 Transaction and Other Fees, Net 20,359 15,216 25 1,457 16 37,073 Management Fee Offsets (4,949 ) (4,866 ) (280 ) (7,850 ) — (17,945 ) Total Management and Advisory Fees, Net 126,222 162,698 130,382 118,636 81,825 619,763 Performance Fees Realized Carried Interest 382,978 811,249 — 13,367 — 1,207,594 Incentive Fees — 723 10,516 18,431 — 29,670 Unrealized Carried Interest 566,822 (181,019 ) — (11,951 ) — 373,852 Incentive Fees — 6,069 47,427 9,124 — 62,620 Total Performance Fees 949,800 637,022 57,943 28,971 — 1,673,736 Investment Income (Loss) Realized 44,816 71,344 (10,375 ) 2,237 (230 ) 107,792 Unrealized 31,487 37,510 4,483 6,887 1,482 81,849 Total Investment Income (Loss) 76,303 108,854 (5,892 ) 9,124 1,252 189,641 Interest and Dividend Revenue 7,618 9,997 3,949 5,651 3,236 30,451 Other (1,825 ) (3,977 ) (1,607 ) 3,493 (956 ) (4,872 ) Total Revenues 1,158,118 914,594 184,775 165,875 85,357 2,508,719 Expenses Compensation and Benefits Compensation 71,072 84,834 56,104 49,877 67,951 329,838 Performance Fee Compensation Realized Carried Interest 39,482 246,496 — 6,270 — 292,248 Incentive Fees — 356 3,470 8,401 — 12,227 Unrealized Carried Interest 178,120 (98,084 ) — (5,656 ) — 74,380 Incentive Fees — 2,575 15,651 6,735 — 24,961 Total Compensation and Benefits 288,674 236,177 75,225 65,627 67,951 733,654 Other Operating Expenses 38,875 40,143 21,206 21,836 21,222 143,282 Total Expenses 327,549 276,320 96,431 87,463 89,173 876,936 Economic Income (Loss) $ 830,569 $ 638,274 $ 88,344 $ 78,412 $ (3,816 ) $ 1,631,783
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 three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 929,449 $ 2,905 (a) $ 932,354 $ 2,508,719 $ 3,639 (a) $ 2,512,358 Expenses $ 542,004 $ 75,706 (b) $ 617,710 $ 876,936 $ 265,632 (b) $ 1,142,568 Other Income $ — $ 19,142 (c) $ 19,142 $ — $ 93,555 (c) $ 93,555 Economic Income $ 387,445 $ (53,659) (d) $ 333,786 $ 1,631,783 $ (168,438) (d) $ 1,463,345 Total Assets $ 17,124,534 $ 4,926,370 (e) $ 22,050,904 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended March 31, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (2,757 ) $ (3,711 ) Fund Expenses Added in Consolidation (5,847 ) 9,367 Non-Controlling Interests in Income of Consolidated Entities 33,685 89,323 Transaction-Related Other Loss (5,939 ) (1,424 ) Total Consolidation Adjustments and Reconciling Items $ 19,142 $ 93,555 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2016 2015 Economic Income $ 387,445 $ 1,631,783 Adjustments Amortization of Intangibles (23,208 ) (25,899 ) IPO and Acquisition-Related Charges (64,136 ) (231,862 ) Non-Controlling Interests in Income of Consolidated Entities 33,685 89,323 Total Consolidation Adjustments and Reconciling Items (53,659 ) (168,438 ) Income Before Provision for Taxes $ 333,786 $ 1,463,345 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016SegmentPerson
Organization [Line Items]
Number of business segments | Segment	4
Number of Blackstone founders managing the Partnership | Person	1
Partnership Unit to Blackstone Common Unit ratio	100.00%

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,424,226	$ 1,424,226
Accumulated Amortization	(1,101,507)	(1,078,679)
Intangible Assets, Net	$ 322,719	$ 345,547

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Intangible Assets [Line Items]
Amortization Expense	$ 22,828	$ 24,800
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 3 months 18 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Investments of Consolidated Blackstone Funds	$ 4,885,584	$ 4,613,944
Equity Method Investments	3,116,125	3,110,810
Blackstone's Treasury Cash Management Strategies	1,588,194	1,682,259
Performance Fees	4,782,046	4,757,932
Other Investments	253,083	159,152
Investments	$ 14,625,032	$ 14,324,097

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investment [Line Items]
Recognized net gains related to equity method investments	$ 17.6	$ 162.1
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 405.9		$ 451.9

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 13,382	$ 67,039
Net Change in Unrealized Gains (Losses)	(25,241)	3,933
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	(11,859)	70,972
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	31,001	22,583
Other Income - Net Gains from Fund Investment Activities	$ 19,142	$ 93,555

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - Blackstone's Treasury Cash Management Strategies - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gain (Loss) on Investments [Line Items]
Realized Losses	$ (18,609)	$ (161)
Net Change in Unrealized Gains	1,783	11,111
Total realized and net change in unrealized gains (losses)	$ (16,826)	$ 10,950

