Blackstone (BX) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 02, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		571,989,912

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and Cash Equivalents	$ 1,781,882	$ 1,837,324
Cash Held by Blackstone Funds and Other	1,108,967	587,132
Investments (including assets pledged of $96,142 and $64,535 at September 30, 2016 and December 31, 2015, respectively)	15,957,934	14,324,097
Accounts Receivable	506,892	613,153
Reverse Repurchase Agreements	89,326	204,893
Due from Affiliates	1,310,412	1,240,797
Intangible Assets, Net	278,219	345,547
Goodwill	1,718,519	1,718,519
Other Assets	373,479	377,189
Deferred Tax Assets	1,287,890	1,277,429
Total Assets	24,413,520	22,526,080
Liabilities and Partners' Capital
Loans Payable	7,244,634	6,116,747
Due to Affiliates	1,309,901	1,282,700
Accrued Compensation and Benefits	2,292,718	2,029,918
Securities Sold, Not Yet Purchased	176,218	176,667
Repurchase Agreements	62,095	40,929
Accounts Payable, Accrued Expenses and Other Liabilities	973,919	648,662
Total Liabilities	12,059,485	10,295,623
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	194,150	183,459
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 638,251,760 issued and outstanding as of September 30, 2016; 624,450,162 issued and outstanding as of December 31, 2015)	6,344,792	6,322,307
Accumulated Other Comprehensive Loss	(47,470)	(52,519)
Total The Blackstone Group L.P. Partners' Capital	6,297,322	6,269,788
Non-Controlling Interests in Consolidated Entities	2,519,718	2,408,701
Non-Controlling Interests in Blackstone Holdings	3,342,845	3,368,509
Total Partners' Capital	12,159,885	12,046,998
Total Liabilities and Partners' Capital	$ 24,413,520	$ 22,526,080

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments assets pledged	$ 96,142	$ 64,535
Partners' Capital, common units: issued	638,251,760	624,450,162
Partners' Capital, common units: outstanding	638,251,760	624,450,162
Assets
Cash Held by Blackstone Funds and Other	$ 1,108,967	$ 587,132
Investments	15,957,934	14,324,097
Accounts Receivable	506,892	613,153
Due from Affiliates	1,310,412	1,240,797
Other Assets	373,479	377,189
Total Assets	24,413,520	22,526,080
Liabilities
Loans Payable	7,244,634	6,116,747
Due to Affiliates	1,309,901	1,282,700
Securities Sold, Not Yet Purchased	176,218	176,667
Repurchase Agreements	62,095	40,929
Accounts Payable, Accrued Expenses and Other Liabilities	973,919	648,662
Total Liabilities	12,059,485	10,295,623
Blackstone Funds And Other
Assets
Cash Held by Blackstone Funds and Other	890,659	435,775
Investments	5,402,121	4,558,216
Accounts Receivable	157,039	122,077
Due from Affiliates	25,088	25,561
Other Assets	3,582	12,693
Total Assets	6,478,489	5,154,322
Liabilities
Loans Payable	4,443,181	3,319,656
Due to Affiliates	106,401	39,532
Securities Sold, Not Yet Purchased	66,504	58,878
Repurchase Agreements	56,328	31,417
Accounts Payable, Accrued Expenses and Other Liabilities	403,109	226,203
Total Liabilities	$ 5,075,523	$ 3,675,686

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Management and Advisory Fees, Net		$ 596,154	$ 703,596	$ 1,812,883	$ 1,894,496
Performance Fees
Performance Fees Realized - Carried Interest		503,990	435,189	1,058,633	2,580,266
Performance Fees Realized - Incentive Fees		30,295	33,455	88,155	110,775
Performance Fees Unrealized - Carried Interest		106,202	(1,055,920)	242,080	(1,124,010)
Performance Fees Unrealized - Incentive Fees		30,545	(50,832)	45,900	36,274
Total Performance Fees		671,032	(638,108)	1,434,768	1,603,305
Investment Income (Loss)
Realized		119,351	99,952	172,387	445,705
Unrealized		23,752	(179,298)	67,347	(262,024)
Total Investment Income (Loss)		143,103	(79,346)	239,734	183,681
Interest and Dividend Revenue		21,819	26,244	67,180	70,129
Other		(423)	(813)	1,900	(2,478)
Total Revenues		1,431,685	11,573	3,556,465	3,749,133
Expenses
Compensation and Benefits Compensation		329,634	393,655	1,031,061	1,426,233
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest		168,427	97,798	314,511	628,079
Performance Fee Compensation - Realized Incentive Fees		15,436	15,062	44,810	49,126
Performance Fee Compensation - Unrealized Carried Interest		70,044	(228,697)	175,247	(204,876)
Performance Fee Compensation - Unrealized Incentive Fees		13,508	(14,641)	19,645	16,450
Total Compensation and Benefits		597,049	263,177	1,585,274	1,915,012
General, Administrative and Other		124,322	158,664	378,355	436,496
Interest Expense		37,278	36,860	111,512	105,644
Fund Expenses		15,128	18,296	28,949	76,845
Total Expenses		773,777	476,997	2,104,090	2,533,997
Other Income (Loss)
Net Gains (Losses) from Fund Investment Activities		61,395	(16,867)	111,240	158,703
Income (Loss) Before Provision (Benefit) for Taxes		719,303	(482,291)	1,563,615	1,373,839
Provision for Taxes		27,714	1,573	84,275	144,168
Net Income (Loss)		691,589	(483,864)	1,479,340	1,229,671
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		10,764	(12,520)	2,314	8,787
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		82,653	30,671	187,468	179,183
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		285,267	(247,318)	618,274	532,782
Net Income (Loss) Attributable to The Blackstone Group L.P.		$ 312,905	$ (254,697)	$ 671,284	$ 508,919
Distributions Declared Per Common Unit	[1]	$ 0.36	$ 0.74	$ 1.25	$ 2.41
Net Income (Loss) Per Common Unit
Common Units, Basic		0.48	(0.40)	1.04	0.81
Common Units, Diluted		$ 0.47	$ (0.40)	$ 1.01	$ 0.80
Weighted-Average Common Units Outstanding
Common Units, Basic		650,917,510	638,832,799	647,595,189	632,046,646
Common Units, Diluted		1,195,805,315	638,832,799	1,194,862,252	635,439,828
Revenues Earned from Affiliates
Management and Advisory Fees, Net		$ 39,073	$ 48,200	$ 139,896	$ 125,143
[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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income (Loss)	$ 691,589	$ (483,864)	$ 1,479,340	$ 1,229,671
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	1,138	(13,413)	12,982	(46,325)
Comprehensive Income (Loss)	692,727	(497,277)	1,492,322	1,183,346
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	10,764	(12,520)	2,314	8,787
Less Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	85,375	31,026	195,401	161,884
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	285,267	(247,318)	618,274	532,782
Comprehensive Income (Loss) Attributable to The Blackstone Group L.P.	$ 311,321	$ (268,465)	$ 676,333	$ 479,893

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									12,048,073
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									14,307,059
Ending Balance, Units at Sep. 30, 2015									621,979,987
Beginning Balance at Dec. 31, 2014		$ 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	$ 1,229,671	508,919		508,919	179,183	532,782	1,220,884	8,787
Currency Translation Adjustment			(29,026)	(29,026)	(39,191)		(68,217)
Capital Contributions					294,661		294,661	2,354
Capital Distributions		(1,502,479)		(1,502,479)	(473,454)	(1,415,625)	(3,391,558)	(11,545)
Transfer of Non-Controlling Interests in Consolidated Entities					(4,644)		(4,644)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		22,049		22,049			22,049
Equity-Based Compensation		315,643		315,643		279,910	595,553
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(55,860)		(55,860)		(1,903)	(57,763)
Excess Tax Benefits Related to Equity-Based Compensation, Net		68,481		68,481			68,481
Change in The Blackstone Group L.P.'s Ownership Interest	93,847	93,847		93,847		(93,847)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		116,560		116,560		(116,560)
Ending Balance at Sep. 30, 2015		6,566,990	(49,890)	6,517,100	2,369,183	3,600,827	12,487,110
Ending Balance at Sep. 30, 2015								183,161
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									6,131,764
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									7,669,834
Ending Balance, Units at Sep. 30, 2016									638,251,760
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	1,479,340	671,284		671,284	187,468	618,274	1,477,026	2,314
Currency Translation Adjustment			5,049	5,049	7,933		12,982
Capital Contributions					242,773		242,773	15,000
Capital Distributions		(801,952)		(801,952)	(319,242)	(707,129)	(1,828,323)	(6,623)
Transfer of Non-Controlling Interests in Consolidated Entities					(7,915)		(7,915)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		2,250		2,250			2,250
Equity-Based Compensation		123,300		123,300		117,256	240,556
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(26,426)		(26,426)		(36)	(26,462)
Change in The Blackstone Group L.P.'s Ownership Interest	7,929	7,929		7,929		(7,929)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		46,100		46,100		(46,100)
Ending Balance at Sep. 30, 2016	6,297,322	$ 6,344,792	$ (47,470)	$ 6,297,322	$ 2,519,718	$ 3,342,845	$ 12,159,885
Ending Balance at Sep. 30, 2016	$ 194,150							$ 194,150

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities
Net Income	$ 1,479,340	$ 1,229,671
Blackstone Funds Related
Unrealized (Appreciation) Depreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities	(182,464)	258,201
Net Realized Gains on Investments	(1,368,591)	(3,280,963)
Changes in Unrealized Losses on Investments Allocable to The Blackstone Group L.P.	28,533	251,411
Non-Cash Performance Fees	(166,283)	940,745
Non-Cash Performance Fee Compensation	554,213	483,795
Equity-Based Compensation Expense	242,204	561,454
Excess Tax Benefits Related to Equity-Based Compensation		(68,481)
Amortization of Intangibles	67,328	77,947
Other Non-Cash Amounts Included in Net Income	53,920	147,636
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	(509,486)	953,674
Cash Relinquished in Deconsolidation and Liquidation of Partnership		(442,370)
Accounts Receivable	145,131	(246,076)
Reverse Repurchase Agreements	115,567	(85,282)
Due from Affiliates	21,484	(65,367)
Other Assets	(15,957)	(87,839)
Accrued Compensation and Benefits	(285,953)	(514,677)
Securities Sold, Not Yet Purchased	(7,253)	90,875
Accounts Payable, Accrued Expenses and Other Liabilities	(189,234)	(473,431)
Repurchase Agreements	21,153	12,186
Due to Affiliates	22,324	(98,156)
Net Cash Provided by Operating Activities	662,294	1,383,479
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(18,458)	(58,879)
Changes in Restricted Cash	5,843	5,843
Net Cash Used in Investing Activities	(12,615)	(53,036)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(325,865)	(484,965)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	248,665	291,609
Payments Under Tax Receivable Agreement	(78,985)	(82,830)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(26,462)	(57,763)
Excess Tax Benefits Related to Equity-Based Compensation		68,481
Proceeds from Loans Payable		675,831
Repayment and Repurchase of Loans Payable		(3,657)
Distributions to Unitholders	(1,509,081)	(2,918,104)
Blackstone Funds Related
Proceeds from Loans Payable	1,302,353	1,325,299
Repayment of Loans Payable	(315,733)	(175,696)
Net Cash Used in Financing Activities	(705,108)	(1,361,795)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(13)	(716)
Net Decrease in Cash and Cash Equivalents	(55,442)	(32,068)
Cash and Cash Equivalents, Beginning of Period	1,837,324	1,412,472
Cash and Cash Equivalents, End of Period	1,781,882	1,380,404
Supplemental Disclosure of Cash Flows Information
Payments for Interest	138,605	112,340
Payments for Income Taxes	52,029	111,891
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders		1,051
Non-Cash Distributions to Non-Controlling Interest Holders		(34)
Net Activities Related to Capital Transactions of Consolidated Blackstone Funds		(291)
Notes Issuance Costs		5,269
Transfer of Interests to Non-Controlling Interest Holders	(7,915)	(4,644)
Change in The Blackstone Group L.P.'s Ownership Interest	7,929	93,847
Net Settlement of Vested Common Units	100,301	135,133
Conversion of Blackstone Holdings Partnership Units to Common Units	46,100	116,560
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(40,034)	(140,110)
Due to Affiliates	37,784	118,061
Partners' Capital	2,250	22,049
Blackstone's Treasury Cash Management Strategies
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(1,889,583)	(3,106,152)
Cash Proceeds from Sale of Investments	1,542,251	2,671,905
Investments Of Consolidated Blackstone Funds
Cash Flows Due to Changes in Operating Assets and Liabilities
Investments Purchased	(2,622,157)	(3,263,923)
Cash Proceeds from Sale or Pay Down of Investments	$ 3,605,807	$ 5,436,696

