Blackstone (BX) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		568,971,353

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and Cash Equivalents	$ 1,495,466	$ 1,837,324
Cash Held by Blackstone Funds and Other	736,261	587,132
Investments (including assets pledged of $86,455 and $64,535 at June 30, 2016 and December 31, 2015, respectively)	15,136,500	14,324,097
Accounts Receivable	690,006	613,153
Reverse Repurchase Agreements	43,885	204,893
Due from Affiliates	1,292,306	1,240,797
Intangible Assets, Net	299,892	345,547
Goodwill	1,718,519	1,718,519
Other Assets	343,561	377,189
Deferred Tax Assets	1,285,262	1,277,429
Total Assets	23,041,658	22,526,080
Liabilities and Partners' Capital
Loans Payable	6,741,728	6,116,747
Due to Affiliates	1,265,863	1,282,700
Accrued Compensation and Benefits	2,091,699	2,029,918
Securities Sold, Not Yet Purchased	115,796	176,667
Repurchase Agreements	56,353	40,929
Accounts Payable, Accrued Expenses and Other Liabilities	654,799	648,662
Total Liabilities	10,926,238	10,295,623
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	174,005	183,459
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 633,534,381 issued and outstanding as of June 30, 2016; 624,450,162 issued and outstanding as of December 31, 2015)	6,208,387	6,322,307
Accumulated Other Comprehensive Loss	(45,887)	(52,519)
Total The Blackstone Group L.P. Partners' Capital	6,162,500	6,269,788
Non-Controlling Interests in Consolidated Entities	2,538,559	2,408,701
Non-Controlling Interests in Blackstone Holdings	3,240,356	3,368,509
Total Partners' Capital	11,941,415	12,046,998
Total Liabilities and Partners' Capital	$ 23,041,658	$ 22,526,080

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investments assets pledged	$ 86,455	$ 64,535
Partners' Capital, common units: issued	633,534,381	624,450,162
Partners' Capital, common units: outstanding	633,534,381	624,450,162
Assets
Cash Held by Blackstone Funds and Other	$ 736,261	$ 587,132
Investments	15,136,500	14,324,097
Accounts Receivable	690,006	613,153
Due from Affiliates	1,292,306	1,240,797
Other Assets	343,561	377,189
Total Assets	23,041,658	22,526,080
Liabilities
Loans Payable	6,741,728	6,116,747
Due to Affiliates	1,265,863	1,282,700
Securities Sold, Not Yet Purchased	115,796	176,667
Repurchase Agreements	56,353	40,929
Accounts Payable, Accrued Expenses and Other Liabilities	654,799	648,662
Total Liabilities	10,926,238	10,295,623
Blackstone Funds And Other
Assets
Cash Held by Blackstone Funds and Other	568,854	435,775
Investments	4,950,870	4,558,216
Accounts Receivable	245,459	122,077
Due from Affiliates	29,371	25,561
Other Assets	2,693	12,693
Total Assets	5,797,247	5,154,322
Liabilities
Loans Payable	3,941,751	3,319,656
Due to Affiliates	88,576	39,532
Securities Sold, Not Yet Purchased	49,237	58,878
Repurchase Agreements	49,387	31,417
Accounts Payable, Accrued Expenses and Other Liabilities	239,725	226,203
Total Liabilities	$ 4,368,676	$ 3,675,686

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Management and Advisory Fees, Net		$ 607,823	$ 574,132	$ 1,216,729	$ 1,190,900
Performance Fees
Performance Fees Realized - Carried Interest		323,734	937,483	554,643	2,145,077
Performance Fees Realized - Incentive Fees		29,441	47,682	57,860	77,320
Performance Fees Unrealized - Carried Interest		88,292	(441,930)	135,878	(68,090)
Performance Fees Unrealized - Incentive Fees		7,776	25,070	15,355	87,106
Total Performance Fees		449,243	568,305	763,736	2,241,413
Investment Income
Realized		65,037	157,823	53,036	345,753
Unrealized		40,102	(100,999)	43,595	(82,726)
Total Investment Income		105,139	56,824	96,631	263,027
Interest and Dividend Revenue		22,286	21,965	45,361	43,885
Other		7,935	3,976	2,323	(1,665)
Total Revenues		1,192,426	1,225,202	2,124,780	3,737,560
Expenses
Compensation and Benefits Compensation		355,424	473,019	701,427	1,032,578
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest		87,580	238,033	146,084	530,281
Performance Fee Compensation - Realized Incentive Fees		15,250	21,837	29,374	34,064
Performance Fee Compensation - Unrealized Carried Interest		75,202	(50,559)	105,203	23,821
Performance Fee Compensation - Unrealized Incentive Fees		2,689	6,130	6,137	31,091
Total Compensation and Benefits		536,145	688,460	988,225	1,651,835
General, Administrative and Other		130,988	146,859	254,033	277,832
Interest Expense		36,878	37,414	74,234	68,784
Fund Expenses		8,592	41,699	13,821	58,549
Total Expenses		712,603	914,432	1,330,313	2,057,000
Other Income
Net Gains from Fund Investment Activities		30,703	82,015	49,845	175,570
Income Before Provision for Taxes		510,526	392,785	844,312	1,856,130
Provision for Taxes		47,415	43,251	56,561	142,595
Net Income (Loss)		463,111	349,534	787,751	1,713,535
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(2,049)	13,780	(8,450)	21,307
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		64,729	66,716	104,815	148,512
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		201,805	134,870	333,007	780,100
Net Income Attributable to The Blackstone Group L.P.		$ 198,626	$ 134,168	$ 358,379	$ 763,616
Distributions Declared Per Common Unit	[1]	$ 0.28	$ 0.89	$ 0.89	$ 1.67
Net Income Per Common Unit
Common Units, Basic		0.31	0.21	0.55	1.21
Common Units, Diluted		$ 0.30	$ 0.21	$ 0.54	$ 1.21
Weighted-Average Common Units Outstanding
Common Units, Basic		646,933,698	631,881,205	645,915,774	628,597,331
Common Units, Diluted		1,194,478,212	634,192,649	1,194,375,807	632,730,589
Revenues Earned from Affiliates
Management and Advisory Fees, Net		$ 44,148	$ 28,831	$ 100,823	$ 76,943
[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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Income	$ 463,111	$ 349,534	$ 787,751	$ 1,713,535
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	(5,768)	14,876	11,844	(32,912)
Comprehensive Income	457,343	364,410	799,595	1,680,623
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(2,049)	13,780	(8,450)	21,307
Less Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	58,783	75,700	110,026	130,858
Less Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	201,805	134,870	333,007	780,100
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 198,804	$ 140,060	$ 365,012	$ 748,358

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									10,593,940
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									10,511,507
Ending Balance, Units at Jun. 30, 2015									616,730,302
Beginning Balance at Dec. 31, 2014		$ 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)	$ 1,713,535	763,616		763,616	148,512	780,100	1,692,228	21,307
Currency Translation Adjustment			(15,258)	(15,258)	(39,546)		(54,804)
Capital Contributions					221,797		221,797	2,241
Capital Distributions		(1,040,920)		(1,040,920)	(410,702)	(1,005,848)	(2,457,470)	(10,513)
Transfer of Non-Controlling Interests in Consolidated Entities					(18,299)		(18,299)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		17,714		17,714			17,714
Equity-Based Compensation		255,179		255,179		226,774	481,953
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(33,757)		(33,757)		(1,903)	(35,660)
Excess Tax Benefits Related to Equity-Based Compensation, Net		60,045		60,045			60,045
Change in The Blackstone Group L.P.'s Ownership Interest	67,809	67,809		67,809		(67,809)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		86,935		86,935		(86,935)
Ending Balance at Jun. 30, 2015		7,176,451	(36,122)	7,140,329	2,314,390	4,260,449	13,715,168
Ending Balance at Jun. 30, 2015								196,600
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									4,139,648
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									4,944,571
Ending Balance, Units at Jun. 30, 2016									633,534,381
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)	787,751	358,379		358,379	104,815	333,007	796,201	(8,450)
Currency Translation Adjustment			6,632	6,632	5,211		11,843
Capital Contributions					185,952		185,952
Capital Distributions		(569,794)		(569,794)	(160,529)	(505,969)	(1,236,292)	(1,004)
Transfer of Non-Controlling Interests in Consolidated Entities					(5,591)		(5,591)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		208		208			208
Equity-Based Compensation		78,052		78,052		78,458	156,510
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(14,414)		(14,414)			(14,414)
Change in The Blackstone Group L.P.'s Ownership Interest	3,836	3,836		3,836		(3,836)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		29,813		29,813		(29,813)
Ending Balance at Jun. 30, 2016	6,162,500	$ 6,208,387	$ (45,887)	$ 6,162,500	$ 2,538,559	$ 3,240,356	$ 11,941,415
Ending Balance at Jun. 30, 2016	$ 174,005							$ 174,005

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities
Net Income	$ 787,751	$ 1,713,535
Blackstone Funds Related
Unrealized Appreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities	(124,985)	(28,903)
Net Realized Gains on Investments	(670,157)	(2,689,849)
Changes in Unrealized Losses on Investments Allocable to The Blackstone Group L.P.	12,310	53,219
Non-Cash Performance Fees	(73,806)	37,652
Non-Cash Performance Fee Compensation	286,797	619,256
Equity-Based Compensation Expense	164,124	482,683
Excess Tax Benefits Related to Equity-Based Compensation		(60,045)
Amortization of Intangibles	45,655	48,422
Other Non-Cash Amounts Included in Net Income	33,514	167,112
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	(140,795)	1,033,351
Cash Relinquished in Deconsolidation and Liquidation of Partnership		(442,370)
Accounts Receivable	73,459	28,916
Reverse Repurchase Agreements	161,008	(61,376)
Due from Affiliates	14,424	(85,616)
Other Assets	18,883	(87,332)
Accrued Compensation and Benefits	(234,646)	(577,607)
Securities Sold, Not Yet Purchased	(68,611)	56,906
Accounts Payable, Accrued Expenses and Other Liabilities	(247,201)	(444,242)
Repurchase Agreements	15,414	11,743
Due to Affiliates	13,682	(109,090)
Net Cash Provided by Operating Activities	246,943	1,600,382
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(16,165)	(16,539)
Changes in Restricted Cash	5,843	5,843
Net Cash Used in Investing Activities	(10,322)	(10,696)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(161,533)	(421,088)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	179,657	220,243
Payments Under Tax Receivable Agreement	(78,985)	(82,830)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(14,414)	(35,660)
Excess Tax Benefits Related to Equity-Based Compensation		60,045
Proceeds from Loans Payable		675,831
Repayment and Repurchase of Loans Payable		(2,652)
Distributions to Unitholders	(1,075,763)	(2,046,768)
Blackstone Funds Related
Proceeds from Loans Payable	717,545	888,535
Repayment of Loans Payable	(145,149)	(93,358)
Net Cash Used in Financing Activities	(578,642)	(837,702)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	163	184
Net Increase (Decrease) in Cash and Cash Equivalents	(341,858)	752,168
Cash and Cash Equivalents, Beginning of Period	1,837,324	1,412,472
Cash and Cash Equivalents, End of Period	1,495,466	2,164,640
Supplemental Disclosure of Cash Flows Information
Payments for Interest	80,979	62,691
Payments for Income Taxes	33,454	91,513
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	740	1,022
Non-Cash Distributions to Non-Controlling Interest Holders		(127)
Net Activities Related to Capital Transactions of Consolidated Blackstone Funds		(277)
Notes Issuance Costs		5,269
Transfer of Interests to Non-Controlling Interest Holders	(5,591)	(18,299)
Change in The Blackstone Group L.P.'s Ownership Interest	3,836	67,809
Net Settlement of Vested Common Units	64,309	108,664
Conversion of Blackstone Holdings Partnership Units to Common Units	29,813	86,935
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(25,553)	(108,594)
Due to Affiliates	25,345	90,880
Partners' Capital	208	17,714
Blackstone's Treasury Cash Management Strategies
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(1,294,654)	(2,013,059)
Cash Proceeds from Sale of Investments	1,158,672	2,035,454
Investments Of Consolidated Blackstone Funds
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(1,627,123)	(1,716,764)
Cash Proceeds from Sale or Pay Down of Investments	$ 1,943,228	$ 3,628,386

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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. 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 May 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, and accounting for forfeitures (the amended guidance permits an entity to make an accounting policy election either to estimate the number of forfeitures expected to occur or to account for forfeitures when they occur). The amendments require all excess tax benefits and deficiencies related to share-based payment transactions to be recognized through the Provision for Taxes in the Condensed Consolidated Statement of Operations. The amendments also require excess tax benefits related to share-based payment transactions to be presented as operating activities in the Condensed Consolidated Statement of Cash Flows with employee taxes paid presented as a financing activity. The guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Blackstone has elected to early adopt the guidance for the quarter ended June 30, 2016 and any adjustments have been reflected prospectively as of January 1, 2016. Blackstone has made an accounting policy election to continue estimating forfeitures in determining the number of equity-based awards that are expected to vest. Amendments relating to the recognition of excess tax benefits and deficiencies in the Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows have been applied prospectively. As a result, prior period amounts have not been restated. Application of the guidance did not have a material impact on Blackstone’s Condensed Consolidated Statement of Operations or Condensed Consolidated Statement of Cash Flows.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2016
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: June 30, 2016 December 31, 2015 Finite-Lived Intangible Assets/Contractual Rights $ 1,424,226 $ 1,424,226 Accumulated Amortization (1,124,334 ) (1,078,679 ) Intangible Assets, Net $ 299,892 $ 345,547 Amortization expense associated with Blackstone’s intangible assets was $22.8 million and $45.7 million for the three and six month periods ended June 30, 2016, respectively, and $23.6 million and $48.4 million for the three and six month periods ended June 30, 2015, respectively. Amortization of Intangible Assets held at June 30, 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 June 30, 2016 are expected to amortize over a weighted-average period of 6.3 years.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2016
INVESTMENTS	4. INVESTMENTS Investments consist of the following: June 30, 2016 December 31, 2015 Investments of Consolidated Blackstone Funds $ 4,980,964 $ 4,613,944 Equity Method Investments 3,170,071 3,110,810 Blackstone’s Treasury Cash Management Strategies 1,739,252 1,682,259 Performance Fees 4,990,614 4,757,932 Other Investments 255,599 159,152 $ 15,136,500 $ 14,324,097 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $449.1 million and $451.9 million at June 30, 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 Six Months Ended 2016 2015 2016 2015 Realized Gains (Losses) $ (2,435 ) $ 60,473 $ 10,947 $ 127,512 Net Change in Unrealized Gains (Losses) 16,893 (2,190 ) (8,348 ) 1,743 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 14,458 58,283 2,599 129,255 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 16,245 23,732 47,246 46,315 Other Income — Net Gains from Fund Investment Activities $ 30,703 $ 82,015 $ 49,845 $ 175,570 Equity Method Investments Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence. Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the six months ended June 30, 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 $52.0 million and $19.5 million for the three months ended June 30, 2016 and 2015, respectively. The Partnership recognized net gains related to its equity method investments of $69.7 million and $181.6 million for the six months ended June 30, 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 advisors. 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 Six Months Ended 2016 2015 2016 2015 Realized Gains (Losses) $ 9,364 $ (3,442 ) $ (9,245 ) $ (3,603 ) Net Change in Unrealized Gains (Losses) 12,913 (15,049 ) 14,695 (3,938 ) $ 22,277 $ (18,491 ) $ 5,450 $ (7,541 ) 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 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 246,287 378,422 385 75,876 700,970 Foreign Exchange Gain — 7,579 — — 7,579 Fund Distributions (83,399 ) (365,282 ) (6,383 ) (20,803 ) (475,867 ) Performance Fees, June 30, 2016 $ 1,642,331 $ 3,122,407 $ 3,749 $ 222,127 $ 4,990,614 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 Six Months Ended 2016 2015 2016 2015 Realized Gains (Losses) $ (256 ) $ (30 ) $ 4,477 $ (8 ) Net Change in Unrealized Gains (Losses) 3,283 (825 ) (2,952 ) (454 ) $ 3,027 $ (855 ) $ 1,525 $ (462 )