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2015	$ 4,757,932
Performance Fees Allocated as a Result of Changes in Fund Fair Values	283,549
Foreign Exchange Gain	18,631
Fund Distributions	(278,066)
Performance Fees, March 31, 2016	4,782,046
Private Equity Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2015	1,479,443
Performance Fees Allocated as a Result of Changes in Fund Fair Values	104,602
Fund Distributions	(29,345)
Performance Fees, March 31, 2016	1,554,700
Real Estate Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2015	3,101,688
Performance Fees Allocated as a Result of Changes in Fund Fair Values	179,842
Foreign Exchange Gain	18,631
Fund Distributions	(222,978)
Performance Fees, March 31, 2016	3,077,183
Hedge Fund Solutions Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2015	9,747
Performance Fees Allocated as a Result of Changes in Fund Fair Values	(891)
Fund Distributions	(6,363)
Performance Fees, March 31, 2016	2,493
Credit Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2015	167,054
Performance Fees Allocated as a Result of Changes in Fund Fair Values	(4)
Fund Distributions	(19,380)
Performance Fees, March 31, 2016	$ 147,670

Realized and Net Change in Un51

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 4,733	$ 22
Net Change in Unrealized Gains (Losses)	(6,235)	371
Total realized and net change in unrealized gains (losses) on other investments	$ (1,502)	$ 393

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	Mar. 31, 2016USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 478,619
Unfunded Commitments	410
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	153,867	[1]
Unfunded Commitments	142	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	257,775	[2]
Unfunded Commitments	268	[2]
Event Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	64,773	[3]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	227	[4]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,977	[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 32% 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 64% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 4% of the total fair value in the credit driven category are subject to redemption restrictions such as the investee fund manager's ability to limit the amount of redemptions.
[3]	The Event Driven category includes investments in hedge funds whose primary investing strategy is to identify certain event-driven investments. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.
[4]	The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.
[5]	The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

Summary of Fair Value by Stra53

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	Mar. 31, 2016
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	32.00%
Percentage of investments elected to side pocket	4.00%
Percentage of investments redeemable as of reporting date	64.00%

Derivative Financial Instrume54

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Loss due to change in fair value attributable to changes in spot exchange rates	$ (2.1)

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 971,807	$ 2,018,439
Derivative Liabilities, Notional	1,054,104	1,546,624
Derivative Assets, Fair Value	15,385	6,019
Derivative Liabilities, Fair Value	18,998	21,507
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	6,087	53,627
Derivative Liabilities, Notional	53,191	138
Derivative Assets, Fair Value	9	319
Derivative Liabilities, Fair Value	1,677	1
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	965,720	1,964,812
Derivative Liabilities, Notional	1,000,913	1,546,486
Derivative Assets, Fair Value	15,376	5,700
Derivative Liabilities, Fair Value	17,321	21,506
Freestanding Derivatives | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair Value	12
Derivative Liabilities, Fair Value		2,411
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,275
Derivative Liabilities, Notional		19,250
Derivative Assets, Fair Value	12
Derivative Liabilities, Fair Value		2,411
Freestanding Derivatives | Investments Of Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	122,682	108,786
Derivative Liabilities, Fair Value	7,647	6,275
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	163,031	158,684
Derivative Liabilities, Notional	127,891	271,891
Derivative Assets, Fair Value	2,902	2,088
Derivative Liabilities, Fair Value	1,063	2,042
Freestanding Derivatives | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	197,087	124,595
Derivative Liabilities, Notional	26,253	92,094
Derivative Assets, Fair Value	11,562	1,400
Derivative Liabilities, Fair Value	2,846	6,490
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	603,327	1,681,533
Derivative Liabilities, Notional	724,087	1,054,465
Derivative Assets, Fair Value	900	2,212
Derivative Liabilities, Fair Value	$ 5,765	$ 4,288

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Realized Gains (Losses)	$ (15,479)	$ 10,155
Net Change in Unrealized Gain (Loss)	8,380	(14,692)
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	129	240
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(3,811)	1,826
Net Change in Unrealized Gain (Loss)	(4,276)	(2,922)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(4,310)	12,064
Net Change in Unrealized Gain (Loss)	15,322	(11,024)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(7,358)	(3,735)
Net Change in Unrealized Gain (Loss)	$ (2,666)	$ (746)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and Preferred Securities	$ 280,028	$ 280,879
Total Assets	4,358,240	4,024,612
Total Liabilities	3,554,019	3,323,435
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Bonds	412,073	379,000
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	3,467,956	3,225,064
Subordinated Notes | Liabilities of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	86,063	98,371
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables	287,858	261,994
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	14,487	15,176
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Loans	$ 3,363,794	$ 3,087,563

Realized and Net Change in Un58

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ (13,336)	$ (5,408)
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	190	30
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	178	1,955
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	12,413	(3,040)
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	(3,778)	(1,875)
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	(689)
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	(7,071)	16,498
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	271	1,135
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		(3,794)
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	12,413	754
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		(2,491)
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	3	(185)
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	(3,832)	(2,828)
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	(13,707)	(7,208)
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	$ 957	$ 22,557