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. 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. In October 2016, the FASB issued amended guidance on consolidation. The amendments do not change the characteristics of a primary beneficiary, however, in evaluating whether an entity has the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE, an entity is now required to evaluate all indirect interests, including those held by a party under common control, on a proportionate basis. The guidance is effective for fiscal years beginning after December 15, 2016. The guidance is not expected to have a material impact on Blackstone’s financial statements.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2016
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,424,226 $ 1,424,226 Accumulated Amortization (1,146,007 ) (1,078,679 ) Intangible Assets, Net $ 278,219 $ 345,547 Amortization expense associated with Blackstone’s intangible assets was $21.7 million and $67.3 million for the three and nine month periods ended September 30, 2016, respectively, and $29.5 million and $77.9 million for the three and nine month periods ended September 30, 2015, respectively. Amortization of Intangible Assets held at September 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 September 30, 2016 are expected to amortize over a weighted-average period of 6.3 years.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2016
INVESTMENTS	4. INVESTMENTS Investments consist of the following: September 30, December 31, Investments of Consolidated Blackstone Funds $ 5,436,085 $ 4,613,944 Equity Method Investments 3,110,320 3,110,810 Blackstone’s Treasury Cash Management Strategies 2,065,798 1,682,259 Performance Fees 5,078,448 4,757,932 Other Investments 267,283 159,152 $ 15,957,934 $ 14,324,097 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $440.1 million and $451.9 million at September 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 (Loss) — Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Realized Gains $ 52,046 $ 51,150 $ 62,993 $ 178,662 Net Change in Unrealized Losses (26,764 ) (102,340 ) (35,112 ) (100,597 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 25,282 (51,190 ) 27,881 78,065 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 36,113 34,323 83,359 80,638 Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ 61,395 $ (16,867 ) $ 111,240 $ 158,703 Equity Method Investments Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence. Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the nine months ended September 30, 2016 and 2015, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present summarized statement of operations information for any of its equity method investments. The Partnership recognized net gains (losses) related to its equity method investments of $50.6 million and $(89.7) million for the three months ended September 30, 2016 and 2015, respectively. The Partnership recognized net gains related to its equity method investments of $120.3 million and $91.9 million for the nine months ended September 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized Losses $ (3,159 ) $ (3,003 ) $ (12,404 ) $ (6,606 ) Net Change in Unrealized Gains (Losses) 17,689 (8,984 ) 32,384 (12,922 ) $ 14,530 $ (11,987 ) $ 19,980 $ (19,528 ) Performance Fees Performance Fees allocated to the general partner in respect of performance of certain Carry Funds, funds of hedge funds and credit-focused funds were as follows: Private Real Estate Hedge Fund Credit Total Performance Fees, December 31, 2015 $ 1,479,443 $ 3,101,688 $ 9,747 $ 167,054 $ 4,757,932 Performance Fees Allocated as a Result of Changes in Fund Fair Values 417,842 733,818 6,282 170,355 1,328,297 Foreign Exchange Gain — 13,604 — — 13,604 Fund Distributions (113,806 ) (863,685 ) (6,448 ) (37,446 ) (1,021,385 ) Performance Fees, September 30, 2016 $ 1,783,479 $ 2,985,425 $ 9,581 $ 299,963 $ 5,078,448 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized Gains $ 83 $ 1,282 $ 4,560 $ 1,274 Net Change in Unrealized Gains (Losses) 10,039 (2,779 ) 7,087 (3,233 ) $ 10,122 $ (1,497 ) $ 11,647 $ (1,959 )

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	9 Months Ended
	Sep. 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 September 30, 2016 is presented below: Strategy Fair Value Unfunded Redemption eligible) Redemption Period Diversified Instruments $ 160,822 $ 129 (a ) (a ) Credit Driven 205,315 268 (b ) (b ) Equity 65,008 — (c ) (c ) Commodities 2,015 — (d ) (d ) $ 433,160 $ 397 (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 45% 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 55% of 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. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 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 September 30, 2016 the resulting loss was $0.5 million. For the nine months ended September 30, 2016 the resulting loss was $1.3 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. September 30, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 53,402 $ 62 $ — $ — $ 53,627 $ 319 $ 138 $ 1 Freestanding Derivatives Blackstone Interest Rate Contracts 1,823,069 1,185 465,455 4,816 1,681,533 2,212 1,054,465 4,288 Foreign Currency Contracts 665,112 3,348 201,135 1,161 158,684 2,088 271,891 2,042 Credit Default Swaps — — 7,274 634 — — 19,250 2,411 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 297,138 29,661 32,079 170 124,595 1,400 92,094 6,490 Credit Default Swaps — — 126,617 7,070 — — 108,786 6,275 Other Assets of Consolidated Blackstone Funds Foreign Currency Contracts 10,479 1,670 — — — — — — 2,795,798 35,864 832,560 13,851 1,964,812 5,700 1,546,486 21,506 Total $ 2,849,200 $ 35,926 $ 832,560 $ 13,851 $ 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 Nine Months Ended 2016 2015 2016 2015 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ (128 ) $ 229 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (3,493 ) $ (2,076 ) $ (10,305 ) $ (7,169 ) Foreign Currency Contracts (4,704 ) 53 (9,424 ) 8,956 Credit Default Swaps (241 ) 646 (4,790 ) 4,427 Total $ (8,438 ) $ (1,377 ) $ (24,519 ) $ 6,214 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 4,893 $ (7,282 ) $ (2,349 ) $ (3,321 ) Foreign Currency Contracts 13,801 1,796 37,992 (6,449 ) Credit Default Swaps (719 ) (3,319 ) (4,201 ) (8,710 ) Total $ 17,975 $ (8,805 ) $ 31,442 $ (18,480 ) As of September 30, 2016 and December 31, 2015, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	9 Months Ended
	Sep. 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: September 30, December 31, Assets Loans and Receivables $ 75,901 $ 261,994 Equity and Preferred Securities 292,766 280,879 Debt Securities 13,841 15,176 Assets of Consolidated CLO Vehicles Corporate Loans 3,857,058 3,087,563 Corporate Bonds 473,275 379,000 Other 24,627 — $ 4,737,468 $ 4,024,612 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 4,263,747 $ 3,225,064 Subordinated Notes 184,475 98,371 $ 4,448,222 $ 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 September 30, 2016 2015 Realized Net Change Realized Net Change in Unrealized Assets Loans and Receivables $ — $ 298 $ — $ (1,235 ) Equity and Preferred Securities 27 10,200 (36 ) (3,749 ) Debt Securities — (281 ) — (342 ) Assets of Consolidated CLO Vehicles Corporate Loans 16,672 33,071 2,578 (38,888 ) Corporate Bonds (662 ) 7,491 (988 ) (4,578 ) Other (2,643 ) — 1,003 (305 ) $ 13,394 $ 50,779 $ 2,557 $ (49,097 ) Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (56,690 ) $ — $ 34,235 Nine Months Ended September 30, 2016 2015 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (2,395 ) $ — $ (1,832 ) Equity and Preferred Securities (266 ) 11,624 (273 ) (11,240 ) Debt Securities — (1,335 ) — (342 ) Assets of Consolidated CLO Vehicles Corporate Loans (12,288 ) 70,592 (2,269 ) 1,993 Corporate Bonds (225 ) 6,548 (867 ) (62 ) Other (2,377 ) — 4,276 (3,636 ) $ (15,156 ) $ 85,034 $ 867 $ (15,119 ) Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (58,558 ) $ — $ 23,997 The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2016 December 31, 2015 For Financial Assets For Financial Assets Past Due (a) Excess Fair Excess of Fair Value (Deficiency) Fair (Deficiency) Loans and Receivables $ (11,587 ) $ — $ — $ (8,845 ) $ — $ — Debt Securities (1,761 ) — — (426 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 3,330 — — (77,900 ) 1,088 (5,620 ) Corporate Bonds (2,111 ) — — (6,046 ) — — $ (12,129 ) $ — $ — $ (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 September 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	9 Months Ended
	Sep. 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: September 30, 2016 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 157,430 $ 157,430 Equity Securities 50,551 50,244 90,240 — 191,035 Partnership and LLC Interests 27,897 64,924 392,381 — 485,202 Debt Instruments — 210,054 7,743 — 217,797 Assets of Consolidated CLO Vehicles Corporate Loans — 3,611,059 245,999 — 3,857,058 Corporate Bonds — 473,275 — — 473,275 Freestanding Derivatives — Foreign Currency Contracts — 29,661 — — 29,661 Other — — 24,627 — 24,627 Total Investments of Consolidated Blackstone Funds 78,448 4,439,217 760,990 157,430 5,436,085 Blackstone’s Treasury Cash Management Strategies Equity Securities 149,040 — — — 149,040 Debt Instruments — 1,621,709 38,200 53,766 1,713,675 Other — — — 203,083 203,083 Total Blackstone’s Treasury Cash Management Strategies 149,040 1,621,709 38,200 256,849 2,065,798 Money Market Funds 393,897 — — — 393,897 Net Investment Hedges — Foreign Currency Contracts — 62 — — 62 Freestanding Derivatives Interest Rate Contracts 737 448 — — 1,185 Foreign Currency Contracts — 3,348 — — 3,348 Other Assets of Consolidated Blackstone Funds Freestanding Derivatives — Foreign Currency Contracts — 1,670 — — 1,670 Loans and Receivables — — 75,901 — 75,901 Other Investments 143,877 — 104,525 18,881 267,283 $ 765,999 $ 6,066,454 $ 979,616 $ 433,160 $ 8,245,229 September 30, 2016 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 4,263,747 $ — $ 4,263,747 Subordinated Notes (b) — 184,475 — 184,475 Freestanding Derivatives — Foreign Currency Contracts — 170 — 170 Liabilities of Consolidated Blackstone Funds Freestanding Derivatives — Credit Default Swaps — 7,070 — 7,070 Freestanding Derivatives Interest Rate Contracts 862 3,954 — 4,816 Foreign Currency Contracts — 1,161 — 1,161 Credit Default Swaps — 634 — 634 Securities Sold, Not Yet Purchased — 176,218 — 176,218 $ 862 $ 4,637,429 $ — $ 4,638,291 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 September 30, 2016 and 2015, respectively: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Transfers from Level I into Level II (a) $ — $ 287 $ 2,114 $ 287 Transfers from Level II into Level I (b) $ — $ 26,534 $ 28,346 $ 32,312 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, 2016: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 67,923 Discounted Cash Flows Discount Rate 7.4% - 29.1% 12.6% Revenue CAGR 0.0% - 20.6% 7.2% Exit Multiple - EBITDA 4.0x - 19.0x 9.7x Exit Multiple -P/E 10.5x - 17.0x 11.4x Exit Capitalization Rate 5.3% - 11.4% 8.6% 13,330 Other N/A N/A N/A 7,091 Transaction Price N/A N/A N/A 1,879 Market Comparable Companies Book Value Multiple 0.8x N/A 17 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 350,281 Discounted Cash Flows Discount Rate 2.0% - 29.4% 9.8% Revenue CAGR -38.5% - 42.2% 7.0% Exit Multiple - EBITDA 0.1x - 23.5x 9.0x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 3.0% - 10.7% 6.0% 18,160 Transaction Price N/A N/A N/A 16,589 Third Party Pricing N/A N/A N/A 7,351 Other N/A N/A N/A Debt Instruments 4,306 Third Party Pricing N/A N/A N/A 3,437 Discounted Cash Flows Discount Rate 8.3% - 77.9% 12.1% Revenue CAGR 6.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 8.3% N/A Assets of Consolidated 244,175 Third Party Pricing N/A N/A N/A 24,627 Transaction Price N/A N/A N/A 1,824 Market Comparable Companies EBITDA Multiple 6.0x N/A Total Investments of Consolidated Blackstone Funds 760,990 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Blackstone’s Treasury Cash Management Strategies $ 9,239 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 16.5% - 79.1% 67.4% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 350 bps - LIBOR + 390 bps LIBOR + 400 bps Discount Rate 7.3% - 11.2% 8.4% 28,961 Third Party Pricing N/A N/A N/A Loans and Receivables 46,338 Discounted Cash Flows Discount Rate 6.8% - 16.1% 10.0% 29,563 Third Party Pricing N/A N/A N/A Other Investments 83,971 Discounted Cash Flows Discount Rate 1.3% - 15.8% 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 20,554 Transaction Price N/A N/A N/A Total $ 979,616 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 Companies EBITDA Multiple 6.5x - 8.0x 6.6x Book Value Multiple 0.9x N/A 29 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 423,588 Discounted Cash Flows Discount Rate 2.1% - 25.8% 9.3% Revenue CAGR -24.1% - 31.8% 8.6% Exit Multiple - EBITDA 0.1x - 23.8x 9.8x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 2.7% - 12.1% 6.3% 30,437 Transaction Price N/A N/A N/A 16,963 Third Party Pricing N/A N/A N/A 1,403 Other N/A N/A N/A Debt Instruments 16,217 Third Party Pricing N/A N/A N/A 4,086 Discounted Cash Flows Discount Rate 6.5% - 52.7% 14.1% Revenue CAGR 16.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.8% 78 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 180,988 Third Party Pricing N/A N/A N/A 19,783 Market Comparable Companies EBITDA Multiple 4.5x - 7.0x 6.5x Total Investments of Consolidated Blackstone Funds 774,392 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- 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 2016 2015 Investments Loans Other Total Investments Loans Other Total Balance, Beginning of Period $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 Transfer In to Level III (b) 50,836 — 5,188 56,024 43,920 — 5,194 49,114 Transfer Out of Level III (b) (41,852 ) — (5,917 ) (47,769 ) (143,531 ) — (9,171 ) (152,702 ) Purchases 174,939 44,988 12,454 232,381 122,676 144,058 5,240 271,974 Sales (151,701 ) (175,914 ) (284 ) (327,899 ) (139,229 ) — (2,792 ) (142,021 ) Settlements — (2,983 ) (140 ) (3,123 ) — (1,405 ) (140 ) (1,545 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 22,336 2,291 3,370 27,997 16,871 162 (1,768 ) 15,265 Balance, End of Period $ 760,990 $ 75,901 $ 142,725 $ 979,616 $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (16,130 ) $ 2,292 $ 2,627 $ (11,211 ) $ (41,807 ) $ 162 $ (1,837 ) $ (43,482 ) Level III Financial Assets at Fair Value 2016 2015 Investments Loans Other Total Investments Loans 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) 76,564 — 14,515 91,079 47,035 — 25,092 72,127 Transfer Out of Level III (b) (80,550 ) — (16,121 ) (96,671 ) (181,429 ) — (56,336 ) (237,765 ) Purchases 266,229 348,645 19,427 634,301 304,012 150,244 38,579 492,835 Sales (305,502 ) (531,165 ) (30,975 ) (867,642 ) (321,121 ) (9,535 ) (39,765 ) (370,421 ) Settlements — (8,157 ) (394 ) (8,551 ) — (3,485 ) (358 ) (3,843 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 29,857 4,584 432 34,873 55,074 1,634 (8,300 ) 48,408 Balance, End of Period $ 760,990 $ 75,901 $ 142,725 $ 979,616 $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (32,299 ) $ 4,626 $ 2,581 $ (25,092 ) $ (25,614 ) $ 1,505 $ (329 ) $ (24,438 ) Level III Financial Liabilities at Fair Value Three Months Ended September 30, 2015 (c) Nine Months Ended September 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 nine months ended September 30, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either September 30, 2016 or September 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	9 Months Ended
	Sep. 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: September 30, December 31, 2016 2015 Investments $ 657,065 $ 466,651 Accounts Receivable 12,549 11,726 Due from Affiliates 35,535 51,029 Total VIE Assets 705,149 529,406 Due to Affiliates 791 586 Accounts Payable, Accrued Expenses and Other Liabilities 183 88 Potential Clawback Obligation 86,675 73,450 Maximum Exposure to Loss $ 792,798 $ 603,530