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	6 Months Ended
	Jun. 30, 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 June 30, 2016 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 158,088 $ 132 (a) (a) Credit Driven 196,030 268 (b) (b) Equity 60,253 — (c) (c) Commodities 1,745 — (d) (d) $ 416,116 $ 400 (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 44% 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 56% of the fair value of the investments in this category are redeemable as of the reporting date. (c) 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. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2016 the resulting gain was $1.3 million. For the six months ended June 30, 2016 the resulting loss was $0.8 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. June 30, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 51,174 $ 804 $ — $ — $ 53,627 $ 319 $ 138 $ 1 Freestanding Derivatives Blackstone Interest Rate Contracts 1,280,262 2,846 955,648 11,978 1,681,533 2,212 1,054,465 4,288 Foreign Currency Contracts 155,950 4,428 157,515 3,669 158,684 2,088 271,891 2,042 Credit Default Swaps — — 7,274 602 — — 19,250 2,411 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 218,715 19,544 41,652 972 124,595 1,400 92,094 6,490 Credit Default Swaps — — 96,797 6,560 — — 108,786 6,275 1,654,927 26,818 1,258,886 23,781 1,964,812 5,700 1,546,486 21,506 Total $ 1,706,101 $ 27,622 $ 1,258,886 $ 23,781 $ 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 Six Months Ended 2016 2015 2016 2015 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (257 ) $ (11 ) $ (128 ) $ 229 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 546 $ (1,358 ) $ (6,812 ) $ (5,093 ) Foreign Currency Contracts (410 ) (3,160 ) (4,720 ) 8,903 Credit Default Swaps (738 ) 1,955 (4,549 ) 3,781 Total $ (602 ) $ (2,563 ) $ (16,081 ) $ 7,591 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (4,576 ) $ 4,707 $ (7,242 ) $ 3,961 Foreign Currency Contracts 8,869 2,779 24,191 (8,245 ) Credit Default Swaps 794 (2,469 ) (3,482 ) (5,391 ) Total $ 5,087 $ 5,017 $ 13,467 $ (9,675 ) As of June 30, 2016 and December 31, 2015, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	6 Months Ended
	Jun. 30, 2016
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: June 30, December 31, Assets Loans and Receivables $ 207,519 $ 261,994 Equity and Preferred Securities 284,879 280,879 Debt Securities 14,122 15,176 Assets of Consolidated CLO Vehicles Corporate Loans 3,479,615 3,087,563 Corporate Bonds 405,912 379,000 Other 1,669 — $ 4,393,716 $ 4,024,612 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,854,183 $ 3,225,064 Subordinated Notes 91,667 98,371 $ 3,945,850 $ 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 June 30, 2016 2015 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 1,085 $ — $ 1,278 Equity and Preferred Securities (296 ) 5,256 (52 ) (4,663 ) Debt Securities — (365 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (15,253 ) 36,564 (9,657 ) 21,295 Corporate Bonds 247 (1,214 ) 91 3,380 Other 88 — 1,318 (840 ) $ (15,214 ) $ 41,326 $ (8,300 ) $ 20,450 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (14,281 ) $ — $ (7,199 ) Six Months Ended June 30, 2016 2015 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (2,693 ) $ — $ (597 ) Equity and Preferred Securities (293 ) 1,424 (237 ) (7,491 ) Debt Securities — (1,054 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (28,960 ) 37,521 (4,847 ) 40,881 Corporate Bonds 437 (943 ) 121 4,516 Other 266 — 3,273 (3,331 ) $ (28,550 ) $ 34,255 $ (1,690 ) $ 33,978 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (1,868 ) $ — $ (10,238 ) The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2016 December 31, 2015 For Financial Assets For Financial Assets (Deficiency) Fair Excess (Deficiency) Fair (Deficiency) Loans and Receivables $ (10,895 ) $ — $ — $ (8,845 ) $ — $ — Debt Securities (1,480 ) — — (426 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (43,840 ) — — (77,900 ) 1,088 (5,620 ) Corporate Bonds (16,500 ) — — (6,046 ) — — $ (72,715 ) $ — $ — $ (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 June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 2016 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 146,544 $ 146,544 Equity Securities 55,745 51,619 85,664 — 193,028 Partnership and LLC Interests 26,987 73,497 439,859 — 540,343 Debt Instruments — 179,244 15,065 — 194,309 Assets of Consolidated CLO Vehicles Corporate Loans — 3,315,440 164,175 — 3,479,615 Corporate Bonds — 405,912 — — 405,912 Freestanding Derivatives — Foreign Currency Contracts — 19,544 — — 19,544 Other — — 1,669 — 1,669 Total Investments of Consolidated Blackstone Funds 82,732 4,045,256 706,432 146,544 4,980,964 Blackstone’s Treasury Cash Management Strategies Equity Securities 146,239 — — — 146,239 Debt Instruments — 1,313,940 27,419 52,114 1,393,473 Other — — — 199,540 199,540 Total Blackstone’s Treasury Cash Management Strategies 146,239 1,313,940 27,419 251,654 1,739,252 Money Market Funds 282,655 — — — 282,655 Net Investment Hedges — Foreign Currency Contracts — 804 — — 804 Freestanding Derivatives Interest Rate Contracts 2,243 603 — — 2,846 Foreign Currency Contracts — 4,428 — — 4,428 Loans and Receivables — — 207,519 — 207,519 Other Investments 137,046 — 100,635 17,918 255,599 $ 650,915 $ 5,365,031 $ 1,042,005 $ 416,116 $ 7,474,067 June 30, 2016 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,854,183 $ — $ 3,854,183 Subordinated Notes (b) — 91,667 — 91,667 Freestanding Derivatives — Foreign Currency Contracts — 972 — 972 Freestanding Derivatives — Credit Default Swaps — 6,560 — 6,560 Freestanding Derivatives Interest Rate Contracts 6,899 5,079 — 11,978 Foreign Currency Contracts — 3,669 — 3,669 Credit Default Swaps — 602 — 602 Securities Sold, Not Yet Purchased — 115,796 — 115,796 $ 6,899 $ 4,078,528 $ — $ 4,085,427 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 June 30, 2016 and 2015, respectively: Three Months Ended Six Months Ended 2016 2015 2016 2015 Transfers from Level I into Level II (a) $ — $ — $ 2,114 $ — Transfers from Level II into Level I (b) $ — $ 89 $ 28,346 $ 5,777 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of June 30, 2016: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 67,493 Discounted Cash Flows Discount Rate 7.4% - 29.3% 13.2% Revenue CAGR -1.5% - 24.4% 7.2% Exit Multiple - EBITDA 0.1x - 19.0x 9.5x Exit Multiple - P/E 10.5x - 17.0x 11.3x Exit Capitalization Rate 5.3% - 11.4% 8.7% 5,715 Other N/A N/A N/A 10,525 Transaction Price N/A N/A N/A 1,916 Market Comparable Companies EBITDA Multiple 6.1x N/A Book Value Multiple 0.8x N/A 15 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 404,995 Discounted Cash Flows Discount Rate 2.0% - 29.4% 9.9% Revenue CAGR -26.1% - 42.2% 6.6% Exit Multiple - EBITDA 0.1x - 23.5x 10.3x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 3.0% - 12.1% 6.2% 15,547 Third Party Pricing N/A N/A N/A 11,292 Transaction Price N/A N/A N/A 8,025 Other N/A N/A N/A Debt Instruments 10,782 Third Party Pricing N/A N/A N/A 3,897 Discounted Cash Flows Discount Rate 8.3% - 56.7% 15.1% Revenue CAGR 6.7% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.2% 386 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 158,461 Third Party Pricing N/A N/A N/A 5,714 Market Comparable Companies EBITDA Multiple 7.0x N/A 1,669 Transaction Price N/A N/A N/A Total Investments of Consolidated Blackstone Funds 706,432 Blackstone’s Treasury Cash Management Strategies $ 8,700 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.8% Recovery Rate 18.0% - 79.3% 65.8% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 350 bps - LIBOR LIBOR + 400 bps + 388 bps Discount Rate 9.1% - 12.8% 10.3% 18,719 Third Party Pricing N/A N/A N/A Loans and Receivables 189,879 Discounted Cash Flows Discount Rate 12.2% - 22.1% 15.8% 17,640 Third Party Pricing N/A N/A N/A Other Investments 81,580 Discounted Cash Flows Discount Rate 1.6% - 15.4% 3.7% 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 19,055 Transaction Price N/A N/A N/A Total $ 1,042,005 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 - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.8% 78 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 180,988 Third Party Pricing N/A N/A N/A 19,783 Market Comparable 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 unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (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 June 30, 2016 2015 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 $ 920,448 $ 40,691 $ 163,798 $ 1,124,937 Transfer In to Level III (b) 18,177 — 9,037 27,214 59,939 — 2,772 62,711 Transfer Out of Level III (b) (38,865 ) — (6,199 ) (45,064 ) (156,054 ) — (24,480 ) (180,534 ) Purchases 33,883 5,278 6,973 46,134 154,173 — 8,407 162,580 Sales (52,776 ) (87,696 ) (10,683 ) (151,155 ) (98,872 ) (5,464 ) (1,819 ) (106,155 ) Settlements — (2,431 ) (114 ) (2,545 ) — (1,041 ) (115 ) (1,156 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 9,315 4,510 (1,224 ) 12,601 57,515 2,254 3,171 62,940 Balance, End of Period $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 Changes in Unrealized Gains Included in Earnings Related to Investments Still Held at the Reporting Date $ 2,845 $ 4,552 $ 1,255 $ 8,652 $ 17,044 $ 2,255 $ 471 $ 19,770 Level III Financial Assets at Fair Value Six Months Ended June 30, 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) 52,332 — 9,327 61,659 58,184 — 19,897 78,081 Transfer Out of Level III (b) (81,837 ) — (10,204 ) (92,041 ) (149,636 ) — (47,164 ) (196,800 ) Purchases 96,206 303,657 6,973 406,836 227,260 6,186 33,339 266,785 Sales (142,180 ) (355,251 ) (30,690 ) (528,121 ) (178,391 ) (9,535 ) (36,973 ) (224,899 ) Settlements — (5,922 ) (254 ) (6,176 ) — (2,079 ) (218 ) (2,297 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 7,519 3,041 (2,939 ) 7,621 45,447 1,471 (6,532 ) 40,386 Balance, End of Period $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (16,793 ) $ 3,083 $ (46 ) $ (13,756 ) $ 13,511 $ 1,343 $ 1,879 $ 16,733 Level III Financial Liabilities at Fair Value Three Months Ended June 30, 2015 (c) Six Months Ended June 30, 2015 (c) Collateralized Collateralized Total 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 and six months ended June 30, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either June 30, 2016 or June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, December 31, Investments $ 555,238 $ 466,651 Accounts Receivable 16,076 11,726 Due from Affiliates 43,962 51,029 Total VIE Assets 615,276 529,406 Due to Affiliates 104 586 Accounts Payable, Accrued Expenses and Other Liabilities 151 88 Potential Clawback Obligation 81,142 73,450 Maximum Exposure to Loss $ 696,673 $ 603,530

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	6 Months Ended
	Jun. 30, 2016
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At June 30, 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 $43.6 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $33.6 million and cash were used to cover Securities Sold, Not Yet Purchased. The Partnership also pledged securities with a carrying value of $86.5 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 June 30, 2016: June 30, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater Total Repurchase Agreements U.S. Treasury and Agency Securities $ 4,500 $ — $ — $ — $ 4,500 Asset-Backed Securities — 12,318 30,222 9,313 51,853 Total $ 4,500 $ 12,318 $ 30,222 $ 9,313 $ 56,353 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 56,353 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities”

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2016
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of June 30, 2016: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 804 $ — $ — $ 804 Freestanding Derivatives 7,274 3,504 3,420 350 Reverse Repurchase Agreements 43,885 43,649 — 236 Total $ 51,963 $ 47,153 $ 3,420 $ 1,390 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 22,809 $ 3,504 $ 14,331 $ 4,974 Repurchase Agreements 56,353 53,206 3,147 — Total $ 79,162 $ 56,710 $ 17,478 $ 4,974 The following tables present the offsetting of assets and liabilities as of December 31, 2015: Gross and Net Financial Condition 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 Amount 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: June 30, 2016 December 31, 2015 Furniture, Equipment and Leasehold Improvements, Net $ 139,350 $ 135,543 Prepaid Expenses 144,867 190,241 Other Assets 51,267 46,786 Freestanding Derivatives 7,274 4,300 Net Investment Hedges 803 319 $ 343,561 $ 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 June 30, 2016, the aggregate cash balance on deposit relating to the cash pooling arrangement was $938.3 million, which was fully offset with an accompanying overdraft.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 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. June 30, 2016 December 31, 2015 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (b) $ 611,103 $ 670,352 $ 614,996 $ 665,438 5.875%, Due 3/15/2021 397,910 467,000 397,720 458,680 4.750%, Due 2/15/2023 392,684 444,440 392,224 430,560 6.250%, Due 8/15/2042 237,735 312,075 237,648 297,575 5.000%, Due 6/15/2044 488,251 543,300 488,119 515,050 4.450%, Due 7/15/2045 343,763 354,305 343,689 332,640 2.000%, Due 5/19/2025 328,531 351,239 322,664 327,465 Total $ 2,799,977 $ 3,142,711 $ 2,797,060 $ 3,027,408 (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: June 30, 2016 December 31, 2015 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 4,166,718 1.95 % 5.7 $ 3,687,976 1.93 % 5.4 Subordinated Notes 198,582 (a ) N/A 226,350 (a ) N/A $ 4,365,300 $ 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: June 30, 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 $ 3,854,183 $ — $ — $ 3,225,064 $ — $ — Subordinated Notes $ 91,667 $ 10,000 $ 8,332 $ 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 June 30, 2016 and December 31, 2015, the fair value of the consolidated CLO assets was $4.6 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 June 30, 2016 were as follows: Operating Blackstone Fund Total 2016 $ — $ 4,233 $ 4,233 2017 — 528,438 528,438 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,250,000 3,836,862 6,086,862 Total $ 2,835,000 $ 4,369,533 $ 7,204,533