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		$ (93,071)	$ (93,217)
Fair value of financial instruments more than one day past due	[1]		1,088
(Deficiency) of fair value more than one day past due over uncollected principal	[1]	(1,784)	(5,620)
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(6,588)	(6,046)
Fair value of financial instruments more than one day past due		0	0
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(71,562)	(77,900)
Fair value of financial instruments more than one day past due	[1]		1,088
(Deficiency) of fair value more than one day past due over uncollected principal	[1]	(1,784)	(5,620)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(1,115)	(426)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		$ (13,806)	(8,845)
Fair value of financial instruments more than one day past due			$ 0
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Information for Financial Ins60

Information for Financial Instruments on Which Fair Value Option was Elected (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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 ($)		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	[1]		$ 1,088,000
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due		$ 0	0
Fair value of financial instruments with non-accrual status		$ 0	0
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due			0
Fair value of financial instruments with non-accrual status			$ 0
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Blackstone's Treasury Cash Management Strategies		$ 1,588,194	$ 1,682,259
Freestanding Derivatives, Assets		15,385	6,019
Money Market Funds		170,680	460,233
Investments of Consolidated Funds		4,885,584	4,613,944
Net Investment Hedges - Foreign Currency Contracts		9	319
Freestanding Derivatives, Liabilities		18,998	21,507
Other Investments		253,083	159,152
Total Financial Assets		7,189,222	7,182,201
Securities Sold, Not Yet Purchased		105,857	176,667
Total Financial Liabilities		3,678,874	3,521,609
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		15,376	5,700
Freestanding Derivatives, Liabilities		17,321	21,506
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		287,858	261,994
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		3,363,794	3,087,563
Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	149,071	155,512
Equity Securities	[1]	207,892	216,833
Partnership and LLC Interests	[1]	553,344	573,790
Debt Instruments	[1]	187,848	199,846
Investments of Consolidated Funds	[1]	4,885,584	4,613,944
Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans	[1]	3,363,794	3,087,563
Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		143,882	240,464
Debt Instruments		1,249,026	1,240,229
Other		195,286	201,566
Total Blackstone's Treasury Cash Management Strategies		1,588,194	1,682,259
Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		12
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		7,647	6,275
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds		412,073	379,000
Corporate Bonds | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds	[1]	412,073	379,000
Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts		9	319
Net Investment Hedges - Foreign Currency Contracts		1,677	1
Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,902	2,088
Freestanding Derivatives, Liabilities		1,063	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]	11,562	1,400
Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		900	2,212
Freestanding Derivatives, Liabilities		5,765	4,288
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]	7,647	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]	2,846	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]	3,467,956	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]	86,063	98,371
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments		17,718	17,707
Total Financial Assets		478,619	490,442
Net Asset Value | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	149,071	155,512
Investments of Consolidated Funds	[1]	149,071	155,512
Net Asset Value | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		116,544	115,657
Other		195,286	201,566
Total Blackstone's Treasury Cash Management Strategies		311,830	317,223
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds		170,680	460,233
Other Investments		135,956	40,261
Total Financial Assets		555,463	825,498
Total Financial Liabilities		1,899	835
Level 1 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	71,851	82,734
Partnership and LLC Interests	[1]	32,642
Investments of Consolidated Funds	[1]	104,493	82,734
Level 1 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		143,882	240,464
Total Blackstone's Treasury Cash Management Strategies		143,882	240,464
Level 1 | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		452	1,806
Freestanding Derivatives, Liabilities		1,899	835
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Financial Assets		5,000,320	4,674,034
Securities Sold, Not Yet Purchased		105,857	176,667
Total Financial Liabilities		3,676,975	3,520,774
Level 2 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	53,317	53,250
Partnership and LLC Interests	[1]	75,005	101,399
Debt Instruments	[1]	168,597	179,465
Investments of Consolidated Funds	[1]	3,895,322	3,601,306
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]	3,174,768	2,886,792
Level 2 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		1,101,627	1,069,915
Total Blackstone's Treasury Cash Management Strategies		1,101,627	1,069,915
Level 2 | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		12
Freestanding Derivatives, Liabilities			2,411
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]	412,073	379,000
Level 2 | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts		9	319
Net Investment Hedges - Foreign Currency Contracts		1,677	1
Level 2 | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,902	2,088
Freestanding Derivatives, Liabilities		1,063	2,042
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]	11,562	1,400
Level 2 | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		448	406
Freestanding Derivatives, Liabilities		3,866	3,453
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]	7,647	6,275
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]	2,846	6,490
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]	3,467,956	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]	86,063	98,371
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments		99,409	101,184
Total Financial Assets		1,154,820	1,192,227
Total Financial Liabilities		0
Level 3 | Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		287,858	261,994
Level 3 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	82,724	80,849
Partnership and LLC Interests	[1]	445,697	472,391
Debt Instruments	[1]	19,251	20,381
Investments of Consolidated Funds	[1]	736,698	774,392
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]	189,026	200,771
Level 3 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		30,855	54,657
Total Blackstone's Treasury Cash Management Strategies		$ 30,855	$ 54,657
[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, has a controlling financial interest. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities.
[2]	Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.