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	9 Months Ended
	Sep. 30, 2016
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At September 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 $88.6 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $50.6 million and cash were used to cover Securities Sold, Not Yet Purchased. The Partnership also pledged securities with a carrying value of $96.1 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 September 30, 2016: September 30, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 3,261 $ — $ — $ — $ 3,261 Asset-Backed Securities — 8,617 46,101 4,116 58,834 Total $ 3,261 $ 8,617 $ 46,101 $ 4,116 $ 62,095 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 62,095 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2016
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of September 30, 2016: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 62 $ — $ — $ 62 Freestanding Derivatives 6,203 1,090 5,004 109 Reverse Repurchase Agreements 89,326 88,644 — 682 Total $ 95,591 $ 89,734 $ 5,004 $ 853 Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 13,681 $ 1,090 $ 11,581 $ 1,010 Repurchase Agreements 62,095 58,947 3,149 (1 ) Total $ 75,776 $ 60,037 $ 14,730 $ 1,009 The following tables present the offsetting of assets and liabilities as of December 31, 2015: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 319 $ 1 $ — $ 318 Freestanding Derivatives 4,300 2,149 1,310 841 Reverse Repurchase Agreements 204,893 203,938 — 955 Total $ 209,512 $ 206,088 $ 1,310 $ 2,114 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net 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: September 30, 2016 December 31, 2015 Furniture, Equipment and Leasehold Improvements, Net $ 135,260 $ 135,543 Prepaid Expenses 154,732 190,241 Other Assets 77,222 46,786 Freestanding Derivatives 6,203 4,300 Net Investment Hedges 62 319 $ 373,479 $ 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 September 30, 2016, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.2 billion, which was fully offset with an accompanying overdraft.

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 2016
BORROWINGS	12. BORROWINGS On August 31, 2016, Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), an indirect subsidiary of the Partnership, entered into an amendment to the Issuer’s revolving credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent. The amendment, among other things, increased the amount of the Credit Facility from $1.1 billion to $1.5 billion and extended the maturity date of the Credit Facility from May 29, 2019 to August 31, 2021. On October 5, 2016, the Issuer issued €600 million aggregate principal amount of senior notes maturing October 5, 2026 (the “2026 Notes”). The 2026 Notes have an interest rate of 1.000% per annum, accruing from October 5, 2016. Interest is payable annually in arrears on October 5 of each year, commencing on October 5, 2017. The 2026 Notes are unsecured and unsubordinated obligations of the Issuer. The 2026 Notes are fully and unconditionally guaranteed, jointly and severally, by the Partnership and its indirect subsidiaries, 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. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the 2026 Notes have been capitalized and are being amortized over the life of the 2026 Notes. The 2026 Notes are not included in the September 30, 2016 Condensed Consolidated Statement of Financial Condition. The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the 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. September 30, 2016 December 31, 2015 Senior Notes Carrying Fair Carrying Fair 6.625%, Due 8/15/2019 (b) $ 609,129 $ 662,220 $ 614,996 $ 665,438 5.875%, Due 3/15/2021 398,007 462,080 397,720 458,680 4.750%, Due 2/15/2023 392,921 444,520 392,224 430,560 6.250%, Due 8/15/2042 237,784 312,600 237,648 297,575 5.000%, Due 6/15/2044 488,288 548,050 488,119 515,050 4.450%, Due 7/15/2045 343,789 355,320 343,689 332,640 2.000%, Due 5/19/2025 331,535 365,444 322,664 327,465 Total $ 2,801,453 $ 3,150,234 $ 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: September 30, 2016 December 31, 2015 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 4,648,050 1.93 % 4.9 $ 3,687,976 1.93 % 5.4 Subordinated Notes 221,865 (a ) N/A 226,350 (a ) N/A $ 4,869,915 $ 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: September 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 $ 4,263,747 $ — $ — $ 3,225,064 $ — $ — Subordinated Notes 184,475 10,000 7,978 98,371 10,000 8,231 $ 4,448,222 $ 10,000 $ 7,978 $ 3,323,435 $ 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 September 30, 2016 and December 31, 2015, the fair value of the consolidated CLO assets was $5.3 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 September 30, 2016 were as follows: Operating Blackstone Fund Total 2016 $ — $ 2,937 $ 2,937 2017 — 533,045 533,045 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,236,660 4,336,870 6,573,530 Total $ 2,821,660 $ 4,872,852 $ 7,694,512

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2016
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 3.9% and -0.3% for the three months ended September 30, 2016 and 2015, respectively, and 5.4% and 10.5% for the nine months ended September 30, 2016 and 2015, respectively. Blackstone’s income tax provision was $27.7 million and $1.6 million for the three months ended September 30, 2016 and 2015, respectively, and $84.3 million and $144.2 million for the nine months ended September 30, 2016 and 2015, respectively. The Blackstone Group L.P. and certain of its subsidiaries operate in the U.S. as partnerships for income tax purposes (partnerships generally are not subject to federal income taxes) and generally as corporate entities in non-U.S. jurisdictions. Blackstone’s effective tax rate for the three and nine months ended September 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 (LOSS) PER COMMON UN

NET INCOME (LOSS) PER COMMON UNIT	9 Months Ended
	Sep. 30, 2016
NET INCOME (LOSS) PER COMMON UNIT	14. NET INCOME (LOSS) PER COMMON UNIT Basic and diluted net income (loss) per common unit for the three and nine months ended September 30, 2016 and September 30, 2015 was calculated as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net Income (Loss) for Per Common Unit Calculation Net Income (Loss) Attributable to The Blackstone Group L.P., Basic $ 312,905 $ (254,697 ) $ 671,284 $ 508,919 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 246,086 — 532,116 — Net Income (Loss) Attributable to The Blackstone Group L.P., Diluted $ 558,991 $ (254,697 ) $ 1,203,400 $ 508,919 Units Outstanding Weighted-Average Common Units Outstanding, Basic 650,917,510 638,832,799 647,595,189 632,046,646 Weighted-Average Unvested Deferred Restricted Common Units 1,495,331 — 1,379,168 3,393,182 Weighted-Average Blackstone Holdings Partnership Units 543,392,474 — 545,887,895 — Weighted-Average Common Units Outstanding, Diluted 1,195,805,315 638,832,799 1,194,862,252 635,439,828 Net Income (Loss) Per Common Unit, Basic $ 0.48 $ (0.40 ) $ 1.04 $ 0.81 Net Income (Loss) Per Common Unit, Diluted $ 0.47 $ (0.40 ) $ 1.01 $ 0.80 Distributions Declared Per Common Unit (a) $ 0.36 $ 0.74 $ 1.25 $ 2.41 (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 nine months ended September 30, 2016 and 2015: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Weighted-Average Unvested Deferred Restricted Common Units — 1,913,028 — — Weighted-Average Blackstone Holdings Partnership Units — 550,983,910 — 551,860,289 Unit Repurchase Program In January 2008, Blackstone announced that the Board of Directors of its general partner, Blackstone Group Management L.L.C., had authorized the repurchase by Blackstone of up to $500 million of Blackstone common units and Blackstone Holdings Partnership Units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of Blackstone common units and Blackstone Holdings Partnership Units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the nine months ended September 30, 2016 and 2015, no units were repurchased. As of September 30, 2016, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 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 nine months ended September 30, 2016, the Partnership recorded compensation expense of $78.1 million and $242.2 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $8.2 million and $24.8 million, respectively. For the three and nine months ended September 30, 2015, the Partnership recorded compensation expense of $78.8 million and $561.5 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $9.0 million and $36.0 million, respectively. As of September 30, 2016, there was $892.0 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 4.7 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,196,341,765 as of September 30, 2016. Total outstanding unvested phantom units were 46,246 as of September 30, 2016. A summary of the status of the Partnership’s unvested equity-based awards as of September 30, 2016 and of changes during the period January 1, 2016 through September 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 3,495,525 25.03 3,402,926 26.96 14,248 27.07 Vested (7,044,239 ) 22.08 (5,114,780 ) 19.61 (1,248 ) 16.48 Forfeited (217,007 ) 36.26 (449,317 ) 20.85 (482 ) 28.62 Balance, September 30, 2016 37,136,034 $ 34.31 12,180,958 $ 24.93 40,460 $ 26.83 Units Expected to Vest The following unvested units, after expected forfeitures, as of September 30, 2016, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 29,298,229 4.3 Deferred Restricted Blackstone Common Units 10,429,836 1.9 Total Equity-Based Awards 39,728,065 3.7 Phantom Units 33,836 3.7