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 9.3% and 11.0% for the three months ended June 30, 2016 and 2015, respectively, and 6.7% and 7.7% for the six months ended June 30, 2016 and 2015, respectively. Blackstone’s income tax provision was $47.4 million and $43.3 million for the three months ended June 30, 2016 and 2015, respectively, and $56.6 million and $142.6 million for the six months ended June 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2016
NET INCOME PER COMMON UNIT	14. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the three and six months ended June 30, 2016 and June 30, 2015 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 198,626 $ 134,168 $ 358,379 $ 763,616 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 158,960 — 286,563 — Net Income Attributable to The Blackstone Group L.P., Diluted $ 357,586 $ 134,168 $ 644,942 $ 763,616 Units Outstanding Weighted-Average Common Units Outstanding, Basic 646,933,698 631,881,205 645,915,774 628,597,331 Weighted-Average Unvested Deferred Restricted Common Units 1,309,402 2,311,444 1,321,087 4,133,258 Weighted-Average Blackstone Holdings Partnership Units 546,235,112 — 547,138,946 — Weighted-Average Common Units Outstanding, Diluted 1,194,478,212 634,192,649 1,194,375,807 632,730,589 Net Income Per Common Unit, Basic $ 0.31 $ 0.21 $ 0.55 $ 1.21 Net Income Per Common Unit, Diluted $ 0.30 $ 0.21 $ 0.54 $ 1.21 Distributions Declared Per Common Unit (a) $ 0.28 $ 0.89 $ 0.89 $ 1.67 (a) Distributions declared reflects the calendar date of the declaration for each distribution. The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2016 and 2015: Three Months Ended Six Months Ended June 30, 2016 2015 2016 2015 Weighted-Average Blackstone Holdings Partnership Units — 555,641,388 — 552,260,871 Unit Repurchase Program In January 2008, Blackstone announced that the Board of Directors of its general partner, Blackstone Group Management L.L.C., had authorized the repurchase by Blackstone of up to $500 million of Blackstone common units and Blackstone Holdings Partnership Units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of Blackstone common units and Blackstone Holdings Partnership Units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the six months ended June 30, 2016 and 2015, no units were repurchased. As of June 30, 2016, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016, the Partnership recorded compensation expense of $84.3 million and $164.1 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $8.4 million and $16.6 million, respectively. For the three and six months ended June 30, 2015, the Partnership recorded compensation expense of $210.3 million and $482.7 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $3.4 million and $27.0 million, respectively. As of June 30, 2016, there was $942.7 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 4.8 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,192,631,550 as of June 30, 2016. Total outstanding unvested phantom units were 34,934 as of June 30, 2016. A summary of the status of the Partnership’s unvested equity-based awards as of June 30, 2016 and of changes during the period January 1, 2016 through June 30, 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 491,667 28.26 2,042,077 28.68 2,465 29.24 Vested (5,023,685 ) 24.55 (2,813,164 ) 22.86 (968 ) 30.09 Forfeited (214,896 ) 35.22 (327,353 ) 16.63 (482 ) 28.62 Balance, June 30, 2016 36,154,841 $ 34.07 13,243,689 $ 23.29 28,957 $ 28.79 Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2016, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 28,862,065 4.2 Deferred Restricted Blackstone Common Units 11,694,668 1.8 Total Equity-Based Awards 40,556,733 3.5 Phantom Units 22,030 3.3

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 2,437 $ 1,686 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 365,905 331,558 Amounts Due from Portfolio Companies and Funds 293,887 319,758 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 15,849 5,931 Management and Performance Fees Due from Non-Consolidated Funds 415,178 403,538 Payments Made on Behalf of Non-Consolidated Entities 199,050 178,326 $ 1,292,306 $ 1,240,797 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,155,838 $ 1,201,543 Accrual for Potential Repayment of Previously Received Performance Fees 5,092 3,356 Due to Note Holders of Consolidated CLO Vehicles 8,332 8,231 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 15,263 26,593 Distributions Received on Behalf of Blackstone Entities 76,248 33,160 Payments Made by Non-Consolidated Entities 5,090 9,817 $ 1,265,863 $ 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 June 30, 2016 and December 31, 2015, such investments aggregated $760.4 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 $25.5 million and $31.6 million for the three months ended June 30, 2016 and 2015, respectively, and $28.6 million and $81.1 million for the six months ended June 30, 2016 and 2015, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $44.1 million and $28.8 million for the three months ended June 30, 2016 and 2015, respectively. Management and Advisory Fees, Net earned from affiliates totaled $100.8 million and $76.9 million for the six months ended June 30, 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 $0.1 million and $1.2 million for the three months ended June 30, 2016 and 2015, respectively, and $0.2 million and $3.3 million for the six months ended June 30, 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 June 30, 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 a Director of Blackstone, 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 $1.2 billion over the next 15 years. The after-tax net present value of these estimated payments totals $374.7 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to Blackstone common units, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Interest Holders in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows. Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. 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	6 Months Ended
	Jun. 30, 2016
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.3 billion of investment commitments as of June 30, 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 $55.5 million as of June 30, 2016 which includes $37.5 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 $6.7 million as of June 30, 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 Group International Partners LLP. The amount guaranteed as of June 30, 2016 was $144.5 million. Litigation From time to time, Blackstone is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. Contingent Obligations (Clawback) Carried Interest is subject to clawback to the extent that the Carried Interest received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. The lives of the carry funds, 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: June 30, 2016 December 31, 2015 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 2,655 $ 2,437 $ 5,092 $ 1,670 $ 1,686 $ 3,356 For Private Equity, Real Estate, and certain Credit Funds, a portion of the Carried Interest paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of the Partnership, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At June 30, 2016, $586.2 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. In the Credit segment, payment of Carried Interest to the Partnership by the majority of the rescue lending, mezzanine and hedge fund strategies funds is substantially deferred. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation. If, at June 30, 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 $4.8 billion, on an after tax basis where applicable, of which $4.4 billion related to Blackstone Holdings and $406.0 million related to current and former Blackstone personnel.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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 total GAAP tax provision adjusted to include only 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. 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. The following table presents the financial data for Blackstone’s four segments for the three months ended June 30, 2016 and 2015: Three Months Ended June 30, 2016 Private Real Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,477 $ 201,004 $ 130,123 $ 131,392 $ 593,996 Advisory Fees 1,277 — — — 1,277 Transaction and Other Fees, Net 9,812 21,112 (5 ) 1,424 32,343 Management Fee Offsets (4,195 ) (1,219 ) — (9,982 ) (15,396 ) Total Management and Advisory Fees, Net 138,371 220,897 130,118 122,834 612,220 Performance Fees Realized Carried Interest 57,056 266,382 — 296 323,734 Incentive Fees — 6,099 (251 ) 23,515 29,363 Unrealized Carried Interest 85,047 (84,875 ) 801 87,295 88,268 Incentive Fees — 5,942 1,036 1,029 8,007 Total Performance Fees 142,103 193,548 1,586 112,135 449,372 Investment Income (Loss) Realized 22,926 19,929 (515 ) 11,330 53,670 Unrealized (2,766 ) (8,902 ) 9,357 8,412 6,101 Total Investment Income 20,160 11,027 8,842 19,742 59,771 Interest and Dividend Revenue 9,516 13,084 5,205 7,428 35,233 Other 3,395 2,231 1,125 1,795 8,546 Total Revenues 313,545 440,787 146,876 263,934 1,165,142 Expenses Compensation and Benefits Compensation 83,140 102,888 44,436 55,691 286,155 Performance Fee Compensation Realized Carried Interest 30,946 56,441 — 194 87,581 Incentive Fees — 3,300 1,325 10,626 15,251 Unrealized Carried Interest 19,450 14,257 238 41,257 75,202 Incentive Fees — 2,542 480 (333 ) 2,689 Total Compensation and Benefits 133,536 179,428 46,479 107,435 466,878 Other Operating Expenses 48,371 52,201 27,218 29,464 157,254 Total Expenses 181,907 231,629 73,697 136,899 624,132 Economic Income $ 131,638 $ 209,158 $ 73,179 $ 127,035 $ 541,010 Three Months Ended June 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 121,918 $ 140,743 $ 130,216 $ 123,615 $ — $ 516,492 Advisory Fees 4,843 — — — 72,155 76,998 Transaction and Other Fees, Net (11,842 ) 21,510 — 2,060 — 11,728 Management Fee Offsets (9,028 ) (5,428 ) (608 ) (3,370 ) — (18,434 ) Total Management and Advisory Fees, Net 105,891 156,825 129,608 122,305 72,155 586,784 Performance Fees Realized Carried Interest 546,575 363,983 — 26,925 — 937,483 Incentive Fees — 1,220 16,915 29,684 — 47,819 Unrealized Carried Interest (305,573 ) (188,608 ) 8,014 44,218 — (441,949 ) Incentive Fees — 3,935 15,855 6,521 — 26,311 Total Performance Fees 241,002 180,530 40,784 107,348 — 569,664 Investment Income (Loss) Realized 50,258 85,432 (1,757 ) 2,723 (159 ) 136,497 Unrealized (22,301 ) (107,691 ) 2,032 2,760 (523 ) (125,723 ) Total Investment Income (Loss) 27,957 (22,259 ) 275 5,483 (682 ) 10,774 Interest and Dividend Revenue 7,669 10,259 3,970 5,938 3,190 31,026 Other 2,515 1,077 459 34 (112 ) 3,973 Total Revenues 385,034 326,432 175,096 241,108 74,551 1,202,221 Expenses Compensation and Benefits Compensation 68,106 79,484 45,841 47,124 48,797 289,352 Performance Fee Compensation Realized Carried Interest 106,502 116,168 — 15,362 — 238,032 Incentive Fees — 671 8,711 12,455 — 21,837 Unrealized Carried Interest (25,574 ) (50,559 ) 4,077 21,497 — (50,559 ) Incentive Fees — 230 3,764 2,137 — 6,131 Total Compensation and Benefits 149,034 145,994 62,393 98,575 48,797 504,793 Other Operating Expenses 62,571 43,346 20,499 23,539 18,446 168,401 Total Expenses 211,605 189,340 82,892 122,114 67,243 673,194 Economic Income $ 173,429 $ 137,092 $ 92,204 $ 118,994 $ 7,308 $ 529,027 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2016 and 2015: Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,165,142 $ 27,284 (a) $ 1,192,426 $ 1,202,221 $ 22,981 (a) $ 1,225,202 Expenses $ 624,132 $ 88,471 (b) $ 712,603 $ 673,194 $ 241,238 (b) $ 914,432 Other Income $ — $ 30,703 (c) $ 30,703 $ — $ 82,015 (c) $ 82,015 Economic Income $ 541,010 $ (30,484) (d) $ 510,526 $ 529,027 $ (136,242) (d) $ 392,785 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues, non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues and the elimination of inter-segment interest income. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended June 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (27,716 ) $ (31,781 ) Fund Expenses Added in Consolidation (3,310 ) 33,677 Income Associated with Non-Controlling Interests of Consolidated Entities 62,680 80,496 Transaction-Related Other Loss (951 ) (377 ) Total Consolidation Adjustments and Reconciling Items $ 30,703 $ 82,015 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2016 2015 Economic Income $ 541,010 $ 529,027 Adjustments Amortization of Intangibles (23,208 ) (24,720 ) Transaction-Related Charges (69,956 ) (192,018 ) Income Associated with Non-Controlling Interests of Consolidated Entities 62,680 80,496 Total Consolidation Adjustments and Reconciling Items (30,484 ) (136,242 ) Income Before Provision for Taxes $ 510,526 $ 392,785 The following table presents the financial data for Blackstone’s four segments as of and for the six months ended June 30, 2016 and 2015: June 30, 2016 and the Six Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 262,125 $ 400,911 $ 260,281 $ 257,382 $ 1,180,699 Advisory Fees 1,758 — — — 1,758 Transaction and Other Fees, Net 18,251 56,906 538 2,766 78,461 Management Fee Offsets (11,043 ) (4,814 ) — (19,640 ) (35,497 ) Total Management and Advisory Fees, Net 271,091 453,003 260,819 240,508 1,225,421 Performance Fees Realized Carried Interest 87,338 467,009 — 296 554,643 Incentive Fees — 10,168 2,433 45,212 57,813 Unrealized Carried Interest 158,922 (96,397 ) 833 72,516 135,874 Incentive Fees — 15,707 (1,899 ) 1,299 15,107 Total Performance Fees 246,260 396,487 1,367 119,323 763,437 Investment Income (Loss) Realized 7,569 32,904 (5,260 ) 8,356 43,569 Unrealized 12,674 (11,039 ) (2,934 ) (9,149 ) (10,448 ) Total Investment Income (Loss) 20,243 21,865 (8,194 ) (793 ) 33,121 Interest and Dividend Revenue 19,365 26,272 10,501 14,176 70,314 Other 1,808 322 (263 ) 431 2,298 Total Revenues 558,767 897,949 264,230 373,645 2,094,591 Expenses Compensation and Benefits Compensation 163,414 203,466 98,605 108,073 573,558 Performance Fee Compensation Realized Carried Interest 46,373 99,517 — 194 146,084 Incentive Fees — 5,433 3,188 20,753 29,374 Unrealized Carried Interest 28,746 41,960 238 34,259 105,203 Incentive Fees — 6,700 (715 ) 152 6,137 Total Compensation and Benefits 238,533 357,076 101,316 163,431 860,356 Other Operating Expenses 96,434 100,298 53,364 55,684 305,780 Total Expenses 334,967 457,374 154,680 219,115 1,166,136 Economic Income $ 223,800 $ 440,575 $ 109,550 $ 154,530 $ 928,455 Segment Assets as of June 30, 2016 $ 5,800,049 $ 7,279,766 $ 1,668,153 $ 2,907,645 $ 17,655,613 Six Months Ended June 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 230,301 $ 293,091 $ 260,853 $ 248,644 $ — $ 1,032,889 Advisory Fees 7,272 — — — 153,964 161,236 Transaction and Other Fees, Net 8,517 36,726 25 3,517 16 48,801 Management Fee Offsets (13,977 ) (10,294 ) (888 ) (11,220 ) — (36,379 ) Total Management and Advisory Fees, Net 232,113 319,523 259,990 240,941 153,980 1,206,547 Performance Fees Realized Carried Interest 929,553 1,175,232 — 40,292 — 2,145,077 Incentive Fees — 1,943 27,431 48,115 — 77,489 Unrealized Carried Interest 261,249 (369,627 ) 8,014 32,267 — (68,097 ) Incentive Fees — 10,004 63,282 15,645 — 88,931 Total Performance Fees 1,190,802 817,552 98,727 136,319 — 2,243,400 Investment Income (Loss) Realized 95,074 156,776 (12,132 ) 4,960 (389 ) 244,289 Unrealized 9,186 (70,181 ) 6,515 9,647 959 (43,874 ) Total Investment Income (Loss) 104,260 86,595 (5,617 ) 14,607 570 200,415 Interest and Dividend Revenue 15,287 20,256 7,919 11,589 6,426 61,477 Other 690 (2,900 ) (1,148 ) 3,527 (1,068 ) (899 ) Total Revenues 1,543,152 1,241,026 359,871 406,983 159,908 3,710,940 Expenses Compensation and Benefits Compensation 139,178 164,318 101,945 97,001 116,748 619,190 Performance Fee Compensation Realized Carried Interest 145,984 362,664 — 21,632 — 530,280 Incentive Fees — 1,027 12,181 20,856 — 34,064 Unrealized Carried Interest 152,546 (148,643 ) 4,077 15,841 — 23,821 Incentive Fees — 2,805 19,415 8,872 — 31,092 Total Compensation and Benefits 437,708 382,171 137,618 164,202 116,748 1,238,447 Other Operating Expenses 101,446 83,489 41,705 45,375 39,668 311,683 Total Expenses 539,154 465,660 179,323 209,577 156,416 1,550,130 Economic Income $ 1,003,998 $ 775,366 $ 180,548 $ 197,406 $ 3,492 $ 2,160,810 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2016 and 2015: June 30, 2016 and the Six Months Then Ended Six Months Ended June 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 2,094,591 $ 30,189 (a) $ 2,124,780 $ 3,710,940 $ 26,620 (a) $ 3,737,560 Expenses $ 1,166,136 $ 164,177 (b) $ 1,330,313 $ 1,550,130 $ 506,870 (b) $ 2,057,000 Other Income $ — $ 49,845 (c) $ 49,845 $ — $ 175,570 (c) $ 175,570 Economic Income (Loss) $ 928,455 $ (84,143) (d) $ 844,312 $ 2,160,810 $ (304,680) (d) $ 1,856,130 Total Assets $ 17,655,613 $ 5,386,045 (e) $ 23,041,658 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues, non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues and the elimination of inter-segment interest income. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Six Months Ended June 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (30,473 ) $ (35,492 ) Fund Expenses Added in Consolidation (9,157 ) 43,044 Income Associated with Non-Controlling Interests of Consolidated Entities 96,365 169,819 Transaction-Related Other Loss (6,890 ) (1,801 ) Total Consolidation Adjustments and Reconciling Items $ 49,845 $ 175,570 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2016 2015 Economic Income $ 928,455 $ 2,160,810 Adjustments Amortization of Intangibles (46,416 ) (50,619 ) Transaction-Related Charges (134,092 ) (423,880 ) Income Associated with Non-Controlling Interests of Consolidated Entities 96,365 169,819 Total Consolidation Adjustments and Reconciling Items (84,143 ) (304,680 ) Income Before Provision for Taxes $ 844,312 $ 1,856,130 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS There have been no events since June 30, 2016 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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. 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 May 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, and accounting for forfeitures (the amended guidance permits an entity to make an accounting policy election either to estimate the number of forfeitures expected to occur or to account for forfeitures when they occur). The amendments require all excess tax benefits and deficiencies related to share-based payment transactions to be recognized through the Provision for Taxes in the Condensed Consolidated Statement of Operations. The amendments also require excess tax benefits related to share-based payment transactions to be presented as operating activities in the Condensed Consolidated Statement of Cash Flows with employee taxes paid presented as a financing activity. The guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Blackstone has elected to early adopt the guidance for the quarter ended June 30, 2016 and any adjustments have been reflected prospectively as of January 1, 2016. Blackstone has made an accounting policy election to continue estimating forfeitures in determining the number of equity-based awards that are expected to vest. Amendments relating to the recognition of excess tax benefits and deficiencies in the Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows have been applied prospectively. As a result, prior period amounts have not been restated. Application of the guidance did not have a material impact on Blackstone’s Condensed Consolidated Statement of Operations or Condensed Consolidated Statement of Cash Flows.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2016
Intangible Assets, Net	Intangible Assets, Net consists of the following: June 30, 2016 December 31, 2015 Finite-Lived Intangible Assets/Contractual Rights $ 1,424,226 $ 1,424,226 Accumulated Amortization (1,124,334 ) (1,078,679 ) Intangible Assets, Net $ 299,892 $ 345,547