Summary of Fair Value Transfers

Summary of Fair Value Transfers Between Level I and Level II (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]	$ 2,114
Transfers from Level II into Level I	[2]	$ 28,346	$ 5,688
[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	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 4,358,240	$ 4,024,612
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,154,820	1,192,227
Discounted Cash Flows | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 222,726	$ 241,897
Discounted Cash Flows | Loans and Receivables | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.20%	11.00%
Discounted Cash Flows | Loans and Receivables | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	6.80%	6.70%
Discounted Cash Flows | Loans and Receivables | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	24.80%	20.60%
Transaction Price Valuation Technique | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 47,514
Third Party Pricing Valuation Technique | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 17,618	$ 20,097
Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	13.10%	13.60%
Revenue CAGR	8.10%	10.20%
Exit Multiple - EBITDA	9.6	9.6
Exit Multiple - P/E	11.3	11.2
Exit Capitalization Rate	8.90%	9.00%
Equity Securities | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.6
Partnership And LLC Interests | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.50%	9.30%
Revenue CAGR	8.40%	8.60%
Exit Multiple - EBITDA	10.3	9.8
Exit Capitalization Rate	6.40%	6.30%
Debt Instruments | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	14.40%	14.10%
Exit Capitalization Rate	5.30%	5.80%
Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	7.2	6.5
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.00%
Recovery Lag	12 months	12 months
Pre-payment Rate	20.00%	20.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 15,663	$ 32,004
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.50%	8.60%
Default Rate	1.90%	1.90%
Reinvestment Rate	3.94%
Exit Multiple - EBITDA	69.40%	67.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	8.40%	5.80%
Default Rate	1.00%	1.00%
Reinvestment Rate	3.50%
Exit Multiple - EBITDA	30.00%	30.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	13.50%	14.00%
Default Rate	2.00%	2.00%
Reinvestment Rate	4.00%
Exit Multiple - EBITDA	70.00%	70.00%
Blackstone's Treasury Cash Management Strategies | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 15,192	$ 22,653
Other | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	2.00%	2.00%
Reinvestment Rate	4.00%	4.00%
Recovery Lag	12 months	12 months
Exit Multiple - EBITDA	70.00%	70.00%
Pre-payment Rate	20.00%	20.00%
Other | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 83,210	$ 81,984
Other | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	3.90%	3.30%
Other | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	1.70%	1.40%
Other | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	19.70%	12.50%
Other | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 16,199	$ 19,200
Investments Of Consolidated Blackstone Funds | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	736,698	774,392
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 69,289	$ 66,962
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	7.40%	7.80%
Revenue CAGR	(1.50%)	(5.00%)
Exit Multiple - EBITDA	4	5
Exit Multiple - P/E	10.5	10.5
Exit Capitalization Rate	5.50%	550.00%
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	25.00%	25.00%
Revenue CAGR	20.20%	61.50%
Exit Multiple - EBITDA	18.2	18.2
Exit Multiple - P/E	17	17
Exit Capitalization Rate	11.40%	1140.00%
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9	9
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,661	$ 1,710
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.5
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		8
Investments Of Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	6.1
Investments Of Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 5,869	$ 6,722
Investments Of Consolidated Blackstone Funds | Equity Securities | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	5,878	5,426
Investments Of Consolidated Blackstone Funds | Equity Securities | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 27	$ 29
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	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	$ 413,719	$ 423,588
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	2.10%	2.10%
Revenue CAGR	(13.80%)	(24.10%)
Exit Multiple - EBITDA	0.1	0.1
Exit Capitalization Rate	300.00%	2.70%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	29.20%	25.80%
Revenue CAGR	67.10%	31.80%
Exit Multiple - EBITDA	23.5	23.8
Exit Capitalization Rate	1210.00%	12.10%
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	$ 9,671	$ 30,437
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	7,965	1,403
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	$ 14,342	$ 16,963
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	6.80%	16.80%
Exit Multiple - EBITDA	1200.00%
Exit Multiple - EBITDA		12
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 4,071	$ 4,086
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	8.30%	6.50%
Exit Capitalization Rate	1.00%	1.00%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	52.70%	52.70%
Exit Capitalization Rate	8.30%	8.30%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 386	$ 78
Investments Of Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	14,794	16,217
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	$ 16,584	$ 19,783
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	4	4.5
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	15	7
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	$ 172,442	$ 180,988

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,192,227	$ 2,624,605
Transfer Out Due to Deconsolidation			(1,460,538)
Transfer In to Level III	[1]	54,916	26,439
Transfer Out of Level III	[1]	(65,884)	(35,037)
Purchases		362,313	114,622
Sales		(380,141)	(131,298)
Settlements		(4,434)	(1,247)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		(4,177)	(12,609)
Balance, End of Period		1,154,820	1,124,937
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(20,451)	6,894
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		261,994	40,397
Purchases		298,381	6,186
Sales		(267,556)	(4,071)
Settlements		(4,294)	(1,144)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		(667)	(677)
Balance, End of Period		287,858	40,691
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(667)	(806)
Investments Of Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		774,392	2,394,823
Transfer Out Due to Deconsolidation			(1,460,538)
Transfer In to Level III	[1]	54,626	9,314
Transfer Out of Level III	[1]	(61,879)	(12,353)
Purchases		63,932	83,503
Sales		(92,578)	(92,074)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		(1,795)	(2,227)
Balance, End of Period		736,698	920,448
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(18,484)	6,352
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	155,841	189,385
Transfer In to Level III	[1],[2]	290	17,125
Transfer Out of Level III	[1],[2]	(4,005)	(22,684)
Purchases	[2]		24,933
Sales	[2]	(20,007)	(35,153)
Settlements	[2]	(140)	(103)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)	[2]	(1,715)	(9,705)
Balance, End of Period	[2]	130,264	163,798
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	$ (1,300)	$ 1,348
[1]	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.
[2]	Represents Blackstone's Treasury Cash Management Strategies and Other Investments.