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 1,571 $ 1,686 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 347,713 331,558 Amounts Due from Portfolio Companies and Funds 326,827 319,758 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 8,156 5,931 Management and Performance Fees Due from Non-Consolidated Funds 425,400 403,538 Payments Made on Behalf of Non-Consolidated Entities 200,745 178,326 $ 1,310,412 $ 1,240,797 September 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,169,136 $ 1,201,543 Accrual for Potential Repayment of Previously Received Performance Fees 3,355 3,356 Due to Note Holders of Consolidated CLO Vehicles 7,978 8,231 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 30,541 26,593 Distributions Received on Behalf of Blackstone Entities 83,241 33,160 Payments Made by Non-Consolidated Entities 15,650 9,817 $ 1,309,901 $ 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 September 30, 2016 and December 31, 2015, such investments aggregated $749.0 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 $24.5 million and $(20.0) million for the three months ended September 30, 2016 and 2015, respectively, and $53.0 million and $61.1 million for the nine months ended September 30, 2016 and 2015, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $39.1 million and $48.2 million for the three months ended September 30, 2016 and 2015, respectively. Management and Advisory Fees, Net earned from affiliates totaled $139.9 million and $125.1 million for the nine months ended September 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 $0.6 million and $0.8 million for the three months ended September 30, 2016 and 2015, respectively, and $0.9 million and $4.0 million for the nine months ended September 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 September 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 $389.7 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	9 Months Ended
	Sep. 30, 2016
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.4 billion of investment commitments as of September 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 $73.1 million as of September 30, 2016 which includes $47.6 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to the Partnership to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, the Partnership’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $5.3 million as of September 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 September 30, 2016 was $147.4 million. Litigation From time to time, Blackstone is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. Contingent Obligations (Clawback) Carried Interest is subject to clawback to the extent that the Carried Interest received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. The lives of the carry funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2028. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, the general partners have recorded a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Carried Interest distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: September 30, 2016 December 31, 2015 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,784 $ 1,571 $ 3,355 $ 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 September 30, 2016, $611.6 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. 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 under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation. If, at September 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 $5.0 billion, on an after tax basis where applicable, of which $4.6 billion related to Blackstone Holdings and $382.3 million related to current and former Blackstone personnel.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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, 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, and a non-listed REIT formed to invest primarily in stabilized income-oriented commercial real estate in the United States. • 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 September 30, 2016 and 2015: Three Months Ended September 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,708 $ 197,629 $ 130,305 $ 133,867 $ 593,509 Advisory Fees 1,106 — — — 1,106 Transaction and Other Fees, Net 11,786 14,190 116 1,823 27,915 Management Fee Offsets (12,917 ) (842 ) — (7,091 ) (20,850 ) Total Management and Advisory Fees, Net 131,683 210,977 130,421 128,599 601,680 Performance Fees Realized Carried Interest 26,398 461,980 — 15,644 504,022 Incentive Fees — 3,857 4,572 21,866 30,295 Unrealized Carried Interest 144,597 (113,449 ) (84 ) 75,093 106,157 Incentive Fees — 14,445 12,038 5,689 32,172 Total Performance Fees 170,995 366,833 16,526 118,292 672,646 Investment Income (Loss) Realized 15,469 46,704 (1,211 ) (328 ) 60,634 Unrealized 8,884 (6,725 ) 12,219 12,875 27,253 Total Investment Income 24,353 39,979 11,008 12,547 87,887 Interest and Dividend Revenue 9,160 12,460 4,692 6,769 33,081 Other 411 (548 ) (260 ) (28 ) (425 ) Total Revenues 336,602 629,701 162,387 266,179 1,394,869 Expenses Compensation and Benefits Compensation 73,889 99,886 47,206 47,614 268,595 Performance Fee Compensation Realized Carried Interest 13,741 147,419 — 7,267 168,427 Incentive Fees — 1,764 2,902 10,770 15,436 Unrealized Carried Interest 69,300 (38,972 ) 35 39,681 70,044 Incentive Fees — 6,229 4,557 2,722 13,508 Total Compensation and Benefits 156,930 216,326 54,700 108,054 536,010 Other Operating Expenses 47,534 47,908 27,432 28,016 150,890 Total Expenses 204,464 264,234 82,132 136,070 686,900 Economic Income $ 132,138 $ 365,467 $ 80,255 $ 130,109 $ 707,969 Three Months Ended September 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 128,452 $ 175,710 $ 133,592 $ 126,533 $ — $ 564,287 Advisory Fees 2,547 — — — 143,606 146,153 Transaction and Other Fees, Net 9,359 21,390 219 1,289 146 32,403 Management Fee Offsets (12,262 ) (10,147 ) (507 ) (11,260 ) — (34,176 ) Total Management and Advisory Fees, Net 128,096 186,953 133,304 116,562 143,752 708,667 Performance Fees Realized Carried Interest 214,532 169,051 — 51,606 — 435,189 Incentive Fees — 3,879 2,783 28,123 — 34,785 Unrealized Carried Interest (809,363 ) (128,854 ) (5,394 ) (112,366 ) — (1,055,977 ) Incentive Fees — 2,784 (29,711 ) (26,419 ) — (53,346 ) Total Performance Fees (594,831 ) 46,860 (32,322 ) (59,056 ) — (639,349 ) Investment Income (Loss) Realized 46,917 39,821 (468 ) 1,735 (479 ) 87,526 Unrealized (110,689 ) (95,382 ) (6,411 ) (10,177 ) (998 ) (223,657 ) Total Investment Loss (63,772 ) (55,561 ) (6,879 ) (8,442 ) (1,477 ) (136,131 ) Interest and Dividend Revenue 8,119 11,057 4,136 6,053 6,094 35,459 Other 471 (938 ) (66 ) (73 ) (235 ) (841 ) Total Revenues (521,917 ) 188,371 98,173 55,044 148,134 (32,195 ) Expenses Compensation and Benefits Compensation 70,419 99,255 44,408 51,324 64,169 329,575 Performance Fee Compensation Realized Carried Interest 16,303 52,546 — 28,950 — 97,799 Incentive Fees — 1,838 (436 ) 13,659 — 15,061 Unrealized Carried Interest (141,448 ) (23,018 ) (3,041 ) (61,190 ) — (228,697 ) Incentive Fees — 5,215 (7,011 ) (12,846 ) — (14,642 ) Total Compensation and Benefits (54,726 ) 135,836 33,920 19,897 64,169 199,096 Other Operating Expenses 43,812 42,050 24,147 24,898 22,658 157,565 Total Expenses (10,914 ) 177,886 58,067 44,795 86,827 356,661 Economic Income (Loss) $ (511,003 ) $ 10,485 $ 40,106 $ 10,249 $ 61,307 $ (388,856 ) The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2016 and 2015: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,394,869 $ 36,816(a) $ 1,431,685 $ (32,195 ) $ 43,768(a) $ 11,573 Expenses $ 686,900 $ 86,877(b) $ 773,777 $ 356,661 $ 120,336(b) $ 476,997 Other Income (Loss) $ — $ 61,395(c) $ 61,395 $ — $ (16,867)(c) $ (16,867 ) Economic Income (Loss) $ 707,969 $ 11,334(d) $ 719,303 $ (388,856 ) $ (93,435)(d) $ (482,291 ) (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 September 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (37,835 ) $ (45,027 ) Fund Expenses Added in Consolidation 5,141 10,175 Income Associated with Non-Controlling Interests of Consolidated Entities 93,417 18,151 Transaction-Related Other Income (Loss) 672 (166 ) Total Consolidation Adjustments and Reconciling Items $ 61,395 $ (16,867 ) (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 September 30, 2016 2015 Economic Income (Loss) $ 707,969 $ (388,856 ) Adjustments Amortization of Intangibles (22,054 ) (30,624 ) Transaction-Related Charges (60,029 ) (80,962 ) Income Associated with Non-Controlling Interests of Consolidated Entities 93,417 18,151 Total Consolidation Adjustments and Reconciling Items 11,334 (93,435 ) Income (Loss) Before Provision (Benefit) for Taxes $ 719,303 $ (482,291 ) The following table presents the financial data for Blackstone’s four segments as of and for the nine months ended September 30, 2016 and 2015: September 30, 2016 and the Nine Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 393,833 $ 598,540 $ 390,586 $ 391,249 $ 1,774,208 Advisory Fees 2,864 — — — 2,864 Transaction and Other Fees, Net 30,037 71,096 654 4,589 106,376 Management Fee Offsets (23,960 ) (5,656 ) — (26,731 ) (56,347 ) Total Management and Advisory Fees, Net 402,774 663,980 391,240 369,107 1,827,101 Performance Fees Realized Carried Interest 113,736 928,989 — 15,940 1,058,665 Incentive Fees — 14,025 7,005 67,078 88,108 Unrealized Carried Interest 303,519 (209,846 ) 749 147,609 242,031 Incentive Fees — 30,152 10,139 6,988 47,279 Total Performance Fees 417,255 763,320 17,893 237,615 1,436,083 Investment Income (Loss) Realized 23,038 79,608 (6,471 ) 8,028 104,203 Unrealized 21,558 (17,764 ) 9,285 3,726 16,805 Total Investment Income 44,596 61,844 2,814 11,754 121,008 Interest and Dividend Revenue 28,525 38,732 15,193 20,945 103,395 Other 2,219 (226 ) (523 ) 403 1,873 Total Revenues 895,369 1,527,650 426,617 639,824 3,489,460 Expenses Compensation and Benefits Compensation 237,303 303,352 145,811 155,687 842,153 Performance Fee Compensation Realized Carried Interest 60,114 246,936 — 7,461 314,511 Incentive Fees — 7,197 6,090 31,523 44,810 Unrealized Carried Interest 98,046 2,988 273 73,940 175,247 Incentive Fees — 12,929 3,842 2,874 19,645 Total Compensation and Benefits 395,463 573,402 156,016 271,485 1,396,366 Other Operating Expenses 143,968 148,206 80,796 83,700 456,670 Total Expenses 539,431 721,608 236,812 355,185 1,853,036 Economic Income $ 355,938 $ 806,042 $ 189,805 $ 284,639 $ 1,636,424 Segment Assets as of September 30, 2016 $ 6,287,058 $ 7,421,606 $ 1,888,118 $ 2,723,402 $ 18,320,184 Nine Months Ended September 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 358,753 $ 468,801 $ 394,445 $ 375,177 $ — $ 1,597,176 Advisory Fees 9,819 — — — 297,570 307,389 Transaction and Other Fees, Net 17,876 58,116 244 4,806 162 81,204 Management Fee Offsets (26,239 ) (20,441 ) (1,395 ) (22,480 ) — (70,555 ) Total Management and Advisory Fees, Net 360,209 506,476 393,294 357,503 297,732 1,915,214 Performance Fees Realized Carried Interest 1,144,085 1,344,283 — 91,898 — 2,580,266 Incentive Fees — 5,822 30,214 76,238 — 112,274 Unrealized Carried Interest (548,114 ) (498,481 ) 2,620 (80,099 ) — (1,124,074 ) Incentive Fees — 12,788 33,571 (10,774 ) — 35,585 Total Performance Fees 595,971 864,412 66,405 77,263 — 1,604,051 Investment Income (Loss) Realized 141,991 196,597 (12,600 ) 6,695 (868 ) 331,815 Unrealized (101,503 ) (165,563 ) 104 (530 ) (39 ) (267,531 ) Total Investment Income (Loss) 40,488 31,034 (12,496 ) 6,165 (907 ) 64,284 Interest and Dividend Revenue 23,406 31,313 12,055 17,642 12,520 96,936 Other 1,161 (3,838 ) (1,214 ) 3,454 (1,303 ) (1,740 ) Total Revenues 1,021,235 1,429,397 458,044 462,027 308,042 3,678,745 Expenses Compensation and Benefits Compensation 209,597 263,573 146,353 148,325 180,917 948,765 Performance Fee Compensation Realized Carried Interest 162,287 415,210 — 50,582 — 628,079 Incentive Fees — 2,865 11,745 34,515 — 49,125 Unrealized Carried Interest 11,098 (171,661 ) 1,036 (45,349 ) — (204,876 ) Incentive Fees — 8,020 12,404 (3,974 ) — 16,450 Total Compensation and Benefits 382,982 518,007 171,538 184,099 180,917 1,437,543 Other Operating Expenses 145,258 125,539 65,852 70,273 62,326 469,248 Total Expenses 528,240 643,546 237,390 254,372 243,243 1,906,791 Economic Income $ 492,995 $ 785,851 $ 220,654 $ 207,655 $ 64,799 $ 1,771,954 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2016 and 2015: September 30, 2016 and the Nine Months Then Ended Nine Months Ended September 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,489,460 $ 67,005(a) $ 3,556,465 $ 3,678,745 $ 70,388(a) $ 3,749,133 Expenses $ 1,853,036 $ 251,054(b) $ 2,104,090 $ 1,906,791 $ 627,206(b) $ 2,533,997 Other Income $ — $ 111,240(c) $ 111,240 $ — $ 158,703(c) $ 158,703 Economic Income $ 1,636,424 $ (72,809)(d) $ 1,563,615 $ 1,771,954 $ (398,115)(d) $ 1,373,839 Total Assets $ 18,320,184 $ 6,093,336(e) $ 24,413,520 (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: Nine Months Ended September 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (68,308 ) $ (80,519 ) Fund Expenses Added in Consolidation (4,016 ) 53,218 Income Associated with Non-Controlling Interests of Consolidated Entities 189,782 187,970 Transaction-Related Other Loss (6,218 ) (1,966 ) Total Consolidation Adjustments and Reconciling Items $ 111,240 $ 158,703 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Nine Months Ended September 30, 2016 2015 Economic Income $ 1,636,424 $ 1,771,954 Adjustments Amortization of Intangibles (68,470 ) (81,243 ) Transaction-Related Charges (194,121 ) (504,842 ) Income Associated with Non-Controlling Interests of Consolidated Entities 189,782 187,970 Total Consolidation Adjustments and Reconciling Items (72,809 ) (398,115 ) Income Before Provision for Taxes $ 1,563,615 $ 1,373,839 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS On October 5, 2016, Blackstone Holdings Finance Co. L.L.C. issued €600 million in aggregate principal amount of 1.000% Senior Notes which will mature on October 5, 2026. See Note 12. “Borrowings” for additional information.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. 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. In October 2016, the FASB issued amended guidance on consolidation. The amendments do not change the characteristics of a primary beneficiary, however, in evaluating whether an entity has the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE, an entity is now required to evaluate all indirect interests, including those held by a party under common control, on a proportionate basis. The guidance is effective for fiscal years beginning after December 15, 2016. The guidance is not expected to have a material impact on Blackstone’s financial statements.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2016
Intangible Assets, Net	Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,424,226 $ 1,424,226 Accumulated Amortization (1,146,007 ) (1,078,679 ) Intangible Assets, Net $ 278,219 $ 345,547