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Investments	Investments consist of the following: June 30, 2016 December 31, 2015 Investments of Consolidated Blackstone Funds $ 4,980,964 $ 4,613,944 Equity Method Investments 3,170,071 3,110,810 Blackstone’s Treasury Cash Management Strategies 1,739,252 1,682,259 Performance Fees 4,990,614 4,757,932 Other Investments 255,599 159,152 $ 15,136,500 $ 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 Six Months Ended 2016 2015 2016 2015 Realized Gains (Losses) $ (2,435 ) $ 60,473 $ 10,947 $ 127,512 Net Change in Unrealized Gains (Losses) 16,893 (2,190 ) (8,348 ) 1,743 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 14,458 58,283 2,599 129,255 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 16,245 23,732 47,246 46,315 Other Income — Net Gains from Fund Investment Activities $ 30,703 $ 82,015 $ 49,845 $ 175,570
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 Six Months Ended 2016 2015 2016 2015 Realized Gains (Losses) $ 9,364 $ (3,442 ) $ (9,245 ) $ (3,603 ) Net Change in Unrealized Gains (Losses) 12,913 (15,049 ) 14,695 (3,938 ) $ 22,277 $ (18,491 ) $ 5,450 $ (7,541 )
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 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 246,287 378,422 385 75,876 700,970 Foreign Exchange Gain — 7,579 — — 7,579 Fund Distributions (83,399 ) (365,282 ) (6,383 ) (20,803 ) (475,867 ) Performance Fees, June 30, 2016 $ 1,642,331 $ 3,122,407 $ 3,749 $ 222,127 $ 4,990,614
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 Six Months Ended 2016 2015 2016 2015 Realized Gains (Losses) $ (256 ) $ (30 ) $ 4,477 $ (8 ) Net Change in Unrealized Gains (Losses) 3,283 (825 ) (2,952 ) (454 ) $ 3,027 $ (855 ) $ 1,525 $ (462 )

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 158,088 $ 132 (a) (a) Credit Driven 196,030 268 (b) (b) Equity 60,253 — (c) (c) Commodities 1,745 — (d) (d) $ 416,116 $ 400 (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 44% 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 56% of the fair value of the investments in this category are redeemable as of the reporting date. (c) 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. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Withdrawals are generally not permitted for the investments in this category. Distributions will be received as the underlying investments are liquidated.

DERIVATIVE FINANCIAL INSTRUME31

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 51,174 $ 804 $ — $ — $ 53,627 $ 319 $ 138 $ 1 Freestanding Derivatives Blackstone Interest Rate Contracts 1,280,262 2,846 955,648 11,978 1,681,533 2,212 1,054,465 4,288 Foreign Currency Contracts 155,950 4,428 157,515 3,669 158,684 2,088 271,891 2,042 Credit Default Swaps — — 7,274 602 — — 19,250 2,411 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 218,715 19,544 41,652 972 124,595 1,400 92,094 6,490 Credit Default Swaps — — 96,797 6,560 — — 108,786 6,275 1,654,927 26,818 1,258,886 23,781 1,964,812 5,700 1,546,486 21,506 Total $ 1,706,101 $ 27,622 $ 1,258,886 $ 23,781 $ 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 Six Months Ended 2016 2015 2016 2015 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (257 ) $ (11 ) $ (128 ) $ 229 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 546 $ (1,358 ) $ (6,812 ) $ (5,093 ) Foreign Currency Contracts (410 ) (3,160 ) (4,720 ) 8,903 Credit Default Swaps (738 ) 1,955 (4,549 ) 3,781 Total $ (602 ) $ (2,563 ) $ (16,081 ) $ 7,591 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (4,576 ) $ 4,707 $ (7,242 ) $ 3,961 Foreign Currency Contracts 8,869 2,779 24,191 (8,245 ) Credit Default Swaps 794 (2,469 ) (3,482 ) (5,391 ) Total $ 5,087 $ 5,017 $ 13,467 $ (9,675 )

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, Assets Loans and Receivables $ 207,519 $ 261,994 Equity and Preferred Securities 284,879 280,879 Debt Securities 14,122 15,176 Assets of Consolidated CLO Vehicles Corporate Loans 3,479,615 3,087,563 Corporate Bonds 405,912 379,000 Other 1,669 — $ 4,393,716 $ 4,024,612 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 3,854,183 $ 3,225,064 Subordinated Notes 91,667 98,371 $ 3,945,850 $ 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 June 30, 2016 2015 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 1,085 $ — $ 1,278 Equity and Preferred Securities (296 ) 5,256 (52 ) (4,663 ) Debt Securities — (365 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (15,253 ) 36,564 (9,657 ) 21,295 Corporate Bonds 247 (1,214 ) 91 3,380 Other 88 — 1,318 (840 ) $ (15,214 ) $ 41,326 $ (8,300 ) $ 20,450 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (14,281 ) $ — $ (7,199 ) Six Months Ended June 30, 2016 2015 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (2,693 ) $ — $ (597 ) Equity and Preferred Securities (293 ) 1,424 (237 ) (7,491 ) Debt Securities — (1,054 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (28,960 ) 37,521 (4,847 ) 40,881 Corporate Bonds 437 (943 ) 121 4,516 Other 266 — 3,273 (3,331 ) $ (28,550 ) $ 34,255 $ (1,690 ) $ 33,978 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (1,868 ) $ — $ (10,238 )
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2016 December 31, 2015 For Financial Assets For Financial Assets (Deficiency) Fair Excess (Deficiency) Fair (Deficiency) Loans and Receivables $ (10,895 ) $ — $ — $ (8,845 ) $ — $ — Debt Securities (1,480 ) — — (426 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (43,840 ) — — (77,900 ) 1,088 (5,620 ) Corporate Bonds (16,500 ) — — (6,046 ) — — $ (72,715 ) $ — $ — $ (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)	6 Months Ended
	Jun. 30, 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: June 30, 2016 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 146,544 $ 146,544 Equity Securities 55,745 51,619 85,664 — 193,028 Partnership and LLC Interests 26,987 73,497 439,859 — 540,343 Debt Instruments — 179,244 15,065 — 194,309 Assets of Consolidated CLO Vehicles Corporate Loans — 3,315,440 164,175 — 3,479,615 Corporate Bonds — 405,912 — — 405,912 Freestanding Derivatives — Foreign Currency Contracts — 19,544 — — 19,544 Other — — 1,669 — 1,669 Total Investments of Consolidated Blackstone Funds 82,732 4,045,256 706,432 146,544 4,980,964 Blackstone’s Treasury Cash Management Strategies Equity Securities 146,239 — — — 146,239 Debt Instruments — 1,313,940 27,419 52,114 1,393,473 Other — — — 199,540 199,540 Total Blackstone’s Treasury Cash Management Strategies 146,239 1,313,940 27,419 251,654 1,739,252 Money Market Funds 282,655 — — — 282,655 Net Investment Hedges — Foreign Currency Contracts — 804 — — 804 Freestanding Derivatives Interest Rate Contracts 2,243 603 — — 2,846 Foreign Currency Contracts — 4,428 — — 4,428 Loans and Receivables — — 207,519 — 207,519 Other Investments 137,046 — 100,635 17,918 255,599 $ 650,915 $ 5,365,031 $ 1,042,005 $ 416,116 $ 7,474,067 June 30, 2016 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 3,854,183 $ — $ 3,854,183 Subordinated Notes (b) — 91,667 — 91,667 Freestanding Derivatives — Foreign Currency Contracts — 972 — 972 Freestanding Derivatives — Credit Default Swaps — 6,560 — 6,560 Freestanding Derivatives Interest Rate Contracts 6,899 5,079 — 11,978 Foreign Currency Contracts — 3,669 — 3,669 Credit Default Swaps — 602 — 602 Securities Sold, Not Yet Purchased — 115,796 — 115,796 $ 6,899 $ 4,078,528 $ — $ 4,085,427 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 June 30, 2016 and 2015, respectively: Three Months Ended Six Months Ended 2016 2015 2016 2015 Transfers from Level I into Level II (a) $ — $ — $ 2,114 $ — Transfers from Level II into Level I (b) $ — $ 89 $ 28,346 $ 5,777 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of June 30, 2016: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 67,493 Discounted Cash Flows Discount Rate 7.4% - 29.3% 13.2% Revenue CAGR -1.5% - 24.4% 7.2% Exit Multiple - EBITDA 0.1x - 19.0x 9.5x Exit Multiple - P/E 10.5x - 17.0x 11.3x Exit Capitalization Rate 5.3% - 11.4% 8.7% 5,715 Other N/A N/A N/A 10,525 Transaction Price N/A N/A N/A 1,916 Market Comparable Companies EBITDA Multiple 6.1x N/A Book Value Multiple 0.8x N/A 15 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 404,995 Discounted Cash Flows Discount Rate 2.0% - 29.4% 9.9% Revenue CAGR -26.1% - 42.2% 6.6% Exit Multiple - EBITDA 0.1x - 23.5x 10.3x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 3.0% - 12.1% 6.2% 15,547 Third Party Pricing N/A N/A N/A 11,292 Transaction Price N/A N/A N/A 8,025 Other N/A N/A N/A Debt Instruments 10,782 Third Party Pricing N/A N/A N/A 3,897 Discounted Cash Flows Discount Rate 8.3% - 56.7% 15.1% Revenue CAGR 6.7% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.2% 386 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 158,461 Third Party Pricing N/A N/A N/A 5,714 Market Comparable Companies EBITDA Multiple 7.0x N/A 1,669 Transaction Price N/A N/A N/A Total Investments of Consolidated Blackstone Funds 706,432 Blackstone’s Treasury Cash Management Strategies $ 8,700 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.8% Recovery Rate 18.0% - 79.3% 65.8% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 350 bps - LIBOR LIBOR + 400 bps + 388 bps Discount Rate 9.1% - 12.8% 10.3% 18,719 Third Party Pricing N/A N/A N/A Loans and Receivables 189,879 Discounted Cash Flows Discount Rate 12.2% - 22.1% 15.8% 17,640 Third Party Pricing N/A N/A N/A Other Investments 81,580 Discounted Cash Flows Discount Rate 1.6% - 15.4% 3.7% 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 19,055 Transaction Price N/A N/A N/A Total $ 1,042,005 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 - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.8% 78 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 180,988 Third Party Pricing N/A N/A N/A 19,783 Market Comparable 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 unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used	Level III Financial Assets at Fair Value Three Months Ended June 30, 2016 2015 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 $ 920,448 $ 40,691 $ 163,798 $ 1,124,937 Transfer In to Level III (b) 18,177 — 9,037 27,214 59,939 — 2,772 62,711 Transfer Out of Level III (b) (38,865 ) — (6,199 ) (45,064 ) (156,054 ) — (24,480 ) (180,534 ) Purchases 33,883 5,278 6,973 46,134 154,173 — 8,407 162,580 Sales (52,776 ) (87,696 ) (10,683 ) (151,155 ) (98,872 ) (5,464 ) (1,819 ) (106,155 ) Settlements — (2,431 ) (114 ) (2,545 ) — (1,041 ) (115 ) (1,156 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 9,315 4,510 (1,224 ) 12,601 57,515 2,254 3,171 62,940 Balance, End of Period $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 Changes in Unrealized Gains Included in Earnings Related to Investments Still Held at the Reporting Date $ 2,845 $ 4,552 $ 1,255 $ 8,652 $ 17,044 $ 2,255 $ 471 $ 19,770 Level III Financial Assets at Fair Value Six Months Ended June 30, 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) 52,332 — 9,327 61,659 58,184 — 19,897 78,081 Transfer Out of Level III (b) (81,837 ) — (10,204 ) (92,041 ) (149,636 ) — (47,164 ) (196,800 ) Purchases 96,206 303,657 6,973 406,836 227,260 6,186 33,339 266,785 Sales (142,180 ) (355,251 ) (30,690 ) (528,121 ) (178,391 ) (9,535 ) (36,973 ) (224,899 ) Settlements — (5,922 ) (254 ) (6,176 ) — (2,079 ) (218 ) (2,297 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 7,519 3,041 (2,939 ) 7,621 45,447 1,471 (6,532 ) 40,386 Balance, End of Period $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (16,793 ) $ 3,083 $ (46 ) $ (13,756 ) $ 13,511 $ 1,343 $ 1,879 $ 16,733
Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used	Level III Financial Liabilities at Fair Value Three Months Ended June 30, 2015 (c) Six Months Ended June 30, 2015 (c) Collateralized Collateralized Total 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 and six months ended June 30, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either June 30, 2016 or June 30, 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)	6 Months Ended
	Jun. 30, 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: June 30, December 31, Investments $ 555,238 $ 466,651 Accounts Receivable 16,076 11,726 Due from Affiliates 43,962 51,029 Total VIE Assets 615,276 529,406 Due to Affiliates 104 586 Accounts Payable, Accrued Expenses and Other Liabilities 151 88 Potential Clawback Obligation 81,142 73,450 Maximum Exposure to Loss $ 696,673 $ 603,530