Summary of Changes in Financi66

Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)	[1]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 6,797,104
Transfer Out Due to Deconsolidation	(4,430,339)
Transfer Out Due to Amended CLO Guidance	(2,366,765)	[2]
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
Transfer Out Due to Deconsolidation	(4,168,405)
Transfer Out Due to Amended CLO Guidance	(2,279,947)	[2]
Collateralized Loan Obligations Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	348,752
Transfer Out Due to Deconsolidation	(261,934)
Transfer Out Due to Amended CLO Guidance	$ (86,818)	[2]
[1]	There were no Level III financial liabilities as of and for the three months ended March 31, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either March 31, 2016 or March 31, 2015.
[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.

Summary of Changes in Financi67

Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities at fair value	$ 3,678,874		$ 3,521,609
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities at fair value	0
Changes in unrealized (gains) losses included in earnings related to liabilities	$ 0	$ 0

Assets and Liabilities Related

Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Investments	$ 517,284,000	$ 466,651,000
Accounts Receivable	14,593,000	11,726,000
Due from Affiliates	45,314,000	51,029,000
Total VIE Assets	577,191,000	529,406,000
Due to Affiliates	652,000	586,000
Accounts Payable, Accrued Expenses and Other Liabilities	122,000	88,000
Potential Clawback Obligation	74,676,000	73,450,000
Maximum Exposure to Loss	$ 652,641,000	$ 603,530,000

Reverse Repurchase and Repurc69

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Securities Financing Transaction [Line Items]
U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt	$ 45.2
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	32.1
Pledged securities with carrying value to collateralize its repurchase agreements	$ 75.7	$ 64.5

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 49,540	$ 40,929
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	65,692	55,946
Net Amount, Liabilities	2,019	791
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	49,540
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	49,540	$ 40,929
Net Amount, Liabilities	0
Overnight and Continuous | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	5,148
Up to 30 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	40,260
30 - 90 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	4,132
Greater than 90 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	$ 0

Offsetting of Assets and Liab71

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 49,124	$ 209,512
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	46,375	206,088
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	1,174	1,310
Net Amount, Assets	1,575	2,114
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	65,692	55,946
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	47,797	42,409
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	15,876	12,746
Net Amount, Liabilities	2,019	791
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	49,540	40,929
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	46,573	40,259
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	2,967	670
Net Amount, Liabilities	0
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	3,814	4,300
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	1,215	2,149
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	1,174	1,310
Net Amount, Assets	1,425	841
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	14,475	15,016
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	1,215	2,149
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	12,909	12,076
Net Amount, Liabilities	351	791
Reverse Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	45,301	204,893
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	45,151	203,938
Net Amount, Assets	150	955
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	9	319
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	9	1
Net Amount, Assets		318
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	1,677	1
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	9	$ 1
Net Amount, Liabilities	$ 1,668

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 139,318	$ 135,543
Prepaid Expenses	144,887	190,241
Other Assets	28,168	46,786
Freestanding Derivatives	3,814	4,300
Net Investment Hedges	9	319
Total Other Assets	$ 316,196	$ 377,189

Offsetting Of Assets And Liab73

Offsetting Of Assets And Liabilities - Additional Information (Detail) $ in Millions	Mar. 31, 2016USD ($)
Cash Pooling Arrangement
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 952.1

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
6.625% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	$ 613,047	$ 614,996
Debt instrument, fair value	[1],[2]	667,485	665,438
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		397,814	397,720
Debt instrument, fair value	[2]	459,880	458,680
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		392,452	392,224
Debt instrument, fair value	[2]	436,560	430,560
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		237,692	237,648
Debt instrument, fair value	[2]	297,200	297,575
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,204	488,119
Debt instrument, fair value	[2]	510,750	515,050
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,737	343,689
Debt instrument, fair value	[2]	330,365	332,640
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		334,697	322,664
Debt instrument, fair value	[2]	$ 351,977	$ 327,465
[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]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Carrying Value and Fair Value75

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2012
Debt Instrument [Line Items]
Senior Notes		$ 600
Notes acquired not retired		$ 15
Senior Secured Notes | 6.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.625%
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

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - Partnership's Borrowings Through Consolidated CLO Vehicles - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,020,535	$ 3,914,326
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 3,786,464	$ 3,687,976
Weighted Average Interest Rate	1.94%	1.93%
Weighted Average Remaining Maturity in Years	5 years 6 months	5 years 4 months 24 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 234,071	$ 226,350

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	$ 3,467,956	$ 3,225,064
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	86,063	98,371
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	$ 8,164	$ 8,231

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 4.1	$ 3.9

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
2,016	$ 4,253
2,017	538,555
2,018	0
2,019	585,000
2,020	0
Thereafter	5,722,120
Total	6,849,928
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
2,020	0
Thereafter	2,240,140
Total	2,825,140
Blackstone Fund Facilities Clo Vehicles
Debt Instrument [Line Items]
2,016	4,253
2,017	538,555
2,018	0
2,020	0
Thereafter	3,481,980
Total	$ 4,024,788