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Investments	Investments consist of the following: September 30, December 31, Investments of Consolidated Blackstone Funds $ 5,436,085 $ 4,613,944 Equity Method Investments 3,110,320 3,110,810 Blackstone’s Treasury Cash Management Strategies 2,065,798 1,682,259 Performance Fees 5,078,448 4,757,932 Other Investments 267,283 159,152 $ 15,957,934 $ 14,324,097
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Condensed Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Realized Gains $ 52,046 $ 51,150 $ 62,993 $ 178,662 Net Change in Unrealized Losses (26,764 ) (102,340 ) (35,112 ) (100,597 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 25,282 (51,190 ) 27,881 78,065 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 36,113 34,323 83,359 80,638 Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ 61,395 $ (16,867 ) $ 111,240 $ 158,703
Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by Blackstone’s Treasury Cash Management Strategies: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized Losses $ (3,159 ) $ (3,003 ) $ (12,404 ) $ (6,606 ) Net Change in Unrealized Gains (Losses) 17,689 (8,984 ) 32,384 (12,922 ) $ 14,530 $ (11,987 ) $ 19,980 $ (19,528 )
Performance Fees Allocated to Funds	Performance Fees allocated to the general partner in respect of performance of certain Carry Funds, funds of hedge funds and credit-focused funds were as follows: Private Real Estate Hedge Fund Credit Total Performance Fees, December 31, 2015 $ 1,479,443 $ 3,101,688 $ 9,747 $ 167,054 $ 4,757,932 Performance Fees Allocated as a Result of Changes in Fund Fair Values 417,842 733,818 6,282 170,355 1,328,297 Foreign Exchange Gain — 13,604 — — 13,604 Fund Distributions (113,806 ) (863,685 ) (6,448 ) (37,446 ) (1,021,385 ) Performance Fees, September 30, 2016 $ 1,783,479 $ 2,985,425 $ 9,581 $ 299,963 $ 5,078,448
Realized and Net Change in Unrealized Gains (Losses), Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized Gains $ 83 $ 1,282 $ 4,560 $ 1,274 Net Change in Unrealized Gains (Losses) 10,039 (2,779 ) 7,087 (3,233 ) $ 10,122 $ (1,497 ) $ 11,647 $ (1,959 )

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 is presented below: Strategy Fair Value Unfunded Redemption eligible) Redemption Period Diversified Instruments $ 160,822 $ 129 (a ) (a ) Credit Driven 205,315 268 (b ) (b ) Equity 65,008 — (c ) (c ) Commodities 2,015 — (d ) (d ) $ 433,160 $ 397 (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 45% 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 55% of 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. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

DERIVATIVE FINANCIAL INSTRUME31

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 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. September 30, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 53,402 $ 62 $ — $ — $ 53,627 $ 319 $ 138 $ 1 Freestanding Derivatives Blackstone Interest Rate Contracts 1,823,069 1,185 465,455 4,816 1,681,533 2,212 1,054,465 4,288 Foreign Currency Contracts 665,112 3,348 201,135 1,161 158,684 2,088 271,891 2,042 Credit Default Swaps — — 7,274 634 — — 19,250 2,411 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 297,138 29,661 32,079 170 124,595 1,400 92,094 6,490 Credit Default Swaps — — 126,617 7,070 — — 108,786 6,275 Other Assets of Consolidated Blackstone Funds Foreign Currency Contracts 10,479 1,670 — — — — — — 2,795,798 35,864 832,560 13,851 1,964,812 5,700 1,546,486 21,506 Total $ 2,849,200 $ 35,926 $ 832,560 $ 13,851 $ 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 Nine Months Ended 2016 2015 2016 2015 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ (128 ) $ 229 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (3,493 ) $ (2,076 ) $ (10,305 ) $ (7,169 ) Foreign Currency Contracts (4,704 ) 53 (9,424 ) 8,956 Credit Default Swaps (241 ) 646 (4,790 ) 4,427 Total $ (8,438 ) $ (1,377 ) $ (24,519 ) $ 6,214 Freestanding Derivatives Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 4,893 $ (7,282 ) $ (2,349 ) $ (3,321 ) Foreign Currency Contracts 13,801 1,796 37,992 (6,449 ) Credit Default Swaps (719 ) (3,319 ) (4,201 ) (8,710 ) Total $ 17,975 $ (8,805 ) $ 31,442 $ (18,480 )

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	9 Months Ended
	Sep. 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: September 30, December 31, Assets Loans and Receivables $ 75,901 $ 261,994 Equity and Preferred Securities 292,766 280,879 Debt Securities 13,841 15,176 Assets of Consolidated CLO Vehicles Corporate Loans 3,857,058 3,087,563 Corporate Bonds 473,275 379,000 Other 24,627 — $ 4,737,468 $ 4,024,612 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 4,263,747 $ 3,225,064 Subordinated Notes 184,475 98,371 $ 4,448,222 $ 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 September 30, 2016 2015 Realized Net Change Realized Net Change in Unrealized Assets Loans and Receivables $ — $ 298 $ — $ (1,235 ) Equity and Preferred Securities 27 10,200 (36 ) (3,749 ) Debt Securities — (281 ) — (342 ) Assets of Consolidated CLO Vehicles Corporate Loans 16,672 33,071 2,578 (38,888 ) Corporate Bonds (662 ) 7,491 (988 ) (4,578 ) Other (2,643 ) — 1,003 (305 ) $ 13,394 $ 50,779 $ 2,557 $ (49,097 ) Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (56,690 ) $ — $ 34,235 Nine Months Ended September 30, 2016 2015 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ (2,395 ) $ — $ (1,832 ) Equity and Preferred Securities (266 ) 11,624 (273 ) (11,240 ) Debt Securities — (1,335 ) — (342 ) Assets of Consolidated CLO Vehicles Corporate Loans (12,288 ) 70,592 (2,269 ) 1,993 Corporate Bonds (225 ) 6,548 (867 ) (62 ) Other (2,377 ) — 4,276 (3,636 ) $ (15,156 ) $ 85,034 $ 867 $ (15,119 ) Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ (58,558 ) $ — $ 23,997
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2016 December 31, 2015 For Financial Assets For Financial Assets Past Due (a) Excess Fair Excess of Fair Value (Deficiency) Fair (Deficiency) Loans and Receivables $ (11,587 ) $ — $ — $ (8,845 ) $ — $ — Debt Securities (1,761 ) — — (426 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 3,330 — — (77,900 ) 1,088 (5,620 ) Corporate Bonds (2,111 ) — — (6,046 ) — — $ (12,129 ) $ — $ — $ (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)	9 Months Ended
	Sep. 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: September 30, 2016 Level I Level II Level III NAV Total Assets Investments of Consolidated Blackstone Funds (a) Investment Funds $ — $ — $ — $ 157,430 $ 157,430 Equity Securities 50,551 50,244 90,240 — 191,035 Partnership and LLC Interests 27,897 64,924 392,381 — 485,202 Debt Instruments — 210,054 7,743 — 217,797 Assets of Consolidated CLO Vehicles Corporate Loans — 3,611,059 245,999 — 3,857,058 Corporate Bonds — 473,275 — — 473,275 Freestanding Derivatives — Foreign Currency Contracts — 29,661 — — 29,661 Other — — 24,627 — 24,627 Total Investments of Consolidated Blackstone Funds 78,448 4,439,217 760,990 157,430 5,436,085 Blackstone’s Treasury Cash Management Strategies Equity Securities 149,040 — — — 149,040 Debt Instruments — 1,621,709 38,200 53,766 1,713,675 Other — — — 203,083 203,083 Total Blackstone’s Treasury Cash Management Strategies 149,040 1,621,709 38,200 256,849 2,065,798 Money Market Funds 393,897 — — — 393,897 Net Investment Hedges — Foreign Currency Contracts — 62 — — 62 Freestanding Derivatives Interest Rate Contracts 737 448 — — 1,185 Foreign Currency Contracts — 3,348 — — 3,348 Other Assets of Consolidated Blackstone Funds Freestanding Derivatives — Foreign Currency Contracts — 1,670 — — 1,670 Loans and Receivables — — 75,901 — 75,901 Other Investments 143,877 — 104,525 18,881 267,283 $ 765,999 $ 6,066,454 $ 979,616 $ 433,160 $ 8,245,229 September 30, 2016 Level I Level II Level III Total Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 4,263,747 $ — $ 4,263,747 Subordinated Notes (b) — 184,475 — 184,475 Freestanding Derivatives — Foreign Currency Contracts — 170 — 170 Liabilities of Consolidated Blackstone Funds Freestanding Derivatives — Credit Default Swaps — 7,070 — 7,070 Freestanding Derivatives Interest Rate Contracts 862 3,954 — 4,816 Foreign Currency Contracts — 1,161 — 1,161 Credit Default Swaps — 634 — 634 Securities Sold, Not Yet Purchased — 176,218 — 176,218 $ 862 $ 4,637,429 $ — $ 4,638,291 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 September 30, 2016 and 2015, respectively: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Transfers from Level I into Level II (a) $ — $ 287 $ 2,114 $ 287 Transfers from Level II into Level I (b) $ — $ 26,534 $ 28,346 $ 32,312 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, 2016: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 67,923 Discounted Cash Flows Discount Rate 7.4% - 29.1% 12.6% Revenue CAGR 0.0% - 20.6% 7.2% Exit Multiple - EBITDA 4.0x - 19.0x 9.7x Exit Multiple -P/E 10.5x - 17.0x 11.4x Exit Capitalization Rate 5.3% - 11.4% 8.6% 13,330 Other N/A N/A N/A 7,091 Transaction Price N/A N/A N/A 1,879 Market Comparable Companies Book Value Multiple 0.8x N/A 17 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 350,281 Discounted Cash Flows Discount Rate 2.0% - 29.4% 9.8% Revenue CAGR -38.5% - 42.2% 7.0% Exit Multiple - EBITDA 0.1x - 23.5x 9.0x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 3.0% - 10.7% 6.0% 18,160 Transaction Price N/A N/A N/A 16,589 Third Party Pricing N/A N/A N/A 7,351 Other N/A N/A N/A Debt Instruments 4,306 Third Party Pricing N/A N/A N/A 3,437 Discounted Cash Flows Discount Rate 8.3% - 77.9% 12.1% Revenue CAGR 6.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 8.3% N/A Assets of Consolidated 244,175 Third Party Pricing N/A N/A N/A 24,627 Transaction Price N/A N/A N/A 1,824 Market Comparable Companies EBITDA Multiple 6.0x N/A Total Investments of Consolidated Blackstone Funds 760,990 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Blackstone’s Treasury Cash Management Strategies $ 9,239 Discounted Cash Flows Default Rate 1.0% - 2.0% 1.9% Recovery Rate 16.5% - 79.1% 67.4% Recovery Lag 12 months N/A Pre-payment Rate 20.0% N/A Reinvestment Rate LIBOR + 350 bps - LIBOR + 390 bps LIBOR + 400 bps Discount Rate 7.3% - 11.2% 8.4% 28,961 Third Party Pricing N/A N/A N/A Loans and Receivables 46,338 Discounted Cash Flows Discount Rate 6.8% - 16.1% 10.0% 29,563 Third Party Pricing N/A N/A N/A Other Investments 83,971 Discounted Cash Flows Discount Rate 1.3% - 15.8% 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 20,554 Transaction Price N/A N/A N/A Total $ 979,616 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 Companies EBITDA Multiple 6.5x - 8.0x 6.6x Book Value Multiple 0.9x N/A 29 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 423,588 Discounted Cash Flows Discount Rate 2.1% - 25.8% 9.3% Revenue CAGR -24.1% - 31.8% 8.6% Exit Multiple - EBITDA 0.1x - 23.8x 9.8x Exit Multiple - P/E 9.3x N/A Exit Capitalization Rate 2.7% - 12.1% 6.3% 30,437 Transaction Price N/A N/A N/A 16,963 Third Party Pricing N/A N/A N/A 1,403 Other N/A N/A N/A Debt Instruments 16,217 Third Party Pricing N/A N/A N/A 4,086 Discounted Cash Flows Discount Rate 6.5% - 52.7% 14.1% Revenue CAGR 16.8% N/A Exit Multiple - EBITDA 12.0x N/A Exit Capitalization Rate 1.0% - 8.3% 5.8% 78 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 180,988 Third Party Pricing N/A N/A N/A 19,783 Market Comparable Companies EBITDA Multiple 4.5x - 7.0x 6.5x Total Investments of Consolidated Blackstone Funds 774,392 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- 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 2016 2015 Investments Loans Other Total Investments Loans Other Total Balance, Beginning of Period $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 $ 937,149 $ 36,440 $ 151,734 $ 1,125,323 Transfer In to Level III (b) 50,836 — 5,188 56,024 43,920 — 5,194 49,114 Transfer Out of Level III (b) (41,852 ) — (5,917 ) (47,769 ) (143,531 ) — (9,171 ) (152,702 ) Purchases 174,939 44,988 12,454 232,381 122,676 144,058 5,240 271,974 Sales (151,701 ) (175,914 ) (284 ) (327,899 ) (139,229 ) — (2,792 ) (142,021 ) Settlements — (2,983 ) (140 ) (3,123 ) — (1,405 ) (140 ) (1,545 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 22,336 2,291 3,370 27,997 16,871 162 (1,768 ) 15,265 Balance, End of Period $ 760,990 $ 75,901 $ 142,725 $ 979,616 $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (16,130 ) $ 2,292 $ 2,627 $ (11,211 ) $ (41,807 ) $ 162 $ (1,837 ) $ (43,482 ) Level III Financial Assets at Fair Value 2016 2015 Investments Loans Other Total Investments Loans 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) 76,564 — 14,515 91,079 47,035 — 25,092 72,127 Transfer Out of Level III (b) (80,550 ) — (16,121 ) (96,671 ) (181,429 ) — (56,336 ) (237,765 ) Purchases 266,229 348,645 19,427 634,301 304,012 150,244 38,579 492,835 Sales (305,502 ) (531,165 ) (30,975 ) (867,642 ) (321,121 ) (9,535 ) (39,765 ) (370,421 ) Settlements — (8,157 ) (394 ) (8,551 ) — (3,485 ) (358 ) (3,843 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 29,857 4,584 432 34,873 55,074 1,634 (8,300 ) 48,408 Balance, End of Period $ 760,990 $ 75,901 $ 142,725 $ 979,616 $ 837,856 $ 179,255 $ 148,297 $ 1,165,408 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (32,299 ) $ 4,626 $ 2,581 $ (25,092 ) $ (25,614 ) $ 1,505 $ (329 ) $ (24,438 )
Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used	Level III Financial Liabilities at Fair Value Three Months Ended September 30, 2015 (c) Nine Months Ended September 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 nine months ended September 30, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either September 30, 2016 or September 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)	9 Months Ended
	Sep. 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: September 30, December 31, 2016 2015 Investments $ 657,065 $ 466,651 Accounts Receivable 12,549 11,726 Due from Affiliates 35,535 51,029 Total VIE Assets 705,149 529,406 Due to Affiliates 791 586 Accounts Payable, Accrued Expenses and Other Liabilities 183 88 Potential Clawback Obligation 86,675 73,450 Maximum Exposure to Loss $ 792,798 $ 603,530