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016: June 30, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater Total Repurchase Agreements U.S. Treasury and Agency Securities $ 4,500 $ — $ — $ — $ 4,500 Asset-Backed Securities — 12,318 30,222 9,313 51,853 Total $ 4,500 $ 12,318 $ 30,222 $ 9,313 $ 56,353 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 56,353 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIAB36

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of June 30, 2016: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 804 $ — $ — $ 804 Freestanding Derivatives 7,274 3,504 3,420 350 Reverse Repurchase Agreements 43,885 43,649 — 236 Total $ 51,963 $ 47,153 $ 3,420 $ 1,390 The following tables present the offsetting of assets and liabilities as of December 31, 2015: Gross and Net Financial Condition 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 Liabilities	The following tables present the offsetting of assets and liabilities as of June 30, 2016: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 22,809 $ 3,504 $ 14,331 $ 4,974 Repurchase Agreements 56,353 53,206 3,147 — Total $ 79,162 $ 56,710 $ 17,478 $ 4,974 The following tables present the offsetting of assets and liabilities as of December 31, 2015: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount 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: June 30, 2016 December 31, 2015 Furniture, Equipment and Leasehold Improvements, Net $ 139,350 $ 135,543 Prepaid Expenses 144,867 190,241 Other Assets 51,267 46,786 Freestanding Derivatives 7,274 4,300 Net Investment Hedges 803 319 $ 343,561 $ 377,189

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2016 December 31, 2015 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (b) $ 611,103 $ 670,352 $ 614,996 $ 665,438 5.875%, Due 3/15/2021 397,910 467,000 397,720 458,680 4.750%, Due 2/15/2023 392,684 444,440 392,224 430,560 6.250%, Due 8/15/2042 237,735 312,075 237,648 297,575 5.000%, Due 6/15/2044 488,251 543,300 488,119 515,050 4.450%, Due 7/15/2045 343,763 354,305 343,689 332,640 2.000%, Due 5/19/2025 328,531 351,239 322,664 327,465 Total $ 2,799,977 $ 3,142,711 $ 2,797,060 $ 3,027,408 (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: June 30, 2016 December 31, 2015 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 4,166,718 1.95 % 5.7 $ 3,687,976 1.93 % 5.4 Subordinated Notes 198,582 (a ) N/A 226,350 (a ) N/A $ 4,365,300 $ 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: June 30, 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 $ 3,854,183 $ — $ — $ 3,225,064 $ — $ — Subordinated Notes $ 91,667 $ 10,000 $ 8,332 $ 98,371 $ 10,000 $ 8,231
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of June 30, 2016 were as follows: Operating Blackstone Fund Total 2016 $ — $ 4,233 $ 4,233 2017 — 528,438 528,438 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,250,000 3,836,862 6,086,862 Total $ 2,835,000 $ 4,369,533 $ 7,204,533

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	6 Months Ended
	Jun. 30, 2016
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three and six months ended June 30, 2016 and June 30, 2015 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 198,626 $ 134,168 $ 358,379 $ 763,616 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 158,960 — 286,563 — Net Income Attributable to The Blackstone Group L.P., Diluted $ 357,586 $ 134,168 $ 644,942 $ 763,616 Units Outstanding Weighted-Average Common Units Outstanding, Basic 646,933,698 631,881,205 645,915,774 628,597,331 Weighted-Average Unvested Deferred Restricted Common Units 1,309,402 2,311,444 1,321,087 4,133,258 Weighted-Average Blackstone Holdings Partnership Units 546,235,112 — 547,138,946 — Weighted-Average Common Units Outstanding, Diluted 1,194,478,212 634,192,649 1,194,375,807 632,730,589 Net Income Per Common Unit, Basic $ 0.31 $ 0.21 $ 0.55 $ 1.21 Net Income Per Common Unit, Diluted $ 0.30 $ 0.21 $ 0.54 $ 1.21 Distributions Declared Per Common Unit (a) $ 0.28 $ 0.89 $ 0.89 $ 1.67 (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 and six months ended June 30, 2016 and 2015: Three Months Ended Six Months Ended June 30, 2016 2015 2016 2015 Weighted-Average Blackstone Holdings Partnership Units — 555,641,388 — 552,260,871

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and of changes during the period January 1, 2016 through June 30, 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 491,667 28.26 2,042,077 28.68 2,465 29.24 Vested (5,023,685 ) 24.55 (2,813,164 ) 22.86 (968 ) 30.09 Forfeited (214,896 ) 35.22 (327,353 ) 16.63 (482 ) 28.62 Balance, June 30, 2016 36,154,841 $ 34.07 13,243,689 $ 23.29 28,957 $ 28.79
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of June 30, 2016, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 28,862,065 4.2 Deferred Restricted Blackstone Common Units 11,694,668 1.8 Total Equity-Based Awards 40,556,733 3.5 Phantom Units 22,030 3.3

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 2,437 $ 1,686 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 365,905 331,558 Amounts Due from Portfolio Companies and Funds 293,887 319,758 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 15,849 5,931 Management and Performance Fees Due from Non-Consolidated Funds 415,178 403,538 Payments Made on Behalf of Non-Consolidated Entities 199,050 178,326 $ 1,292,306 $ 1,240,797 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,155,838 $ 1,201,543 Accrual for Potential Repayment of Previously Received Performance Fees 5,092 3,356 Due to Note Holders of Consolidated CLO Vehicles 8,332 8,231 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 15,263 26,593 Distributions Received on Behalf of Blackstone Entities 76,248 33,160 Payments Made by Non-Consolidated Entities 5,090 9,817 $ 1,265,863 $ 1,282,700

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2016
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: June 30, 2016 December 31, 2015 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 2,655 $ 2,437 $ 5,092 $ 1,670 $ 1,686 $ 3,356

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2016
Financial Data of Segments	The following table presents the financial data for Blackstone’s four segments for the three months ended June 30, 2016 and 2015: Three Months Ended June 30, 2016 Private Real Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,477 $ 201,004 $ 130,123 $ 131,392 $ 593,996 Advisory Fees 1,277 — — — 1,277 Transaction and Other Fees, Net 9,812 21,112 (5 ) 1,424 32,343 Management Fee Offsets (4,195 ) (1,219 ) — (9,982 ) (15,396 ) Total Management and Advisory Fees, Net 138,371 220,897 130,118 122,834 612,220 Performance Fees Realized Carried Interest 57,056 266,382 — 296 323,734 Incentive Fees — 6,099 (251 ) 23,515 29,363 Unrealized Carried Interest 85,047 (84,875 ) 801 87,295 88,268 Incentive Fees — 5,942 1,036 1,029 8,007 Total Performance Fees 142,103 193,548 1,586 112,135 449,372 Investment Income (Loss) Realized 22,926 19,929 (515 ) 11,330 53,670 Unrealized (2,766 ) (8,902 ) 9,357 8,412 6,101 Total Investment Income 20,160 11,027 8,842 19,742 59,771 Interest and Dividend Revenue 9,516 13,084 5,205 7,428 35,233 Other 3,395 2,231 1,125 1,795 8,546 Total Revenues 313,545 440,787 146,876 263,934 1,165,142 Expenses Compensation and Benefits Compensation 83,140 102,888 44,436 55,691 286,155 Performance Fee Compensation Realized Carried Interest 30,946 56,441 — 194 87,581 Incentive Fees — 3,300 1,325 10,626 15,251 Unrealized Carried Interest 19,450 14,257 238 41,257 75,202 Incentive Fees — 2,542 480 (333 ) 2,689 Total Compensation and Benefits 133,536 179,428 46,479 107,435 466,878 Other Operating Expenses 48,371 52,201 27,218 29,464 157,254 Total Expenses 181,907 231,629 73,697 136,899 624,132 Economic Income $ 131,638 $ 209,158 $ 73,179 $ 127,035 $ 541,010 Three Months Ended June 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 121,918 $ 140,743 $ 130,216 $ 123,615 $ — $ 516,492 Advisory Fees 4,843 — — — 72,155 76,998 Transaction and Other Fees, Net (11,842 ) 21,510 — 2,060 — 11,728 Management Fee Offsets (9,028 ) (5,428 ) (608 ) (3,370 ) — (18,434 ) Total Management and Advisory Fees, Net 105,891 156,825 129,608 122,305 72,155 586,784 Performance Fees Realized Carried Interest 546,575 363,983 — 26,925 — 937,483 Incentive Fees — 1,220 16,915 29,684 — 47,819 Unrealized Carried Interest (305,573 ) (188,608 ) 8,014 44,218 — (441,949 ) Incentive Fees — 3,935 15,855 6,521 — 26,311 Total Performance Fees 241,002 180,530 40,784 107,348 — 569,664 Investment Income (Loss) Realized 50,258 85,432 (1,757 ) 2,723 (159 ) 136,497 Unrealized (22,301 ) (107,691 ) 2,032 2,760 (523 ) (125,723 ) Total Investment Income (Loss) 27,957 (22,259 ) 275 5,483 (682 ) 10,774 Interest and Dividend Revenue 7,669 10,259 3,970 5,938 3,190 31,026 Other 2,515 1,077 459 34 (112 ) 3,973 Total Revenues 385,034 326,432 175,096 241,108 74,551 1,202,221 Expenses Compensation and Benefits Compensation 68,106 79,484 45,841 47,124 48,797 289,352 Performance Fee Compensation Realized Carried Interest 106,502 116,168 — 15,362 — 238,032 Incentive Fees — 671 8,711 12,455 — 21,837 Unrealized Carried Interest (25,574 ) (50,559 ) 4,077 21,497 — (50,559 ) Incentive Fees — 230 3,764 2,137 — 6,131 Total Compensation and Benefits 149,034 145,994 62,393 98,575 48,797 504,793 Other Operating Expenses 62,571 43,346 20,499 23,539 18,446 168,401 Total Expenses 211,605 189,340 82,892 122,114 67,243 673,194 Economic Income $ 173,429 $ 137,092 $ 92,204 $ 118,994 $ 7,308 $ 529,027 The following table presents the financial data for Blackstone’s four segments as of and for the six months ended June 30, 2016 and 2015: June 30, 2016 and the Six Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 262,125 $ 400,911 $ 260,281 $ 257,382 $ 1,180,699 Advisory Fees 1,758 — — — 1,758 Transaction and Other Fees, Net 18,251 56,906 538 2,766 78,461 Management Fee Offsets (11,043 ) (4,814 ) — (19,640 ) (35,497 ) Total Management and Advisory Fees, Net 271,091 453,003 260,819 240,508 1,225,421 Performance Fees Realized Carried Interest 87,338 467,009 — 296 554,643 Incentive Fees — 10,168 2,433 45,212 57,813 Unrealized Carried Interest 158,922 (96,397 ) 833 72,516 135,874 Incentive Fees — 15,707 (1,899 ) 1,299 15,107 Total Performance Fees 246,260 396,487 1,367 119,323 763,437 Investment Income (Loss) Realized 7,569 32,904 (5,260 ) 8,356 43,569 Unrealized 12,674 (11,039 ) (2,934 ) (9,149 ) (10,448 ) Total Investment Income (Loss) 20,243 21,865 (8,194 ) (793 ) 33,121 Interest and Dividend Revenue 19,365 26,272 10,501 14,176 70,314 Other 1,808 322 (263 ) 431 2,298 Total Revenues 558,767 897,949 264,230 373,645 2,094,591 Expenses Compensation and Benefits Compensation 163,414 203,466 98,605 108,073 573,558 Performance Fee Compensation Realized Carried Interest 46,373 99,517 — 194 146,084 Incentive Fees — 5,433 3,188 20,753 29,374 Unrealized Carried Interest 28,746 41,960 238 34,259 105,203 Incentive Fees — 6,700 (715 ) 152 6,137 Total Compensation and Benefits 238,533 357,076 101,316 163,431 860,356 Other Operating Expenses 96,434 100,298 53,364 55,684 305,780 Total Expenses 334,967 457,374 154,680 219,115 1,166,136 Economic Income $ 223,800 $ 440,575 $ 109,550 $ 154,530 $ 928,455 Segment Assets as of June 30, 2016 $ 5,800,049 $ 7,279,766 $ 1,668,153 $ 2,907,645 $ 17,655,613 Six Months Ended June 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 230,301 $ 293,091 $ 260,853 $ 248,644 $ — $ 1,032,889 Advisory Fees 7,272 — — — 153,964 161,236 Transaction and Other Fees, Net 8,517 36,726 25 3,517 16 48,801 Management Fee Offsets (13,977 ) (10,294 ) (888 ) (11,220 ) — (36,379 ) Total Management and Advisory Fees, Net 232,113 319,523 259,990 240,941 153,980 1,206,547 Performance Fees Realized Carried Interest 929,553 1,175,232 — 40,292 — 2,145,077 Incentive Fees — 1,943 27,431 48,115 — 77,489 Unrealized Carried Interest 261,249 (369,627 ) 8,014 32,267 — (68,097 ) Incentive Fees — 10,004 63,282 15,645 — 88,931 Total Performance Fees 1,190,802 817,552 98,727 136,319 — 2,243,400 Investment Income (Loss) Realized 95,074 156,776 (12,132 ) 4,960 (389 ) 244,289 Unrealized 9,186 (70,181 ) 6,515 9,647 959 (43,874 ) Total Investment Income (Loss) 104,260 86,595 (5,617 ) 14,607 570 200,415 Interest and Dividend Revenue 15,287 20,256 7,919 11,589 6,426 61,477 Other 690 (2,900 ) (1,148 ) 3,527 (1,068 ) (899 ) Total Revenues 1,543,152 1,241,026 359,871 406,983 159,908 3,710,940 Expenses Compensation and Benefits Compensation 139,178 164,318 101,945 97,001 116,748 619,190 Performance Fee Compensation Realized Carried Interest 145,984 362,664 — 21,632 — 530,280 Incentive Fees — 1,027 12,181 20,856 — 34,064 Unrealized Carried Interest 152,546 (148,643 ) 4,077 15,841 — 23,821 Incentive Fees — 2,805 19,415 8,872 — 31,092 Total Compensation and Benefits 437,708 382,171 137,618 164,202 116,748 1,238,447 Other Operating Expenses 101,446 83,489 41,705 45,375 39,668 311,683 Total Expenses 539,154 465,660 179,323 209,577 156,416 1,550,130 Economic Income $ 1,003,998 $ 775,366 $ 180,548 $ 197,406 $ 3,492 $ 2,160,810
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets	The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2016 and 2015: Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,165,142 $ 27,284 (a) $ 1,192,426 $ 1,202,221 $ 22,981 (a) $ 1,225,202 Expenses $ 624,132 $ 88,471 (b) $ 712,603 $ 673,194 $ 241,238 (b) $ 914,432 Other Income $ — $ 30,703 (c) $ 30,703 $ — $ 82,015 (c) $ 82,015 Economic Income $ 541,010 $ (30,484) (d) $ 510,526 $ 529,027 $ (136,242) (d) $ 392,785 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues, non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues and the elimination of inter-segment interest income. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended June 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (27,716 ) $ (31,781 ) Fund Expenses Added in Consolidation (3,310 ) 33,677 Income Associated with Non-Controlling Interests of Consolidated Entities 62,680 80,496 Transaction-Related Other Loss (951 ) (377 ) Total Consolidation Adjustments and Reconciling Items $ 30,703 $ 82,015 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2016 2015 Economic Income $ 541,010 $ 529,027 Adjustments Amortization of Intangibles (23,208 ) (24,720 ) Transaction-Related Charges (69,956 ) (192,018 ) Income Associated with Non-Controlling Interests of Consolidated Entities 62,680 80,496 Total Consolidation Adjustments and Reconciling Items (30,484 ) (136,242 ) Income Before Provision for Taxes $ 510,526 $ 392,785 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2016 and 2015: June 30, 2016 and the Six Months Then Ended Six Months Ended June 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 2,094,591 $ 30,189 (a) $ 2,124,780 $ 3,710,940 $ 26,620 (a) $ 3,737,560 Expenses $ 1,166,136 $ 164,177 (b) $ 1,330,313 $ 1,550,130 $ 506,870 (b) $ 2,057,000 Other Income $ — $ 49,845 (c) $ 49,845 $ — $ 175,570 (c) $ 175,570 Economic Income (Loss) $ 928,455 $ (84,143) (d) $ 844,312 $ 2,160,810 $ (304,680) (d) $ 1,856,130 Total Assets $ 17,655,613 $ 5,386,045 (e) $ 23,041,658 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues, non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues and the elimination of inter-segment interest income. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Six Months Ended June 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (30,473 ) $ (35,492 ) Fund Expenses Added in Consolidation (9,157 ) 43,044 Income Associated with Non-Controlling Interests of Consolidated Entities 96,365 169,819 Transaction-Related Other Loss (6,890 ) (1,801 ) Total Consolidation Adjustments and Reconciling Items $ 49,845 $ 175,570 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2016 2015 Economic Income $ 928,455 $ 2,160,810 Adjustments Amortization of Intangibles (46,416 ) (50,619 ) Transaction-Related Charges (134,092 ) (423,880 ) Income Associated with Non-Controlling Interests of Consolidated Entities 96,365 169,819 Total Consolidation Adjustments and Reconciling Items (84,143 ) (304,680 ) Income Before Provision for Taxes $ 844,312 $ 1,856,130 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,424,226	$ 1,424,226
Accumulated Amortization	(1,124,334)	(1,078,679)
Intangible Assets, Net	$ 299,892	$ 345,547