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes [Line Items]
Effective tax rate	5.70%	6.80%
Provision for Taxes	$ 18,866	$ 99,344

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Line Items]
Net Income for Per Common Unit Calculation		644,897,849	625,276,969
Net Income Attributable to The Blackstone Group L.P., Basic		$ 150,033	$ 629,448
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		119,594
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 269,627	$ 629,448
Weighted-Average Common Units Outstanding, Basic		644,897,849	625,276,969
Weighted-Average Unvested Deferred Restricted Common Units		1,629,702	5,955,072
Weighted-Average Blackstone Holdings Partnership Units		548,042,780
Weighted-Average Common Units Outstanding, Diluted		1,194,570,331	631,232,041
Net Income Per Common Unit, Basic		$ 0.23	$ 1.01
Net Income Per Common Unit, Diluted		0.23	1
Distributions Declared Per Common Unit	[1]	$ 0.61	$ 0.78
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail)	3 Months Ended
	Mar. 31, 2015shares
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	548,837,150

Net Income (Loss) Per Common Un

Net Income (Loss) Per Common Unit - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jan. 31, 2008
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 335,800,000
Common stock repurchased, units	0	0
Blackstone
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program			$ 500,000,000

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jan. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units			168,600,140
Compensation expense in relation to equity-based awards	$ 79,840	$ 272,335
Tax benefits in relation to equity-based awards	8,300	$ 23,600
Estimated unrecognized compensation expense related to unvested awards	$ 1,000,000
Weighted-average period for recognized compensation expense related to unvested awards, years	4 years 10 months 24 days
Total vested and unvested outstanding units	1,192,401,538
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	35,844
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	$ 4,200
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)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	40,901,755
Granted (Units) | shares	363,239
Vested (Units) | shares	(4,089,498)
Forfeited (Units) | shares	(164,898)
Ending Balance | shares	37,010,598
Beginning Balance | $ / shares	$ 32.98
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	28.57
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	22.46
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	39.21
Ending Balance | $ / shares	34.07
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	22.38
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	28.77
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	22.92
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	20.04
Ending Balance | $ / shares	23.23
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	28.79
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	29.24
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	28.14
Ending Balance | $ / shares	$ 28.84
Blackstone Group L P | Equity Settled Awards Deferred Restricted Common Units And Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	14,342,129
Granted (Units) | shares	1,893,628
Vested (Units) | shares	(2,600,563)
Forfeited (Units) | shares	(271,587)
Ending Balance | shares	13,363,607
Blackstone Group L P | Cash Settled Awards Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	27,942
Granted (Units) | shares	2,465
Vested (Units) | shares	(529)
Ending Balance | shares	29,878

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	3 Months Ended
	Mar. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	29,122,600
Deferred Restricted Blackstone Common Units	11,561,529
Total Equity-Based Awards (Units)	40,684,129
Phantom Units (Units)	22,284
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	4 years 4 months 24 days
Deferred Restricted Blackstone Common Units	2 years
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 8 months 12 days
Phantom Units (Weighted-Average Service Period in Years)	3 years 6 months

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accrual for Potential Clawback of Previously Distributed Carried Interest	$ 2,659	$ 1,686
Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds	293,701	331,558
Amounts Due from Portfolio Companies and Funds	295,718	319,758
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	6,760	5,931
Management and Performance Fees Due from Non-Consolidated Funds	371,260	403,538
Payments Made on Behalf of Non-Consolidated Entities	169,428	178,326
Due from Affiliates, total	1,139,526	1,240,797
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,145,207	1,201,543
Accrual for Potential Repayment of Previously Received Performance Fees	6,308	3,356
Due to Note Holders of Consolidated CLO Vehicles	8,164	8,231
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	17,262	26,593
Distributions Received on Behalf of Blackstone Entities	36,504	33,160
Payments Made by Non-Consolidated Entities	5,739	9,817
Due to Affiliates, total	$ 1,219,184	$ 1,282,700

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Founder's, other senior managing directors' and employees' investments	$ 732,100		$ 746,300
Founder's, other senior managing directors' and employees' share of the Net Income (Loss) Attributable to Redeemable Non-Controlling Interests	3,000	$ 49,500
Management and Advisory Fees, Net from Affiliates	56,675	48,112
Interest from loans to affiliates	$ 200	$ 2,000
Partnership Unit to Blackstone Common Unit ratio	100.00%
Cash saving in tax receivable agreements, percentage	85.00%
Expected future payments under the tax receivable agreements	$ 1,100,000
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 360,800
After-tax net present value discount rate assumption	15.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,200
Total investments at risk in respect of guarantees extended	$ 6.3
Contingent obligations currently anticipated to expire end	2,028
Provision for cash clawback	$ 576.8
Contingent Obligations (Clawback)	4,600
Blackstone Holdings Finance Co. L.L.C.
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	136.4
Contingent Obligations (Clawback)	4,200
Current And Former Blackstone Personnel
Schedule Of Commitments And Contingencies [Line Items]
Contingent Obligations (Clawback)	432
Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	22.9
Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 10.6