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2016: September 30, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 3,261 $ — $ — $ — $ 3,261 Asset-Backed Securities — 8,617 46,101 4,116 58,834 Total $ 3,261 $ 8,617 $ 46,101 $ 4,116 $ 62,095 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 62,095 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIAB36

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2016
Offsetting of Liabilities	The following tables present the offsetting of liabilities as of September 30, 2016: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 13,681 $ 1,090 $ 11,581 $ 1,010 Repurchase Agreements 62,095 58,947 3,149 (1 ) Total $ 75,776 $ 60,037 $ 14,730 $ 1,009 The following tables present the offsetting of 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
Offsetting of Assets	The following tables present the offsetting of assets as of September 30, 2016: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 62 $ — $ — $ 62 Freestanding Derivatives 6,203 1,090 5,004 109 Reverse Repurchase Agreements 89,326 88,644 — 682 Total $ 95,591 $ 89,734 $ 5,004 $ 853 The following tables present the offsetting of assets as of December 31, 2015: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 319 $ 1 $ — $ 318 Freestanding Derivatives 4,300 2,149 1,310 841 Reverse Repurchase Agreements 204,893 203,938 — 955 Total $ 209,512 $ 206,088 $ 1,310 $ 2,114
Components of Other Assets	The following table presents the components of Other Assets: September 30, 2016 December 31, 2015 Furniture, Equipment and Leasehold Improvements, Net $ 135,260 $ 135,543 Prepaid Expenses 154,732 190,241 Other Assets 77,222 46,786 Freestanding Derivatives 6,203 4,300 Net Investment Hedges 62 319 $ 373,479 $ 377,189

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 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. September 30, 2016 December 31, 2015 Senior Notes Carrying Fair Carrying Fair 6.625%, Due 8/15/2019 (b) $ 609,129 $ 662,220 $ 614,996 $ 665,438 5.875%, Due 3/15/2021 398,007 462,080 397,720 458,680 4.750%, Due 2/15/2023 392,921 444,520 392,224 430,560 6.250%, Due 8/15/2042 237,784 312,600 237,648 297,575 5.000%, Due 6/15/2044 488,288 548,050 488,119 515,050 4.450%, Due 7/15/2045 343,789 355,320 343,689 332,640 2.000%, Due 5/19/2025 331,535 365,444 322,664 327,465 Total $ 2,801,453 $ 3,150,234 $ 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: September 30, 2016 December 31, 2015 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 4,648,050 1.93 % 4.9 $ 3,687,976 1.93 % 5.4 Subordinated Notes 221,865 (a ) N/A 226,350 (a ) N/A $ 4,869,915 $ 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: September 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 $ 4,263,747 $ — $ — $ 3,225,064 $ — $ — Subordinated Notes 184,475 10,000 7,978 98,371 10,000 8,231 $ 4,448,222 $ 10,000 $ 7,978 $ 3,323,435 $ 10,000 $ 8,231
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of September 30, 2016 were as follows: Operating Blackstone Fund Total 2016 $ — $ 2,937 $ 2,937 2017 — 533,045 533,045 2018 — — — 2019 585,000 — 585,000 2020 — — — Thereafter 2,236,660 4,336,870 6,573,530 Total $ 2,821,660 $ 4,872,852 $ 7,694,512

NET INCOME (LOSS) PER COMMON 38

NET INCOME (LOSS) PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2016
Basic and Diluted Net Income (Loss) Per Common Unit	Basic and diluted net income (loss) per common unit for the three and nine months ended September 30, 2016 and September 30, 2015 was calculated as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net Income (Loss) for Per Common Unit Calculation Net Income (Loss) Attributable to The Blackstone Group L.P., Basic $ 312,905 $ (254,697 ) $ 671,284 $ 508,919 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 246,086 — 532,116 — Net Income (Loss) Attributable to The Blackstone Group L.P., Diluted $ 558,991 $ (254,697 ) $ 1,203,400 $ 508,919 Units Outstanding Weighted-Average Common Units Outstanding, Basic 650,917,510 638,832,799 647,595,189 632,046,646 Weighted-Average Unvested Deferred Restricted Common Units 1,495,331 — 1,379,168 3,393,182 Weighted-Average Blackstone Holdings Partnership Units 543,392,474 — 545,887,895 — Weighted-Average Common Units Outstanding, Diluted 1,195,805,315 638,832,799 1,194,862,252 635,439,828 Net Income (Loss) Per Common Unit, Basic $ 0.48 $ (0.40 ) $ 1.04 $ 0.81 Net Income (Loss) Per Common Unit, Diluted $ 0.47 $ (0.40 ) $ 1.01 $ 0.80 Distributions Declared Per Common Unit (a) $ 0.36 $ 0.74 $ 1.25 $ 2.41 (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 nine months ended September 30, 2016 and 2015: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Weighted-Average Unvested Deferred Restricted Common Units — 1,913,028 — — Weighted-Average Blackstone Holdings Partnership Units — 550,983,910 — 551,860,289

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 and of changes during the period January 1, 2016 through September 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 3,495,525 25.03 3,402,926 26.96 14,248 27.07 Vested (7,044,239 ) 22.08 (5,114,780 ) 19.61 (1,248 ) 16.48 Forfeited (217,007 ) 36.26 (449,317 ) 20.85 (482 ) 28.62 Balance, September 30, 2016 37,136,034 $ 34.31 12,180,958 $ 24.93 40,460 $ 26.83
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of September 30, 2016, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 29,298,229 4.3 Deferred Restricted Blackstone Common Units 10,429,836 1.9 Total Equity-Based Awards 39,728,065 3.7 Phantom Units 33,836 3.7

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, Due from Affiliates Accrual for Potential Clawback of Previously Distributed Carried Interest $ 1,571 $ 1,686 Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds 347,713 331,558 Amounts Due from Portfolio Companies and Funds 326,827 319,758 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 8,156 5,931 Management and Performance Fees Due from Non-Consolidated Funds 425,400 403,538 Payments Made on Behalf of Non-Consolidated Entities 200,745 178,326 $ 1,310,412 $ 1,240,797 September 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,169,136 $ 1,201,543 Accrual for Potential Repayment of Previously Received Performance Fees 3,355 3,356 Due to Note Holders of Consolidated CLO Vehicles 7,978 8,231 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 30,541 26,593 Distributions Received on Behalf of Blackstone Entities 83,241 33,160 Payments Made by Non-Consolidated Entities 15,650 9,817 $ 1,309,901 $ 1,282,700

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2016
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: September 30, 2016 December 31, 2015 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,784 $ 1,571 $ 3,355 $ 1,670 $ 1,686 $ 3,356