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Intangible Assets [Line Items]
Amortization Expense	$ 22,800	$ 23,600	$ 45,655	$ 48,422
Expected amortization of intangibles, 2016	82,900		82,900
Expected amortization of intangibles, 2017	43,900		43,900
Expected amortization of intangibles, 2018	43,800		43,800
Expected amortization of intangibles, 2019	43,800		43,800
Expected amortization of intangibles, 2020	$ 43,800		$ 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	Jun. 30, 2016		Dec. 31, 2015
Schedule of Investments [Line Items]
Investments of Consolidated Blackstone Funds	$ 4,980,964	[1]	$ 4,613,944
Equity Method Investments	3,170,071		3,110,810
Blackstone's Treasury Cash Management Strategies	1,739,252		1,682,259
Performance Fees	4,990,614		4,757,932
Other Investments	255,599		159,152
Investments	$ 15,136,500		$ 14,324,097
[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.

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Investment [Line Items]
Recognized net gains related to equity method investments	$ 52	$ 19.5	$ 69.7	$ 181.6
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 449.1		$ 449.1		$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ (2,435)	$ 60,473	$ 10,947	$ 127,512
Net Change in Unrealized Gains (Losses)	16,893	(2,190)	(8,348)	1,743
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	14,458	58,283	2,599	129,255
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	16,245	23,732	47,246	46,315
Other Income - Net Gains from Fund Investment Activities	$ 30,703	$ 82,015	$ 49,845	$ 175,570

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - Blackstone's Treasury Cash Management Strategies - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ 9,364	$ (3,442)	$ (9,245)	$ (3,603)
Net Change in Unrealized Gains (Losses)	12,913	(15,049)	14,695	(3,938)
Total realized and net change in unrealized gains (losses)	$ 22,277	$ (18,491)	$ 5,450	$ (7,541)

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 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	700,970
Foreign Exchange Gain	7,579
Fund Distributions	(475,867)
Performance Fees, June 30, 2016	4,990,614
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	246,287
Fund Distributions	(83,399)
Performance Fees, June 30, 2016	1,642,331
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	378,422
Foreign Exchange Gain	7,579
Fund Distributions	(365,282)
Performance Fees, June 30, 2016	3,122,407
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	385
Fund Distributions	(6,383)
Performance Fees, June 30, 2016	3,749
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	75,876
Fund Distributions	(20,803)
Performance Fees, June 30, 2016	$ 222,127

Realized and Net Change in Un51

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ (256)	$ (30)	$ 4,477	$ (8)
Net Change in Unrealized Gains (Losses)	3,283	(825)	(2,952)	(454)
Total realized and net change in unrealized gains (losses) on other investments	$ 3,027	$ (855)	$ 1,525	$ (462)

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 416,116
Unfunded Commitments	400
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	158,088	[1]
Unfunded Commitments	132	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	196,030	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	60,253	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,745	[4]
[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 44% 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 56% of the fair value of the investments in this category are redeemable as of the reporting date.
[3]	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.
[4]	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)	Jun. 30, 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	44.00%
Percentage of investments redeemable as of reporting date	56.00%

Derivative Financial Instrume54

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Gain (loss) due to change in fair value attributable to changes in spot exchange rates	$ 1.3	$ (0.8)

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,706,101	$ 2,018,439
Derivative Liabilities, Notional	1,258,886	1,546,624
Derivative Assets, Fair Value	27,622	6,019
Derivative Liabilities, Fair Value	23,781	21,507
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	51,174	53,627
Derivative Liabilities, Notional		138
Derivative Assets, Fair Value	804	319
Derivative Liabilities, Fair Value		1
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,654,927	1,964,812
Derivative Liabilities, Notional	1,258,886	1,546,486
Derivative Assets, Fair Value	26,818	5,700
Derivative Liabilities, Fair Value	23,781	21,506
Freestanding Derivatives | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Fair Value	602	2,411
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	7,274	19,250
Derivative Liabilities, Fair Value	602	2,411
Freestanding Derivatives | Investments Of Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	96,797	108,786
Derivative Liabilities, Fair Value	6,560	6,275
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	155,950	158,684
Derivative Liabilities, Notional	157,515	271,891
Derivative Assets, Fair Value	4,428	2,088
Derivative Liabilities, Fair Value	3,669	2,042
Freestanding Derivatives | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	218,715	124,595
Derivative Liabilities, Notional	41,652	92,094
Derivative Assets, Fair Value	19,544	1,400
Derivative Liabilities, Fair Value	972	6,490
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,280,262	1,681,533
Derivative Liabilities, Notional	955,648	1,054,465
Derivative Assets, Fair Value	2,846	2,212
Derivative Liabilities, Fair Value	$ 11,978	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Realized Gains (Losses)	$ (602)	$ (2,563)	$ (16,081)	$ 7,591
Net Change in Unrealized Gain (Loss)	5,087	5,017	13,467	(9,675)
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(257)	(11)	(128)	229
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(738)	1,955	(4,549)	3,781
Net Change in Unrealized Gain (Loss)	794	(2,469)	(3,482)	(5,391)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(410)	(3,160)	(4,720)	8,903
Net Change in Unrealized Gain (Loss)	8,869	2,779	24,191	(8,245)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	546	(1,358)	(6,812)	(5,093)
Net Change in Unrealized Gain (Loss)	$ (4,576)	$ 4,707	$ (7,242)	$ 3,961

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and Preferred Securities	$ 284,879	$ 280,879
Total Assets	4,393,716	4,024,612
Total Liabilities	3,945,850	3,323,435
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables	207,519	261,994
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	14,122	15,176
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Bonds	405,912	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	3,854,183	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	91,667	98,371
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Loans	3,479,615	$ 3,087,563
Other Debt Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Bonds	$ 1,669

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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	$ (15,214)	$ (8,300)	$ (28,550)	$ (1,690)
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	247	91	437	121
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	88	1,318	266	3,273
Net Change In Unrealized Gains (Losses) | Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1,085	1,278	(2,693)	(597)
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	(365)		(1,054)
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	41,326	20,450	34,255	33,978
Net Change In Unrealized Gains (Losses) | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(1,214)	3,380	(943)	4,516
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	(14,281)	(7,199)	(1,868)	(10,238)
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(840)		(3,331)
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	(296)	(52)	(293)	(237)
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	5,256	(4,663)	1,424	(7,491)
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	(15,253)	(9,657)	(28,960)	(4,847)
Corporate Loans | Net Change In Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 36,564	$ 21,295	$ 37,521	$ 40,881