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Product Liability Contingency [Line Items]
Clawback obligations	$ 6,308	$ 3,356
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	6,308	3,356
Credit Segment | Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	3,649	1,670
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	$ 2,659	$ 1,686

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 608,906	$ 616,768
Performance Fees Realized - Carried Interest	230,909	1,207,594
Performance Fees Realized - Incentive Fees	28,419	29,638
Performance Fees Unrealized - Carried Interest	47,586	373,840
Performance Fees Unrealized - Incentive Fees	7,579	62,036
Total Performance Fees	314,493	1,673,108
Investment Income (Loss), Realized	(12,001)	187,930
Investment Income (Loss), Unrealized	3,493	18,273
Total Investment Income (Loss)	(8,508)	206,203
Interest and Dividend Revenue	23,075	21,920
Other	(5,612)	(5,641)
Total Revenues	932,354	2,512,358
Compensation and Benefits Compensation	346,003	559,559
Performance Fee Compensation - Realized Carried Interest	58,504	292,248
Performance Fee Compensation - Realized Incentive Fees	14,124	12,227
Performance Fee Compensation - Unrealized Carried Interest	30,001	74,380
Performance Fee Compensation - Unrealized Incentive Fees	3,448	24,961
Total Compensation and Benefits	452,080	963,375
Total Expenses	617,710	1,142,568
Economic Income (Loss)	333,786	1,463,345
Segment Assets	22,050,904		$ 22,526,080
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	586,703	516,397
Management and Advisory Fees, Advisory Fees	481	84,238
Management and Advisory Fees, Transaction and Other Fees, Net	46,118	37,073
Management and Advisory Fees, Management Fee Offsets	(20,101)	(17,945)
Total Management and Advisory Fees, Net	613,201	619,763
Performance Fees Realized - Carried Interest	230,909	1,207,594
Performance Fees Realized - Incentive Fees	28,450	29,670
Performance Fees Unrealized - Carried Interest	47,606	373,852
Performance Fees Unrealized - Incentive Fees	7,100	62,620
Total Performance Fees	314,065	1,673,736
Investment Income (Loss), Realized	(10,101)	107,792
Investment Income (Loss), Unrealized	(16,549)	81,849
Total Investment Income (Loss)	(26,650)	189,641
Interest and Dividend Revenue	35,081	30,451
Other	(6,248)	(4,872)
Total Revenues	929,449	2,508,719
Compensation and Benefits Compensation	287,403	329,838
Performance Fee Compensation - Realized Carried Interest	58,503	292,248
Performance Fee Compensation - Realized Incentive Fees	14,123	12,227
Performance Fee Compensation - Unrealized Carried Interest	30,001	74,380
Performance Fee Compensation - Unrealized Incentive Fees	3,448	24,961
Total Compensation and Benefits	393,478	733,654
Other Operating Expenses	148,526	143,282
Total Expenses	542,004	876,936
Economic Income (Loss)	387,445	1,631,783
Segment Assets	17,124,534
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	130,648	108,383
Management and Advisory Fees, Advisory Fees	481	2,429
Management and Advisory Fees, Transaction and Other Fees, Net	8,439	20,359
Management and Advisory Fees, Management Fee Offsets	(6,848)	(4,949)
Total Management and Advisory Fees, Net	132,720	126,222
Performance Fees Realized - Carried Interest	30,282	382,978
Performance Fees Unrealized - Carried Interest	73,875	566,822
Total Performance Fees	104,157	949,800
Investment Income (Loss), Realized	(15,357)	44,816
Investment Income (Loss), Unrealized	15,440	31,487
Total Investment Income (Loss)	83	76,303
Interest and Dividend Revenue	9,849	7,618
Other	(1,587)	(1,825)
Total Revenues	245,222	1,158,118
Compensation and Benefits Compensation	80,274	71,072
Performance Fee Compensation - Realized Carried Interest	15,427	39,482
Performance Fee Compensation - Unrealized Carried Interest	9,296	178,120
Total Compensation and Benefits	104,997	288,674
Other Operating Expenses	48,063	38,875
Total Expenses	153,060	327,549
Economic Income (Loss)	92,162	830,569
Segment Assets	5,390,618
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	199,907	152,348
Management and Advisory Fees, Transaction and Other Fees, Net	35,794	15,216
Management and Advisory Fees, Management Fee Offsets	(3,595)	(4,866)
Total Management and Advisory Fees, Net	232,106	162,698
Performance Fees Realized - Carried Interest	200,627	811,249
Performance Fees Realized - Incentive Fees	4,069	723
Performance Fees Unrealized - Carried Interest	(11,522)	(181,019)
Performance Fees Unrealized - Incentive Fees	9,765	6,069
Total Performance Fees	202,939	637,022
Investment Income (Loss), Realized	12,975	71,344
Investment Income (Loss), Unrealized	(2,137)	37,510
Total Investment Income (Loss)	10,838	108,854
Interest and Dividend Revenue	13,188	9,997
Other	(1,909)	(3,977)
Total Revenues	457,162	914,594
Compensation and Benefits Compensation	100,578	84,834
Performance Fee Compensation - Realized Carried Interest	43,076	246,496
Performance Fee Compensation - Realized Incentive Fees	2,133	356
Performance Fee Compensation - Unrealized Carried Interest	27,703	(98,084)
Performance Fee Compensation - Unrealized Incentive Fees	4,158	2,575
Total Compensation and Benefits	177,648	236,177
Other Operating Expenses	48,097	40,143
Total Expenses	225,745	276,320
Economic Income (Loss)	231,417	638,274
Segment Assets	7,320,885
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	130,158	130,637
Management and Advisory Fees, Transaction and Other Fees, Net	543	25
Management and Advisory Fees, Management Fee Offsets		(280)
Total Management and Advisory Fees, Net	130,701	130,382
Performance Fees Realized - Incentive Fees	2,684	10,516
Performance Fees Unrealized - Carried Interest	32
Performance Fees Unrealized - Incentive Fees	(2,935)	47,427
Total Performance Fees	(219)	57,943
Investment Income (Loss), Realized	(4,745)	(10,375)
Investment Income (Loss), Unrealized	(12,291)	4,483
Total Investment Income (Loss)	(17,036)	(5,892)
Interest and Dividend Revenue	5,296	3,949
Other	(1,388)	(1,607)
Total Revenues	117,354	184,775
Compensation and Benefits Compensation	54,169	56,104
Performance Fee Compensation - Realized Incentive Fees	1,863	3,470
Performance Fee Compensation - Unrealized Incentive Fees	(1,195)	15,651
Total Compensation and Benefits	54,837	75,225
Other Operating Expenses	26,146	21,206
Total Expenses	80,983	96,431
Economic Income (Loss)	36,371	88,344
Segment Assets	1,762,700
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	125,990	125,029
Management and Advisory Fees, Transaction and Other Fees, Net	1,342	1,457
Management and Advisory Fees, Management Fee Offsets	(9,658)	(7,850)
Total Management and Advisory Fees, Net	117,674	118,636
Performance Fees Realized - Carried Interest		13,367
Performance Fees Realized - Incentive Fees	21,697	18,431
Performance Fees Unrealized - Carried Interest	(14,779)	(11,951)
Performance Fees Unrealized - Incentive Fees	270	9,124
Total Performance Fees	7,188	28,971
Investment Income (Loss), Realized	(2,974)	2,237
Investment Income (Loss), Unrealized	(17,561)	6,887
Total Investment Income (Loss)	(20,535)	9,124
Interest and Dividend Revenue	6,748	5,651
Other	(1,364)	3,493
Total Revenues	109,711	165,875
Compensation and Benefits Compensation	52,382	49,877
Performance Fee Compensation - Realized Carried Interest		6,270
Performance Fee Compensation - Realized Incentive Fees	10,127	8,401
Performance Fee Compensation - Unrealized Carried Interest	(6,998)	(5,656)
Performance Fee Compensation - Unrealized Incentive Fees	485	6,735
Total Compensation and Benefits	55,996	65,627
Other Operating Expenses	26,220	21,836
Total Expenses	82,216	87,463
Economic Income (Loss)	27,495	78,412
Segment Assets	$ 2,650,331
Operating Segments | Financial Advisory Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Advisory Fees		81,809
Management and Advisory Fees, Transaction and Other Fees, Net		16
Total Management and Advisory Fees, Net		81,825
Investment Income (Loss), Realized		(230)
Investment Income (Loss), Unrealized		1,482
Total Investment Income (Loss)		1,252
Interest and Dividend Revenue		3,236
Other		(956)
Total Revenues		85,357
Compensation and Benefits Compensation		67,951
Total Compensation and Benefits		67,951
Other Operating Expenses		21,222
Total Expenses		89,173
Economic Income (Loss)		$ (3,816)