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2016
Financial Data of Segments	The following table presents the financial data for Blackstone’s four segments for the three months ended September 30, 2016 and 2015: Three Months Ended September 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,708 $ 197,629 $ 130,305 $ 133,867 $ 593,509 Advisory Fees 1,106 — — — 1,106 Transaction and Other Fees, Net 11,786 14,190 116 1,823 27,915 Management Fee Offsets (12,917 ) (842 ) — (7,091 ) (20,850 ) Total Management and Advisory Fees, Net 131,683 210,977 130,421 128,599 601,680 Performance Fees Realized Carried Interest 26,398 461,980 — 15,644 504,022 Incentive Fees — 3,857 4,572 21,866 30,295 Unrealized Carried Interest 144,597 (113,449 ) (84 ) 75,093 106,157 Incentive Fees — 14,445 12,038 5,689 32,172 Total Performance Fees 170,995 366,833 16,526 118,292 672,646 Investment Income (Loss) Realized 15,469 46,704 (1,211 ) (328 ) 60,634 Unrealized 8,884 (6,725 ) 12,219 12,875 27,253 Total Investment Income 24,353 39,979 11,008 12,547 87,887 Interest and Dividend Revenue 9,160 12,460 4,692 6,769 33,081 Other 411 (548 ) (260 ) (28 ) (425 ) Total Revenues 336,602 629,701 162,387 266,179 1,394,869 Expenses Compensation and Benefits Compensation 73,889 99,886 47,206 47,614 268,595 Performance Fee Compensation Realized Carried Interest 13,741 147,419 — 7,267 168,427 Incentive Fees — 1,764 2,902 10,770 15,436 Unrealized Carried Interest 69,300 (38,972 ) 35 39,681 70,044 Incentive Fees — 6,229 4,557 2,722 13,508 Total Compensation and Benefits 156,930 216,326 54,700 108,054 536,010 Other Operating Expenses 47,534 47,908 27,432 28,016 150,890 Total Expenses 204,464 264,234 82,132 136,070 686,900 Economic Income $ 132,138 $ 365,467 $ 80,255 $ 130,109 $ 707,969 Three Months Ended September 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 128,452 $ 175,710 $ 133,592 $ 126,533 $ — $ 564,287 Advisory Fees 2,547 — — — 143,606 146,153 Transaction and Other Fees, Net 9,359 21,390 219 1,289 146 32,403 Management Fee Offsets (12,262 ) (10,147 ) (507 ) (11,260 ) — (34,176 ) Total Management and Advisory Fees, Net 128,096 186,953 133,304 116,562 143,752 708,667 Performance Fees Realized Carried Interest 214,532 169,051 — 51,606 — 435,189 Incentive Fees — 3,879 2,783 28,123 — 34,785 Unrealized Carried Interest (809,363 ) (128,854 ) (5,394 ) (112,366 ) — (1,055,977 ) Incentive Fees — 2,784 (29,711 ) (26,419 ) — (53,346 ) Total Performance Fees (594,831 ) 46,860 (32,322 ) (59,056 ) — (639,349 ) Investment Income (Loss) Realized 46,917 39,821 (468 ) 1,735 (479 ) 87,526 Unrealized (110,689 ) (95,382 ) (6,411 ) (10,177 ) (998 ) (223,657 ) Total Investment Loss (63,772 ) (55,561 ) (6,879 ) (8,442 ) (1,477 ) (136,131 ) Interest and Dividend Revenue 8,119 11,057 4,136 6,053 6,094 35,459 Other 471 (938 ) (66 ) (73 ) (235 ) (841 ) Total Revenues (521,917 ) 188,371 98,173 55,044 148,134 (32,195 ) Expenses Compensation and Benefits Compensation 70,419 99,255 44,408 51,324 64,169 329,575 Performance Fee Compensation Realized Carried Interest 16,303 52,546 — 28,950 — 97,799 Incentive Fees — 1,838 (436 ) 13,659 — 15,061 Unrealized Carried Interest (141,448 ) (23,018 ) (3,041 ) (61,190 ) — (228,697 ) Incentive Fees — 5,215 (7,011 ) (12,846 ) — (14,642 ) Total Compensation and Benefits (54,726 ) 135,836 33,920 19,897 64,169 199,096 Other Operating Expenses 43,812 42,050 24,147 24,898 22,658 157,565 Total Expenses (10,914 ) 177,886 58,067 44,795 86,827 356,661 Economic Income (Loss) $ (511,003 ) $ 10,485 $ 40,106 $ 10,249 $ 61,307 $ (388,856 ) The following table presents the financial data for Blackstone’s four segments as of and for the nine months ended September 30, 2016 and 2015: September 30, 2016 and the Nine Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 393,833 $ 598,540 $ 390,586 $ 391,249 $ 1,774,208 Advisory Fees 2,864 — — — 2,864 Transaction and Other Fees, Net 30,037 71,096 654 4,589 106,376 Management Fee Offsets (23,960 ) (5,656 ) — (26,731 ) (56,347 ) Total Management and Advisory Fees, Net 402,774 663,980 391,240 369,107 1,827,101 Performance Fees Realized Carried Interest 113,736 928,989 — 15,940 1,058,665 Incentive Fees — 14,025 7,005 67,078 88,108 Unrealized Carried Interest 303,519 (209,846 ) 749 147,609 242,031 Incentive Fees — 30,152 10,139 6,988 47,279 Total Performance Fees 417,255 763,320 17,893 237,615 1,436,083 Investment Income (Loss) Realized 23,038 79,608 (6,471 ) 8,028 104,203 Unrealized 21,558 (17,764 ) 9,285 3,726 16,805 Total Investment Income 44,596 61,844 2,814 11,754 121,008 Interest and Dividend Revenue 28,525 38,732 15,193 20,945 103,395 Other 2,219 (226 ) (523 ) 403 1,873 Total Revenues 895,369 1,527,650 426,617 639,824 3,489,460 Expenses Compensation and Benefits Compensation 237,303 303,352 145,811 155,687 842,153 Performance Fee Compensation Realized Carried Interest 60,114 246,936 — 7,461 314,511 Incentive Fees — 7,197 6,090 31,523 44,810 Unrealized Carried Interest 98,046 2,988 273 73,940 175,247 Incentive Fees — 12,929 3,842 2,874 19,645 Total Compensation and Benefits 395,463 573,402 156,016 271,485 1,396,366 Other Operating Expenses 143,968 148,206 80,796 83,700 456,670 Total Expenses 539,431 721,608 236,812 355,185 1,853,036 Economic Income $ 355,938 $ 806,042 $ 189,805 $ 284,639 $ 1,636,424 Segment Assets as of September 30, 2016 $ 6,287,058 $ 7,421,606 $ 1,888,118 $ 2,723,402 $ 18,320,184 Nine Months Ended September 30, 2015 Private Real Estate Hedge Fund Credit Financial Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 358,753 $ 468,801 $ 394,445 $ 375,177 $ — $ 1,597,176 Advisory Fees 9,819 — — — 297,570 307,389 Transaction and Other Fees, Net 17,876 58,116 244 4,806 162 81,204 Management Fee Offsets (26,239 ) (20,441 ) (1,395 ) (22,480 ) — (70,555 ) Total Management and Advisory Fees, Net 360,209 506,476 393,294 357,503 297,732 1,915,214 Performance Fees Realized Carried Interest 1,144,085 1,344,283 — 91,898 — 2,580,266 Incentive Fees — 5,822 30,214 76,238 — 112,274 Unrealized Carried Interest (548,114 ) (498,481 ) 2,620 (80,099 ) — (1,124,074 ) Incentive Fees — 12,788 33,571 (10,774 ) — 35,585 Total Performance Fees 595,971 864,412 66,405 77,263 — 1,604,051 Investment Income (Loss) Realized 141,991 196,597 (12,600 ) 6,695 (868 ) 331,815 Unrealized (101,503 ) (165,563 ) 104 (530 ) (39 ) (267,531 ) Total Investment Income (Loss) 40,488 31,034 (12,496 ) 6,165 (907 ) 64,284 Interest and Dividend Revenue 23,406 31,313 12,055 17,642 12,520 96,936 Other 1,161 (3,838 ) (1,214 ) 3,454 (1,303 ) (1,740 ) Total Revenues 1,021,235 1,429,397 458,044 462,027 308,042 3,678,745 Expenses Compensation and Benefits Compensation 209,597 263,573 146,353 148,325 180,917 948,765 Performance Fee Compensation Realized Carried Interest 162,287 415,210 — 50,582 — 628,079 Incentive Fees — 2,865 11,745 34,515 — 49,125 Unrealized Carried Interest 11,098 (171,661 ) 1,036 (45,349 ) — (204,876 ) Incentive Fees — 8,020 12,404 (3,974 ) — 16,450 Total Compensation and Benefits 382,982 518,007 171,538 184,099 180,917 1,437,543 Other Operating Expenses 145,258 125,539 65,852 70,273 62,326 469,248 Total Expenses 528,240 643,546 237,390 254,372 243,243 1,906,791 Economic Income $ 492,995 $ 785,851 $ 220,654 $ 207,655 $ 64,799 $ 1,771,954
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets	The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2016 and 2015: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,394,869 $ 36,816(a) $ 1,431,685 $ (32,195 ) $ 43,768(a) $ 11,573 Expenses $ 686,900 $ 86,877(b) $ 773,777 $ 356,661 $ 120,336(b) $ 476,997 Other Income (Loss) $ — $ 61,395(c) $ 61,395 $ — $ (16,867)(c) $ (16,867 ) Economic Income (Loss) $ 707,969 $ 11,334(d) $ 719,303 $ (388,856 ) $ (93,435)(d) $ (482,291 ) (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 September 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (37,835 ) $ (45,027 ) Fund Expenses Added in Consolidation 5,141 10,175 Income Associated with Non-Controlling Interests of Consolidated Entities 93,417 18,151 Transaction-Related Other Income (Loss) 672 (166 ) Total Consolidation Adjustments and Reconciling Items $ 61,395 $ (16,867 ) (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 September 30, 2016 2015 Economic Income (Loss) $ 707,969 $ (388,856 ) Adjustments Amortization of Intangibles (22,054 ) (30,624 ) Transaction-Related Charges (60,029 ) (80,962 ) Income Associated with Non-Controlling Interests of Consolidated Entities 93,417 18,151 Total Consolidation Adjustments and Reconciling Items 11,334 (93,435 ) Income (Loss) Before Provision (Benefit) for Taxes $ 719,303 $ (482,291 ) The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2016 and 2015: September 30, 2016 and the Nine Months Then Ended Nine Months Ended September 30, 2015 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,489,460 $ 67,005(a) $ 3,556,465 $ 3,678,745 $ 70,388(a) $ 3,749,133 Expenses $ 1,853,036 $ 251,054(b) $ 2,104,090 $ 1,906,791 $ 627,206(b) $ 2,533,997 Other Income $ — $ 111,240(c) $ 111,240 $ — $ 158,703(c) $ 158,703 Economic Income $ 1,636,424 $ (72,809)(d) $ 1,563,615 $ 1,771,954 $ (398,115)(d) $ 1,373,839 Total Assets $ 18,320,184 $ 6,093,336(e) $ 24,413,520 (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: Nine Months Ended September 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (68,308 ) $ (80,519 ) Fund Expenses Added in Consolidation (4,016 ) 53,218 Income Associated with Non-Controlling Interests of Consolidated Entities 189,782 187,970 Transaction-Related Other Loss (6,218 ) (1,966 ) Total Consolidation Adjustments and Reconciling Items $ 111,240 $ 158,703 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Nine Months Ended September 30, 2016 2015 Economic Income $ 1,636,424 $ 1,771,954 Adjustments Amortization of Intangibles (68,470 ) (81,243 ) Transaction-Related Charges (194,121 ) (504,842 ) Income Associated with Non-Controlling Interests of Consolidated Entities 189,782 187,970 Total Consolidation Adjustments and Reconciling Items (72,809 ) (398,115 ) Income Before Provision for Taxes $ 1,563,615 $ 1,373,839 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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	Sep. 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	(1,146,007)	(1,078,679)
Intangible Assets, Net	$ 278,219	$ 345,547

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Intangible Assets [Line Items]
Amortization Expense	$ 21,700	$ 29,500	$ 67,328	$ 77,947
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	Sep. 30, 2016		Dec. 31, 2015
Schedule of Investments [Line Items]
Investments of Consolidated Blackstone Funds	$ 5,436,085	[1]	$ 4,613,944
Equity Method Investments	3,110,320		3,110,810
Blackstone's Treasury Cash Management Strategies	2,065,798		1,682,259
Performance Fees	5,078,448		4,757,932
Other Investments	267,283		159,152
Investments	$ 15,957,934		$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investment [Line Items]
Recognized net gains related to equity method investments	$ 50.6	$ (89.7)	$ 120.3	$ 91.9
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 440.1		$ 440.1		$ 451.9

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 52,046	$ 51,150	$ 62,993	$ 178,662
Net Change in Unrealized Losses	(26,764)	(102,340)	(35,112)	(100,597)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	25,282	(51,190)	27,881	78,065
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	36,113	34,323	83,359	80,638
Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities	$ 61,395	$ (16,867)	$ 111,240	$ 158,703

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - Blackstone's Treasury Cash Management Strategies - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gain (Loss) on Investments [Line Items]
Realized Losses	$ (3,159)	$ (3,003)	$ (12,404)	$ (6,606)
Net Change in Unrealized Gains (Losses)	17,689	(8,984)	32,384	(12,922)
Total realized and net change in unrealized gains (losses)	$ 14,530	$ (11,987)	$ 19,980	$ (19,528)

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	9 Months Ended
	Sep. 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	1,328,297
Foreign Exchange Gain	13,604
Fund Distributions	(1,021,385)
Performance Fees, September 30, 2016	5,078,448
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	417,842
Fund Distributions	(113,806)
Performance Fees, September 30, 2016	1,783,479
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	733,818
Foreign Exchange Gain	13,604
Fund Distributions	(863,685)
Performance Fees, September 30, 2016	2,985,425
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	6,282
Fund Distributions	(6,448)
Performance Fees, September 30, 2016	9,581
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	170,355
Fund Distributions	(37,446)
Performance Fees, September 30, 2016	$ 299,963

Realized and Net Change in Un51

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 83	$ 1,282	$ 4,560	$ 1,274
Net Change in Unrealized Gains (Losses)	10,039	(2,779)	7,087	(3,233)
Total realized and net change in unrealized gains (losses) on other investments	$ 10,122	$ (1,497)	$ 11,647	$ (1,959)

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 433,160
Unfunded Commitments	397
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	160,822	[1]
Unfunded Commitments	129	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	205,315	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	65,008	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 2,015	[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 45% 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 55% of 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. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

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)	Sep. 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	45.00%
Percentage of investments redeemable as of reporting date	55.00%
Commodities
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	100.00%

Derivative Financial Instrume54

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 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	$ (0.5)	$ (1.3)

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 2,849,200	$ 2,018,439
Derivative Liabilities, Notional	832,560	1,546,624
Derivative Assets, Fair Value	35,926	6,019
Derivative Liabilities, Fair Value	13,851	21,507
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	53,402	53,627
Derivative Liabilities, Notional		138
Derivative Assets, Fair Value	62	319
Derivative Liabilities, Fair Value		1
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,795,798	1,964,812
Derivative Liabilities, Notional	832,560	1,546,486
Derivative Assets, Fair Value	35,864	5,700
Derivative Liabilities, Fair Value	13,851	21,506
Freestanding Derivatives | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Fair Value	634	2,411
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	7,274	19,250
Derivative Liabilities, Fair Value	634	2,411
Freestanding Derivatives | Investments Of Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	126,617	108,786
Derivative Liabilities, Fair Value	7,070	6,275
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	665,112	158,684
Derivative Liabilities, Notional	201,135	271,891
Derivative Assets, Fair Value	3,348	2,088
Derivative Liabilities, Fair Value	1,161	2,042
Freestanding Derivatives | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	297,138	124,595
Derivative Liabilities, Notional	32,079	92,094
Derivative Assets, Fair Value	29,661	1,400
Derivative Liabilities, Fair Value	170	6,490
Freestanding Derivatives | Foreign Currency Contracts | Other Assets of Consolidated Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	10,479
Derivative Assets, Fair Value	1,670
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,823,069	1,681,533
Derivative Liabilities, Notional	465,455	1,054,465
Derivative Assets, Fair Value	1,185	2,212
Derivative Liabilities, Fair Value	$ 4,816	$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Realized Gains (Losses)	$ (8,438)	$ (1,377)	$ (24,519)	$ 6,214
Net Change in Unrealized Gain (Loss)	17,975	(8,805)	31,442	(18,480)
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)			(128)	229
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(241)	646	(4,790)	4,427
Net Change in Unrealized Gain (Loss)	(719)	(3,319)	(4,201)	(8,710)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(4,704)	53	(9,424)	8,956
Net Change in Unrealized Gain (Loss)	13,801	1,796	37,992	(6,449)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(3,493)	(2,076)	(10,305)	(7,169)
Net Change in Unrealized Gain (Loss)	$ 4,893	$ (7,282)	$ (2,349)	$ (3,321)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and Preferred Securities	$ 292,766	$ 280,879
Total Assets	4,737,468	4,024,612
Fair value of Notes	4,448,222	3,323,435
Total Liabilities	4,448,222	3,323,435
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables	75,901	261,994
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	13,841	15,176
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Bonds	473,275	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	4,263,747	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	184,475	98,371
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Loans	3,857,058	$ 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	$ 24,627

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	$ 13,394	$ 2,557	$ (15,156)	$ 867
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	(662)	(988)	(225)	(867)
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	(2,643)	1,003	(2,377)	4,276
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	298	(1,235)	(2,395)	(1,832)
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(281)	(342)	(1,335)	(342)
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	50,779	(49,097)	85,034	(15,119)
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	7,491	(4,578)	6,548	(62)
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	(56,690)	34,235	(58,558)	23,997
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(305)		(3,636)
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	27	(36)	(266)	(273)
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	10,200	(3,749)	11,624	(11,240)
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	16,672	2,578	(12,288)	(2,269)
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	$ 33,071	$ (38,888)	$ 70,592	$ 1,993