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		$ (72,715)	$ (93,217)
Fair value of financial instruments more than one day past due	[1]		1,088
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]		(5,620)
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(16,500)	(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		(43,840)	(77,900)
Fair value of financial instruments more than one day past due	[1]		1,088
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]		(5,620)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		(1,480)	(426)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal		$ (10,895)	(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)	6 Months Ended	12 Months Ended
	Jun. 30, 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 ($)		Jun. 30, 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		Jun. 30, 2016		Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds		$ 4,980,964	[1]	$ 4,613,944
Total Blackstone's Treasury Cash Management Strategies		1,739,252		1,682,259
Freestanding Derivatives, Assets		27,622		6,019
Money Market Funds		282,655		460,233
Net Investment Hedges - Foreign Currency Contracts		803		319
Freestanding Derivatives, Liabilities		23,781		21,507
Other Investments		255,599		159,152
Total Financial Assets		7,474,067		7,182,201
Securities Sold, Not Yet Purchased		115,796		176,667
Total Financial Liabilities		4,085,427		3,521,609
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		26,818		5,700
Freestanding Derivatives, Liabilities		23,781		21,506
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		207,519		261,994
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		3,479,615		3,087,563
Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	146,544		155,512
Investments of Consolidated Funds	[1]			4,613,944
Equity Securities	[1]	193,028		216,833
Partnership and LLC Interests	[1]	540,343		573,790
Debt Instruments	[1]	194,309		199,846
Investments Of Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]	1,669
Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans	[1]	3,479,615		3,087,563
Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		146,239		240,464
Debt Instruments		1,393,473		1,240,229
Other		199,540		201,566
Total Blackstone's Treasury Cash Management Strategies		1,739,252		1,682,259
Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		602		2,411
Credit Default Swap | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		6,560		6,275
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds		405,912		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]	405,912		379,000
Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts				1
Net Investment Hedges - Foreign Currency Contracts		804		319
Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		4,428		2,088
Freestanding Derivatives, Liabilities		3,669		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]	19,544		1,400
Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,846		2,212
Freestanding Derivatives, Liabilities		11,978		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		6,560	[2]	6,275	[1]
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		972	[2]	6,490	[1]
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	[2]	3,854,183		3,225,064	[1]
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	[2]	91,667		98,371	[1]
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	146,544
Other Investments		17,918		17,707
Total Financial Assets		416,116		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]	146,544		155,512
Investments of Consolidated Funds	[1]			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		52,114		115,657
Other		199,540		201,566
Total Blackstone's Treasury Cash Management Strategies		251,654		317,223
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	82,732
Money Market Funds		282,655		460,233
Other Investments		137,046		40,261
Total Financial Assets		650,915		825,498
Total Financial Liabilities		6,899		835
Level 1 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]			82,734
Equity Securities	[1]	55,745		82,734
Partnership and LLC Interests	[1]	26,987
Level 1 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		146,239		240,464
Total Blackstone's Treasury Cash Management Strategies		146,239		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		2,243		1,806
Freestanding Derivatives, Liabilities		6,899		835
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	4,045,256
Total Financial Assets		5,365,031		4,674,034
Securities Sold, Not Yet Purchased		115,796		176,667
Total Financial Liabilities		4,078,528		3,520,774
Level 2 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]			3,601,306
Equity Securities	[1]	51,619		53,250
Partnership and LLC Interests	[1]	73,497		101,399
Debt Instruments	[1]	179,244		179,465
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]	3,315,440		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		1,313,940		1,069,915
Total Blackstone's Treasury Cash Management Strategies		1,313,940		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, Liabilities		602		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]	405,912		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				1
Net Investment Hedges - Foreign Currency Contracts		804		319
Level 2 | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		4,428		2,088
Freestanding Derivatives, Liabilities		3,669		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]	19,544		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		603		406
Freestanding Derivatives, Liabilities		5,079		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		6,560	[2]	6,275	[1]
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		972	[2]	6,490	[1]
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	[2]	3,854,183		3,225,064	[1]
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	[2]	91,667		98,371	[1]
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	706,432
Other Investments		100,635		101,184
Total Financial Assets		1,042,005		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		207,519		261,994
Level 3 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]			774,392
Equity Securities	[1]	85,664		80,849
Partnership and LLC Interests	[1]	439,859		472,391
Debt Instruments	[1]	15,065		20,381
Level 3 | Investments Of Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]	1,669
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]	164,175		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		27,419		54,657
Total Blackstone's Treasury Cash Management Strategies		$ 27,419		$ 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	6 Months Ended
		Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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]	$ 89	$ 28,346	$ 5,777
[1]	Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.
[2]	Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 4,393,716	$ 4,024,612
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,042,005	1,192,227
Discounted Cash Flows | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 189,879	$ 241,897
Discounted Cash Flows | Loans and Receivables | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	15.80%	11.00%
Discounted Cash Flows | Loans and Receivables | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.20%	6.70%
Discounted Cash Flows | Loans and Receivables | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	22.10%	20.60%
Third Party Pricing Valuation Technique | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 17,640	$ 20,097
Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	7.20%	10.20%
Discount Rate	13.20%	13.60%
Exit Multiple - EBITDA	9.5	9.6
Exit Multiple - P/E	11.3	11.2
Exit Capitalization Rate	8.70%	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]
Revenue CAGR	6.60%	8.60%
Discount Rate	9.90%	9.30%
Exit Multiple - EBITDA	10.3	9.8
Exit Capitalization Rate	6.20%	6.30%
Debt Instruments | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	15.10%	14.10%
Exit Capitalization Rate	5.20%	5.80%
Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		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	$ 8,700	$ 32,004
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	1.80%	1.90%
Reinvestment Rate	3.88%
Exit Multiple - EBITDA	65.80%	67.00%
Discount Rate	10.30%	8.60%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	1.00%	1.00%
Reinvestment Rate	3.50%
Exit Multiple - EBITDA	18.00%	30.00%
Discount Rate	9.10%	5.80%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	2.00%	2.00%
Reinvestment Rate	4.00%
Exit Multiple - EBITDA	79.30%	70.00%
Discount Rate	12.80%	14.00%
Blackstone's Treasury Cash Management Strategies | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 18,719	$ 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	$ 81,580	$ 81,984
Other | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate	0.00%
Discount Rate	3.70%	3.30%
Other | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	1.60%	1.40%
Other | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	15.40%	12.50%
Other | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 19,055	$ 19,200
Investments Of Consolidated Blackstone Funds | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	706,432	774,392
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 67,493	$ 66,962
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	(1.50%)	(5.00%)
Discount Rate	7.40%	7.80%
Exit Multiple - EBITDA	0.1	5
Exit Multiple - P/E	10.5	10.5
Exit Capitalization Rate	5.30%	550.00%
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	24.40%	61.50%
Discount Rate	29.30%	25.00%
Exit Multiple - EBITDA	19	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	0.8	9
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,916	$ 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	$ 10,525	$ 6,722
Investments Of Consolidated Blackstone Funds | Equity Securities | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	5,715	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	$ 15	$ 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	$ 404,995	$ 423,588
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	(26.10%)	(24.10%)
Discount Rate	2.00%	2.10%
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]
Revenue CAGR	42.20%	31.80%
Discount Rate	29.40%	25.80%
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	$ 11,292	$ 30,437
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	8,025	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	$ 15,547	$ 16,963
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	6.70%	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	$ 3,897	$ 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	56.70%	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	$ 10,782	16,217
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	7
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	$ 5,714	$ 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		4.5
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		7
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,669
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	$ 158,461	$ 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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,154,820	$ 1,124,937	$ 1,192,227	$ 2,624,605
Transfer Out Due to Deconsolidation					(1,460,538)
Transfer In to Level III	[1]	27,214	62,711	61,659	78,081
Transfer Out of Level III	[1]	(45,064)	(180,534)	(92,041)	(196,800)
Purchases		46,134	162,580	406,836	266,785
Sales		(151,155)	(106,155)	(528,121)	(224,899)
Settlements		(2,545)	(1,156)	(6,176)	(2,297)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		12,601	62,940	7,621	40,386
Balance, End of Period		1,042,005	1,125,323	1,042,005	1,125,323
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		8,652	19,770	(13,756)	16,733
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		287,858	40,691	261,994	40,397
Purchases		5,278		303,657	6,186
Sales		(87,696)	(5,464)	(355,251)	(9,535)
Settlements		(2,431)	(1,041)	(5,922)	(2,079)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		4,510	2,254	3,041	1,471
Balance, End of Period		207,519	36,440	207,519	36,440
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		4,552	2,255	3,083	1,343
Investments Of Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		736,698	920,448	774,392	2,394,823
Transfer Out Due to Deconsolidation					(1,460,538)
Transfer In to Level III	[1]	18,177	59,939	52,332	58,184
Transfer Out of Level III	[1]	(38,865)	(156,054)	(81,837)	(149,636)
Purchases		33,883	154,173	96,206	227,260
Sales		(52,776)	(98,872)	(142,180)	(178,391)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		9,315	57,515	7,519	45,447
Balance, End of Period		706,432	937,149	706,432	937,149
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		2,845	17,044	(16,793)	13,511
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	130,264	163,798	155,841	189,385
Transfer In to Level III	[1],[2]	9,037	2,772	9,327	19,897
Transfer Out of Level III	[1],[2]	(6,199)	(24,480)	(10,204)	(47,164)
Purchases	[2]	6,973	8,407	6,973	33,339
Sales	[2]	(10,683)	(1,819)	(30,690)	(36,973)
Settlements	[2]	(114)	(115)	(254)	(218)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)	[2]	(1,224)	3,171	(2,939)	(6,532)
Balance, End of Period	[2]	128,054	151,734	128,054	151,734
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	$ 1,255	$ 471	$ (46)	$ 1,879
[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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either June 30, 2016 or June 30, 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	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities at fair value	$ 4,085,427		$ 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 ($)	Jun. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Investments	$ 555,238,000	$ 466,651,000
Accounts Receivable	16,076,000	11,726,000
Due from Affiliates	43,962,000	51,029,000
Total VIE Assets	615,276,000	529,406,000
Due to Affiliates	104,000	586,000
Accounts Payable, Accrued Expenses and Other Liabilities	151,000	88,000
Potential Clawback Obligation	81,142,000	73,450,000
Maximum Exposure to Loss	$ 696,673,000	$ 603,530,000

Reverse Repurchase and Repurc69

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 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	$ 43.6
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	33.6
Pledged securities with carrying value to collateralize its repurchase agreements	$ 86.5	$ 64.5

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 56,353	$ 40,929
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	79,162	55,946
Net Amount, Liabilities	4,974	791
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	51,853
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	56,353	$ 40,929
Net Amount, Liabilities	0
Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	4,500
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	4,500
Overnight and Continuous | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
Overnight and Continuous | Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	4,500
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	12,318
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	12,318
Up to 30 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
30 - 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	30,222
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	30,222
30 - 90 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	0
Greater than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	9,313
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	9,313
Greater than 90 Days | Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Net Amount, Liabilities	$ 0

Offsetting of Assets and Liab71

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 51,963	$ 209,512
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	47,153	206,088
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	3,420	1,310
Net Amount, Assets	1,390	2,114
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	79,162	55,946
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	56,710	42,409
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	17,478	12,746
Net Amount, Liabilities	4,974	791
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	56,353	40,929
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	53,206	40,259
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	3,147	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	7,274	4,300
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	3,504	2,149
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	3,420	1,310
Net Amount, Assets	350	841
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	22,809	15,016
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	3,504	2,149
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	14,331	12,076
Net Amount, Liabilities	4,974	791
Reverse Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	43,885	204,893
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	43,649	203,938
Net Amount, Assets	236	955
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	804	319
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets		1
Net Amount, Assets	$ 804	318
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		1
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities		$ 1

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 139,350	$ 135,543
Prepaid Expenses	144,867	190,241
Other Assets	51,267	46,786
Freestanding Derivatives	7,274	4,300
Net Investment Hedges	803	319
Total Other Assets	$ 343,561	$ 377,189

Offsetting Of Assets And Liab73

Offsetting Of Assets And Liabilities - Additional Information (Detail) $ in Millions	Jun. 30, 2016USD ($)
Cash Pooling Arrangement
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 938.3

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Carrying Value		$ 2,799,977	$ 2,797,060
Debt instrument, fair value	[1]	3,142,711	3,027,408
6.625% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	611,103	614,996
Debt instrument, fair value	[1],[2]	670,352	665,438
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		397,910	397,720
Debt instrument, fair value	[1]	467,000	458,680
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		392,684	392,224
Debt instrument, fair value	[1]	444,440	430,560
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		237,735	237,648
Debt instrument, fair value	[1]	312,075	297,575
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,251	488,119
Debt instrument, fair value	[1]	543,300	515,050
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,763	343,689
Debt instrument, fair value	[1]	354,305	332,640
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		328,531	322,664
Debt instrument, fair value	[1]	$ 351,239	$ 327,465
[1]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
[2]	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.

Carrying Value and Fair Value75

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2012
Debt Instrument [Line Items]
Senior Notes		$ 600
Notes acquired not retired		$ 15
6.625% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.625%
Debt instrument, maturity date	Aug. 15, 2019
5.875% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.875%
Debt instrument, maturity date	Mar. 15, 2021
4.750% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%
Debt instrument, maturity date	Feb. 15, 2023
6.250% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
5.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
4.450% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
2.000% Notes | Senior Secured 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	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,365,300	$ 3,914,326
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,166,718	$ 3,687,976
Weighted Average Interest Rate	1.95%	1.93%
Weighted Average Remaining Maturity in Years	5 years 8 months 12 days	5 years 4 months 24 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 198,582	$ 226,350

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 2,799,977	$ 2,797,060
Fair Value	3,854,183	3,225,064
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	91,667	98,371
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	$ 8,332	$ 8,231

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 4.6	$ 3.9

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
2,016	$ 4,233
2,017	528,438
2,018	0
2,019	585,000
2,020	0
Thereafter	6,086,862
Total	7,204,533
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
2,020	0
Thereafter	2,250,000
Total	2,835,000
Blackstone Fund Facilities Clo Vehicles
Debt Instrument [Line Items]
2,016	4,233
2,017	528,438
2,018	0
2,020	0
Thereafter	3,836,862
Total	$ 4,369,533

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Taxes [Line Items]
Effective tax rate	9.30%	11.00%	6.70%	7.70%
Provision for Taxes	$ 47,415	$ 43,251	$ 56,561	$ 142,595

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Line Items]
Net Income for Per Common Unit Calculation		646,933,698	631,881,205	645,915,774	628,597,331
Net Income Attributable to The Blackstone Group L.P., Basic		$ 198,626	$ 134,168	$ 358,379	$ 763,616
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		158,960		286,563
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 357,586	$ 134,168	$ 644,942	$ 763,616
Weighted-Average Common Units Outstanding, Basic		646,933,698	631,881,205	645,915,774	628,597,331
Weighted-Average Unvested Deferred Restricted Common Units		1,309,402	2,311,444	1,321,087	4,133,258
Weighted-Average Blackstone Holdings Partnership Units		546,235,112		547,138,946
Weighted-Average Common Units Outstanding, Diluted		1,194,478,212	634,192,649	1,194,375,807	632,730,589
Net Income Per Common Unit, Basic		$ 0.31	$ 0.21	$ 0.55	$ 1.21
Net Income Per Common Unit, Diluted		0.30	0.21	0.54	1.21
Distributions Declared Per Common Unit	[1]	$ 0.28	$ 0.89	$ 0.89	$ 1.67
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Summary of Anti-Dilutive Securi

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

Net Income (Loss) Per Common Un

Net Income (Loss) Per Common Unit - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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	$ 84,300	$ 210,300	$ 164,124	$ 482,683
Tax benefits in relation to equity-based awards	8,400	$ 3,400	16,600	$ 27,000
Estimated unrecognized compensation expense related to unvested awards	$ 942,700		$ 942,700
Weighted-average period for recognized compensation expense related to unvested awards, years			4 years 9 months 18 days
Total vested and unvested outstanding units	1,192,631,550		1,192,631,550
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	34,934		34,934

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	6 Months Ended
	Jun. 30, 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	491,667
Vested (Units) | shares	(5,023,685)
Forfeited (Units) | shares	(214,896)
Ending Balance | shares	36,154,841
Beginning Balance | $ / shares	$ 32.98
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	28.26
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	24.55
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	35.22
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	28.68
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	22.86
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	16.63
Ending Balance | $ / shares	23.29
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	30.09
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	28.62
Ending Balance | $ / shares	$ 28.79
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	2,042,077
Vested (Units) | shares	(2,813,164)
Forfeited (Units) | shares	(327,353)
Ending Balance | shares	13,243,689
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	(968)
Forfeited (Units) | shares	(482)
Ending Balance | shares	28,957

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	6 Months Ended
	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	28,862,065
Deferred Restricted Blackstone Common Units	11,694,668
Total Equity-Based Awards (Units)	40,556,733
Phantom Units (Units)	22,030
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	4 years 2 months 12 days
Deferred Restricted Blackstone Common Units	1 year 9 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 6 months
Phantom Units (Weighted-Average Service Period in Years)	3 years 3 months 18 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accrual for Potential Clawback of Previously Distributed Carried Interest	$ 2,437	$ 1,686
Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds	365,905	331,558
Amounts Due from Portfolio Companies and Funds	293,887	319,758
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	15,849	5,931
Management and Performance Fees Due from Non-Consolidated Funds	415,178	403,538
Payments Made on Behalf of Non-Consolidated Entities	199,050	178,326
Due from Affiliates, total	1,292,306	1,240,797
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,155,838	1,201,543
Accrual for Potential Repayment of Previously Received Performance Fees	5,092	3,356
Due to Note Holders of Consolidated CLO Vehicles	8,332	8,231
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	15,263	26,593
Distributions Received on Behalf of Blackstone Entities	76,248	33,160
Payments Made by Non-Consolidated Entities	5,090	9,817
Due to Affiliates, total	$ 1,265,863	$ 1,282,700

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Founder's, other senior managing directors' and employees' investments	$ 760,400		$ 760,400		$ 746,300
Founder's, other senior managing directors' and employees' share of the Net Income (Loss) Attributable to Redeemable Non-Controlling Interests	25,500	$ 31,600	28,600	$ 81,100
Management and Advisory Fees, Net from Affiliates	44,148	28,831	100,823	76,943
Interest from loans to affiliates	100	$ 1,200	$ 200	$ 3,300
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	1,200,000		$ 1,200,000
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 374,700		$ 374,700
After-tax net present value discount rate assumption	15.00%		15.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,300
Total investments at risk in respect of guarantees extended	$ 6.7
Contingent obligations currently anticipated to expire end	2,028
Provision for cash clawback	$ 586.2
Contingent Obligations (Clawback)	4,800
Blackstone Holdings Finance Co. L.L.C.
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	144.5
Contingent Obligations (Clawback)	4,400
Current And Former Blackstone Personnel
Schedule Of Commitments And Contingencies [Line Items]
Contingent Obligations (Clawback)	406
Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	55.5
Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 37.5

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Product Liability Contingency [Line Items]
Clawback obligations	$ 5,092	$ 3,356
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	5,092	3,356
Credit Segment | Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	2,655	1,670
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	$ 2,437	$ 1,686