Reconciliation of Total Segment

Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues		$ 932,354	$ 2,512,358
Expenses		617,710	1,142,568
Other Income		19,142	93,555
Income Before Provision for Taxes		333,786	1,463,345
Total Assets		22,050,904		$ 22,526,080
Operating Segments
Segment Reporting Information [Line Items]
Revenues		929,449	2,508,719
Expenses		542,004	876,936
Income Before Provision for Taxes		387,445	1,631,783
Total Assets		17,124,534
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues	[1]	2,905	3,639
Expenses	[2]	75,706	265,632
Other Income	[3]	19,142	93,555
Income Before Provision for Taxes	[4]	(53,659)	$ (168,438)
Total Assets	[5]	$ 4,926,370
[1]	The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues.
[2]	The 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.
[3]	The Other Income adjustment results from the following:
[4]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following:
[5]	The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Reconciliation of Total Segme94

Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss	$ (2,757)	$ (3,711)
Fund Expenses Added in Consolidation	(5,847)	9,367
Non-Controlling Interests in Income of Consolidated Entities	33,685	89,323
Transaction-Related Other Loss	(5,939)	(1,424)
Total Other Income	19,142	93,555
Economic Income	387,445	1,631,783
Amortization of Intangibles	(23,208)	(25,899)
IPO and Acquisition-Related Charges	(64,136)	(231,862)
Non-Controlling Interests in Income of Consolidated Entities	33,685	89,323
Total Consolidation Adjustments and Reconciling Items	(53,659)	(168,438)
Income Before Provision for Taxes	$ 333,786	$ 1,463,345