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 607,823	$ 574,132	$ 1,216,729	$ 1,190,900
Performance Fees Realized - Carried Interest	323,734	937,483	554,643	2,145,077
Performance Fees Realized - Incentive Fees	29,441	47,682	57,860	77,320
Performance Fees Unrealized - Carried Interest	88,292	(441,930)	135,878	(68,090)
Performance Fees Unrealized - Incentive Fees	7,776	25,070	15,355	87,106
Total Performance Fees	449,243	568,305	763,736	2,241,413
Investment Income (Loss), Realized	65,037	157,823	53,036	345,753
Investment Income (Loss), Unrealized	40,102	(100,999)	43,595	(82,726)
Total Investment Income (Loss)	105,139	56,824	96,631	263,027
Interest and Dividend Revenue	22,286	21,965	45,361	43,885
Other	7,935	3,976	2,323	(1,665)
Total Revenues	1,192,426	1,225,202	2,124,780	3,737,560
Compensation and Benefits Compensation	355,424	473,019	701,427	1,032,578
Performance Fee Compensation - Realized Carried Interest	87,580	238,033	146,084	530,281
Performance Fee Compensation - Realized Incentive Fees	15,250	21,837	29,374	34,064
Performance Fee Compensation - Unrealized Carried Interest	75,202	(50,559)	105,203	23,821
Performance Fee Compensation - Unrealized Incentive Fees	2,689	6,130	6,137	31,091
Total Compensation and Benefits	536,145	688,460	988,225	1,651,835
Total Expenses	712,603	914,432	1,330,313	2,057,000
Economic Income	510,526	392,785	844,312	1,856,130
Segment Assets as of June 30, 2016	23,041,658		23,041,658		$ 22,526,080
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	593,996	516,492	1,180,699	1,032,889
Management and Advisory Fees, Advisory Fees	1,277	76,998	1,758	161,236
Management and Advisory Fees, Transaction and Other Fees, Net	32,343	11,728	78,461	48,801
Management and Advisory Fees, Management Fee Offsets	(15,396)	(18,434)	(35,497)	(36,379)
Total Management and Advisory Fees, Net	612,220	586,784	1,225,421	1,206,547
Performance Fees Realized - Carried Interest	323,734	937,483	554,643	2,145,077
Performance Fees Realized - Incentive Fees	29,363	47,819	57,813	77,489
Performance Fees Unrealized - Carried Interest	88,268	(441,949)	135,874	(68,097)
Performance Fees Unrealized - Incentive Fees	8,007	26,311	15,107	88,931
Total Performance Fees	449,372	569,664	763,437	2,243,400
Investment Income (Loss), Realized	53,670	136,497	43,569	244,289
Investment Income (Loss), Unrealized	6,101	(125,723)	(10,448)	(43,874)
Total Investment Income (Loss)	59,771	10,774	33,121	200,415
Interest and Dividend Revenue	35,233	31,026	70,314	61,477
Other	8,546	3,973	2,298	(899)
Total Revenues	1,165,142	1,202,221	2,094,591	3,710,940
Compensation and Benefits Compensation	286,155	289,352	573,558	619,190
Performance Fee Compensation - Realized Carried Interest	87,581	238,032	146,084	530,280
Performance Fee Compensation - Realized Incentive Fees	15,251	21,837	29,374	34,064
Performance Fee Compensation - Unrealized Carried Interest	75,202	(50,559)	105,203	23,821
Performance Fee Compensation - Unrealized Incentive Fees	2,689	6,131	6,137	31,092
Total Compensation and Benefits	466,878	504,793	860,356	1,238,447
Other Operating Expenses	157,254	168,401	305,780	311,683
Total Expenses	624,132	673,194	1,166,136	1,550,130
Economic Income	541,010	529,027	928,455	2,160,810
Segment Assets as of June 30, 2016	17,655,613		17,655,613
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	131,477	121,918	262,125	230,301
Management and Advisory Fees, Advisory Fees	1,277	4,843	1,758	7,272
Management and Advisory Fees, Transaction and Other Fees, Net	9,812	(11,842)	18,251	8,517
Management and Advisory Fees, Management Fee Offsets	(4,195)	(9,028)	(11,043)	(13,977)
Total Management and Advisory Fees, Net	138,371	105,891	271,091	232,113
Performance Fees Realized - Carried Interest	57,056	546,575	87,338	929,553
Performance Fees Unrealized - Carried Interest	85,047	(305,573)	158,922	261,249
Total Performance Fees	142,103	241,002	246,260	1,190,802
Investment Income (Loss), Realized	22,926	50,258	7,569	95,074
Investment Income (Loss), Unrealized	(2,766)	(22,301)	12,674	9,186
Total Investment Income (Loss)	20,160	27,957	20,243	104,260
Interest and Dividend Revenue	9,516	7,669	19,365	15,287
Other	3,395	2,515	1,808	690
Total Revenues	313,545	385,034	558,767	1,543,152
Compensation and Benefits Compensation	83,140	68,106	163,414	139,178
Performance Fee Compensation - Realized Carried Interest	30,946	106,502	46,373	145,984
Performance Fee Compensation - Unrealized Carried Interest	19,450	(25,574)	28,746	152,546
Total Compensation and Benefits	133,536	149,034	238,533	437,708
Other Operating Expenses	48,371	62,571	96,434	101,446
Total Expenses	181,907	211,605	334,967	539,154
Economic Income	131,638	173,429	223,800	1,003,998
Segment Assets as of June 30, 2016	5,800,049		5,800,049
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	201,004	140,743	400,911	293,091
Management and Advisory Fees, Transaction and Other Fees, Net	21,112	21,510	56,906	36,726
Management and Advisory Fees, Management Fee Offsets	(1,219)	(5,428)	(4,814)	(10,294)
Total Management and Advisory Fees, Net	220,897	156,825	453,003	319,523
Performance Fees Realized - Carried Interest	266,382	363,983	467,009	1,175,232
Performance Fees Realized - Incentive Fees	6,099	1,220	10,168	1,943
Performance Fees Unrealized - Carried Interest	(84,875)	(188,608)	(96,397)	(369,627)
Performance Fees Unrealized - Incentive Fees	5,942	3,935	15,707	10,004
Total Performance Fees	193,548	180,530	396,487	817,552
Investment Income (Loss), Realized	19,929	85,432	32,904	156,776
Investment Income (Loss), Unrealized	(8,902)	(107,691)	(11,039)	(70,181)
Total Investment Income (Loss)	11,027	(22,259)	21,865	86,595
Interest and Dividend Revenue	13,084	10,259	26,272	20,256
Other	2,231	1,077	322	(2,900)
Total Revenues	440,787	326,432	897,949	1,241,026
Compensation and Benefits Compensation	102,888	79,484	203,466	164,318
Performance Fee Compensation - Realized Carried Interest	56,441	116,168	99,517	362,664
Performance Fee Compensation - Realized Incentive Fees	3,300	671	5,433	1,027
Performance Fee Compensation - Unrealized Carried Interest	14,257	(50,559)	41,960	(148,643)
Performance Fee Compensation - Unrealized Incentive Fees	2,542	230	6,700	2,805
Total Compensation and Benefits	179,428	145,994	357,076	382,171
Other Operating Expenses	52,201	43,346	100,298	83,489
Total Expenses	231,629	189,340	457,374	465,660
Economic Income	209,158	137,092	440,575	775,366
Segment Assets as of June 30, 2016	7,279,766		7,279,766
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	130,123	130,216	260,281	260,853
Management and Advisory Fees, Transaction and Other Fees, Net	(5)		538	25
Management and Advisory Fees, Management Fee Offsets		(608)		(888)
Total Management and Advisory Fees, Net	130,118	129,608	260,819	259,990
Performance Fees Realized - Incentive Fees	(251)	16,915	2,433	27,431
Performance Fees Unrealized - Carried Interest	801	8,014	833	8,014
Performance Fees Unrealized - Incentive Fees	1,036	15,855	(1,899)	63,282
Total Performance Fees	1,586	40,784	1,367	98,727
Investment Income (Loss), Realized	(515)	(1,757)	(5,260)	(12,132)
Investment Income (Loss), Unrealized	9,357	2,032	(2,934)	6,515
Total Investment Income (Loss)	8,842	275	(8,194)	(5,617)
Interest and Dividend Revenue	5,205	3,970	10,501	7,919
Other	1,125	459	(263)	(1,148)
Total Revenues	146,876	175,096	264,230	359,871
Compensation and Benefits Compensation	44,436	45,841	98,605	101,945
Performance Fee Compensation - Realized Incentive Fees	1,325	8,711	3,188	12,181
Performance Fee Compensation - Unrealized Carried Interest	238	4,077	238	4,077
Performance Fee Compensation - Unrealized Incentive Fees	480	3,764	(715)	19,415
Total Compensation and Benefits	46,479	62,393	101,316	137,618
Other Operating Expenses	27,218	20,499	53,364	41,705
Total Expenses	73,697	82,892	154,680	179,323
Economic Income	73,179	92,204	109,550	180,548
Segment Assets as of June 30, 2016	1,668,153		1,668,153
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	131,392	123,615	257,382	248,644
Management and Advisory Fees, Transaction and Other Fees, Net	1,424	2,060	2,766	3,517
Management and Advisory Fees, Management Fee Offsets	(9,982)	(3,370)	(19,640)	(11,220)
Total Management and Advisory Fees, Net	122,834	122,305	240,508	240,941
Performance Fees Realized - Carried Interest	296	26,925	296	40,292
Performance Fees Realized - Incentive Fees	23,515	29,684	45,212	48,115
Performance Fees Unrealized - Carried Interest	87,295	44,218	72,516	32,267
Performance Fees Unrealized - Incentive Fees	1,029	6,521	1,299	15,645
Total Performance Fees	112,135	107,348	119,323	136,319
Investment Income (Loss), Realized	11,330	2,723	8,356	4,960
Investment Income (Loss), Unrealized	8,412	2,760	(9,149)	9,647
Total Investment Income (Loss)	19,742	5,483	(793)	14,607
Interest and Dividend Revenue	7,428	5,938	14,176	11,589
Other	1,795	34	431	3,527
Total Revenues	263,934	241,108	373,645	406,983
Compensation and Benefits Compensation	55,691	47,124	108,073	97,001
Performance Fee Compensation - Realized Carried Interest	194	15,362	194	21,632
Performance Fee Compensation - Realized Incentive Fees	10,626	12,455	20,753	20,856
Performance Fee Compensation - Unrealized Carried Interest	41,257	21,497	34,259	15,841
Performance Fee Compensation - Unrealized Incentive Fees	(333)	2,137	152	8,872
Total Compensation and Benefits	107,435	98,575	163,431	164,202
Other Operating Expenses	29,464	23,539	55,684	45,375
Total Expenses	136,899	122,114	219,115	209,577
Economic Income	127,035	118,994	154,530	197,406
Segment Assets as of June 30, 2016	$ 2,907,645		$ 2,907,645
Operating Segments | Financial Advisory Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Advisory Fees		72,155		153,964
Management and Advisory Fees, Transaction and Other Fees, Net				16
Total Management and Advisory Fees, Net		72,155		153,980
Investment Income (Loss), Realized		(159)		(389)
Investment Income (Loss), Unrealized		(523)		959
Total Investment Income (Loss)		(682)		570
Interest and Dividend Revenue		3,190		6,426
Other		(112)		(1,068)
Total Revenues		74,551		159,908
Compensation and Benefits Compensation		48,797		116,748
Total Compensation and Benefits		48,797		116,748
Other Operating Expenses		18,446		39,668
Total Expenses		67,243		156,416
Economic Income		$ 7,308		$ 3,492

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015		Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues		$ 1,192,426		$ 1,225,202		$ 2,124,780		$ 3,737,560
Expenses		712,603		914,432		1,330,313		2,057,000
Other Income		30,703		82,015		49,845		175,570
Income Before Provision for Taxes		510,526		392,785		844,312		1,856,130
Total Assets		23,041,658				23,041,658				$ 22,526,080
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,165,142		1,202,221		2,094,591		3,710,940
Expenses		624,132		673,194		1,166,136		1,550,130
Income Before Provision for Taxes		541,010		529,027		928,455		2,160,810
Total Assets		17,655,613				17,655,613
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues		27,284	[1]	22,981	[1]	30,189	[2]	26,620	[2]
Expenses	[3]	88,471		241,238		164,177		506,870
Other Income		30,703	[4]	82,015	[4]	49,845	[5]	175,570	[5]
Income Before Provision for Taxes		(30,484)	[6]	$ (136,242)	[6]	(84,143)	[7]	$ (304,680)	[7]
Total Assets	[8]	$ 5,386,045				$ 5,386,045
[1]	The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues.
[2]	The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues.
[3]	The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses.
[4]	The Other Income adjustment results from the following: Three Months Ended June 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (27,716 ) $ (31,781 ) Fund Expenses Added in Consolidation (3,310 ) 33,677 Non-Controlling Interests in Income of Consolidated Entities 62,680 80,496 Transaction-Related Other Loss (951 ) (377 ) Total Consolidation Adjustments and Reconciling Items $ 30,703 $ 82,015
[5]	The Other Income adjustment results from the following: Six Months Ended June 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (30,473 ) $ (35,492 ) Fund Expenses Added in Consolidation (9,157 ) 43,044 Income Associated with Non-Controlling Interests of Consolidated Entities 96,365 169,819 Transaction-Related Other Loss (6,890 ) (1,801 ) Total Consolidation Adjustments and Reconciling Items $ 49,845 $ 175,570
[6]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2016 2015 Economic Income $ 541,010 $ 529,027 Adjustments Amortization of Intangibles (23,208 ) (24,720 ) Transaction-Related Charges (69,956 ) (192,018 ) Income Associated with Non-Controlling Interests of Consolidated Entities 62,680 80,496 Total Consolidation Adjustments and Reconciling Items (30,484 ) (136,242 ) Income Before Provision for Taxes $ 510,526 $ 392,785
[7]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2016 2015 Economic Income $ 928,455 $ 2,160,810 Adjustments Amortization of Intangibles (46,416 ) (50,619 ) Transaction-Related Charges (134,092 ) (423,880 ) Income Associated with Non-Controlling Interests of Consolidated Entities 96,365 169,819 Total Consolidation Adjustments and Reconciling Items (84,143 ) (304,680 ) Income Before Provision for Taxes $ 844,312 $ 1,856,130
[8]	The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Reconciliation of Total Segme94

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss	$ (27,716)	$ (31,781)	$ (30,473)	$ (35,492)
Fund Expenses Added in Consolidation	(3,310)	33,677	(9,157)	43,044
Income Associated with Non-Controlling Interests of Consolidated Entities	62,680	80,496	96,365	169,819
Transaction-Related Other Loss	(951)	(377)	(6,890)	(1,801)
Total Other Income	30,703	82,015	49,845	175,570
Economic Income	541,010	529,027	928,455	2,160,810
Amortization of Intangibles	(23,208)	(24,720)	(46,416)	(50,619)
Transaction-Related Charges	(69,956)	(192,018)	(134,092)	(423,880)
Income Associated with Non-Controlling Interests of Consolidated Entities	62,680	80,496	96,365	169,819
Total Consolidation Adjustments and Reconciling Items	(30,484)	(136,242)	(84,143)	(304,680)
Income Before Provision for Taxes	$ 510,526	$ 392,785	$ 844,312	$ 1,856,130