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		$ (12,129)	$ (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]
Excess (Deficiency) of fair value over uncollected principal		(2,111)	(6,046)
Fair value of financial instruments more than one day past due		0	0
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		3,330	(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]
Excess (Deficiency) of fair value over uncollected principal		(1,761)	(426)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		$ (11,587)	(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)	9 Months Ended	12 Months Ended
	Sep. 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 ($)		Sep. 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		Sep. 30, 2016		Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds		$ 5,436,085	[1]	$ 4,613,944
Total Blackstone's Treasury Cash Management Strategies		2,065,798		1,682,259
Freestanding Derivatives, Assets		35,926		6,019
Money Market Funds		393,897		460,233
Net Investment Hedges - Foreign Currency Contracts		62		319
Freestanding Derivatives, Liabilities		13,851		21,507
Other Investments		267,283		159,152
Total Financial Assets		8,245,229		7,182,201
Fair value of Notes		4,448,222		3,323,435
Securities Sold, Not Yet Purchased		176,218		176,667
Total Financial Liabilities		4,638,291		3,521,609
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		35,864		5,700
Freestanding Derivatives, Liabilities		13,851		21,506
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		75,901		261,994
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		3,857,058		3,087,563
Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	157,430		155,512
Investments of Consolidated Funds	[1]			4,613,944
Equity Securities	[1]	191,035		216,833
Partnership and LLC Interests	[1]	485,202		573,790
Debt Instruments	[1]	217,797		199,846
Investments Of Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	[1]	24,627
Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans	[1]	3,857,058		3,087,563
Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		149,040		240,464
Debt Instruments		1,713,675		1,240,229
Other		203,083		201,566
Total Blackstone's Treasury Cash Management Strategies		2,065,798		1,682,259
Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		634		2,411
Credit Default Swap | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		7,070		6,275
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds		473,275		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]	473,275		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		62		319
Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		3,348		2,088
Freestanding Derivatives, Liabilities		1,161		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]	29,661		1,400
Foreign Currency Contracts | Other Assets of Consolidated Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		1,670
Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		1,185		2,212
Freestanding Derivatives, Liabilities		4,816		4,288
Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]			6,275
Liabilities of Consolidated Funds and CLO Vehicles | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		170	[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]	4,263,747		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]	184,475		98,371	[1]
Liabilities Of Consolidated Blackstone Funds | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[2]	7,070
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	157,430
Other Investments		18,881		17,707
Total Financial Assets		433,160		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]	157,430		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		53,766		115,657
Other		203,083		201,566
Total Blackstone's Treasury Cash Management Strategies		256,849		317,223
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	78,448
Money Market Funds		393,897		460,233
Other Investments		143,877		40,261
Total Financial Assets		765,999		825,498
Total Financial Liabilities		862		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]	50,551		82,734
Partnership and LLC Interests	[1]	27,897
Level 1 | Blackstone's Treasury Cash Management Strategies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		149,040		240,464
Total Blackstone's Treasury Cash Management Strategies		149,040		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		737		1,806
Freestanding Derivatives, Liabilities		862		835
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	4,439,217
Total Financial Assets		6,066,454		4,674,034
Securities Sold, Not Yet Purchased		176,218		176,667
Total Financial Liabilities		4,637,429		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]	50,244		53,250
Partnership and LLC Interests	[1]	64,924		101,399
Debt Instruments	[1]	210,054		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]	3,611,059		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		1,621,709		1,069,915
Total Blackstone's Treasury Cash Management Strategies		1,621,709		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		634		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]	473,275		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		62		319
Level 2 | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		3,348		2,088
Freestanding Derivatives, Liabilities		1,161		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]	29,661		1,400
Level 2 | Foreign Currency Contracts | Other Assets of Consolidated Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		1,670
Level 2 | Interest Rate Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		448		406
Freestanding Derivatives, Liabilities		3,954		3,453
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]			6,275
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Foreign Currency Contracts | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		170	[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]	4,263,747		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]	184,475		98,371	[1]
Level 2 | Liabilities Of Consolidated Blackstone Funds | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[2]	7,070
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	760,990
Other Investments		104,525		101,184
Total Financial Assets		979,616		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		75,901		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]	90,240		80,849
Partnership and LLC Interests	[1]	392,381		472,391
Debt Instruments	[1]	7,743		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]	24,627
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]	245,999		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		38,200		54,657
Total Blackstone's Treasury Cash Management Strategies		$ 38,200		$ 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	9 Months Ended
		Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]	$ 287	$ 2,114	$ 287
Transfers from Level II into Level I	[2]	$ 26,534	$ 28,346	$ 32,312
[1]	Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.
[2]	Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 4,737,468	$ 4,024,612
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	979,616	1,192,227
Discounted Cash Flows | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 46,338	$ 241,897
Discounted Cash Flows | Loans and Receivables | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	10.00%	11.00%
Discounted Cash Flows | Loans and Receivables | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	6.80%	6.70%
Discounted Cash Flows | Loans and Receivables | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	16.10%	20.60%
Third Party Pricing Valuation Technique | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 29,563	$ 20,097
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	12 months	12 months
Pre-payment Rate	20.00%	20.00%
Reinvestment Rate		4.00%
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 9,239	$ 32,004
Blackstone's Treasury Cash Management Strategies | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	1.90%	1.90%
Recovery Rate	67.40%	67.00%
Reinvestment Rate	3.90%
Discount Rate	8.40%	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%
Recovery Rate	16.50%	30.00%
Reinvestment Rate	3.50%
Discount Rate	7.30%	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%
Recovery Rate	79.10%	70.00%
Reinvestment Rate	4.00%
Discount Rate	11.20%	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	$ 28,961	$ 22,653
Other | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	2.00%	2.00%
Recovery Rate	70.00%	70.00%
Recovery Lag	12 months	12 months
Pre-payment Rate	20.00%	20.00%
Reinvestment Rate	4.00%	4.00%
Other | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 83,971	$ 81,984
Other | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	3.30%	3.30%
Other | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	1.30%	1.40%
Other | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	15.80%	12.50%
Other | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 20,554	$ 19,200
Investments Of Consolidated Blackstone Funds | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	760,990	774,392
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 67,923	$ 66,962
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.60%	13.60%
Revenue CAGR	7.20%	10.20%
Exit Multiple - EBITDA	9.7	9.6
Exit Multiple - P/E	11.4	11.2
Exit Capitalization Rate	8.60%	9.00%
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	7.40%	7.80%
Revenue CAGR	0.00%	(5.00%)
Exit Multiple - EBITDA	4	5
Exit Multiple - P/E	10.5	10.5
Exit Capitalization Rate	5.30%	5.50%
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	29.10%	25.00%
Revenue CAGR	20.60%	61.50%
Exit Multiple - EBITDA	19	18.2
Exit Multiple - P/E	17	17
Exit Capitalization Rate	11.40%	11.40%
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.8	0.9
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,879	$ 1,710
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.6
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 | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	13,330	$ 5,426
Investments Of Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	7,091	6,722
Investments Of Consolidated Blackstone Funds | Equity Securities | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 17	$ 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	$ 350,281	$ 423,588
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.80%	9.30%
Revenue CAGR	7.00%	8.60%
Exit Multiple - EBITDA	9	9.8
Exit Capitalization Rate	6.00%	6.30%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	2.00%	2.10%
Revenue CAGR	(38.50%)	(24.10%)
Exit Multiple - EBITDA	0.1	0.1
Exit Capitalization Rate	3.00%	2.70%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	29.40%	25.80%
Revenue CAGR	42.20%	31.80%
Exit Multiple - EBITDA	23.5	23.8
Exit Capitalization Rate	10.70%	12.10%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 7,351	$ 1,403
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	16,589	30,437
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	$ 18,160	$ 16,963
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	6.80%	16.80%
Exit Multiple - EBITDA	12	12
Exit Capitalization Rate	8.30%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 3,437	$ 4,086
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.10%	14.10%
Exit Capitalization Rate		5.80%
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%
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	77.90%	52.70%
Exit Capitalization Rate		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		$ 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	$ 4,306	16,217
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	6
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	$ 1,824	$ 19,783
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple		6.5
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	24,627
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	$ 244,175	$ 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		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,042,005	$ 1,125,323	$ 1,192,227	$ 2,624,605
Transfer Out Due to Deconsolidation					(1,460,538)
Transfer In to Level III	[1]	56,024	49,114	91,079	72,127
Transfer Out of Level III	[1]	(47,769)	(152,702)	(96,671)	(237,765)
Purchases		232,381	271,974	634,301	492,835
Sales		(327,899)	(142,021)	(867,642)	(370,421)
Settlements		(3,123)	(1,545)	(8,551)	(3,843)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		27,997	15,265	34,873	48,408
Balance, End of Period		979,616	1,165,408	979,616	1,165,408
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(11,211)	(43,482)	(25,092)	(24,438)
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		207,519	36,440	261,994	40,397
Purchases		44,988	144,058	348,645	150,244
Sales		(175,914)		(531,165)	(9,535)
Settlements		(2,983)	(1,405)	(8,157)	(3,485)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		2,291	162	4,584	1,634
Balance, End of Period		75,901	179,255	75,901	179,255
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		2,292	162	4,626	1,505
Investments Of Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		706,432	937,149	774,392	2,394,823
Transfer Out Due to Deconsolidation					(1,460,538)
Transfer In to Level III	[1]	50,836	43,920	76,564	47,035
Transfer Out of Level III	[1]	(41,852)	(143,531)	(80,550)	(181,429)
Purchases		174,939	122,676	266,229	304,012
Sales		(151,701)	(139,229)	(305,502)	(321,121)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		22,336	16,871	29,857	55,074
Balance, End of Period		760,990	837,856	760,990	837,856
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		(16,130)	(41,807)	(32,299)	(25,614)
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	128,054	151,734	155,841	189,385
Transfer In to Level III	[1],[2]	5,188	5,194	14,515	25,092
Transfer Out of Level III	[1],[2]	(5,917)	(9,171)	(16,121)	(56,336)
Purchases	[2]	12,454	5,240	19,427	38,579
Sales	[2]	(284)	(2,792)	(30,975)	(39,765)
Settlements	[2]	(140)	(140)	(394)	(358)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)	[2]	3,370	(1,768)	432	(8,300)
Balance, End of Period	[2]	142,725	148,297	142,725	148,297
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	$ 2,627	$ (1,837)	$ 2,581	$ (329)
[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	9 Months Ended
	Sep. 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 nine months ended September 30, 2016. There were no changes in unrealized (gains) losses included in earnings related to liabilities still held at either September 30, 2016 or September 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	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities at fair value	$ 4,638,291		$ 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 ($)	Sep. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Investments	$ 657,065,000	$ 466,651,000
Accounts Receivable	12,549,000	11,726,000
Due from Affiliates	35,535,000	51,029,000
Total VIE Assets	705,149,000	529,406,000
Due to Affiliates	791,000	586,000
Accounts Payable, Accrued Expenses and Other Liabilities	183,000	88,000
Potential Clawback Obligation	86,675,000	73,450,000
Maximum Exposure to Loss	$ 792,798,000	$ 603,530,000

Reverse Repurchase and Repurc69

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 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	$ 88.6
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	50.6
Pledged securities with carrying value to collateralize its repurchase agreements	$ 96.1	$ 64.5

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 62,095	$ 40,929
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	75,776	55,946
Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	3,261
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	58,834
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	62,095	$ 40,929
Net Amount, Liabilities	0
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	3,261
Overnight and Continuous | Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	3,261
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	8,617
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	8,617
30 - 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	46,101
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	46,101
Greater than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	4,116
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 4,116

Offsetting of Assets and Liab71

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 95,591	$ 209,512
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	89,734	206,088
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	5,004	1,310
Net Amount, Assets	853	2,114
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	75,776	55,946
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	60,037	42,409
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	14,730	12,746
Net Amount, Liabilities	1,009	791
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	62,095	40,929
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	58,947	40,259
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	3,149	670
Net Amount, Liabilities	(1)
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	6,203	4,300
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	1,090	2,149
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	5,004	1,310
Net Amount, Assets	109	841
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	13,681	15,016
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	1,090	2,149
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	11,581	12,076
Net Amount, Liabilities	1,010	791
Reverse Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	89,326	204,893
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	88,644	203,938
Net Amount, Assets	682	955
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	62	319
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets		1
Net Amount, Assets	$ 62	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	Sep. 30, 2016	Dec. 31, 2015
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 135,260	$ 135,543
Prepaid Expenses	154,732	190,241
Other Assets	77,222	46,786
Freestanding Derivatives	6,203	4,300
Net Investment Hedges	62	319
Total Other Assets	$ 373,479	$ 377,189

Offsetting Of Assets And Liab73

Offsetting Of Assets And Liabilities - Additional Information (Detail) $ in Billions	Sep. 30, 2016USD ($)
Cash Pooling Arrangement
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.2

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) € in Millions, $ in Billions	Oct. 05, 2016EUR (€)	Aug. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Fair value of the CLO assets			$ 5.3	$ 3.9
Subsequent Event | Senior Secured Notes | 2026 Notes
Debt Instrument [Line Items]
Debt instrument face amount | €	€ 600
Debt instrument maturity date	Oct. 5, 2026
Debt instrument, interest rate	1.00%
Debt Instrument, interest payable due date	--10-05
Debt Instrument, date of first required payment	Oct. 5, 2017
Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 1.5		$ 1.1
Credit Facility | Minimum
Debt Instrument [Line Items]
Credit facility, expiry date		May 29, 2019
Credit Facility | Maximum
Debt Instrument [Line Items]
Credit facility, expiry date		Aug. 31, 2021

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Carrying Value		$ 2,801,453	$ 2,797,060
Debt instrument, fair value	[1]	3,150,234	3,027,408
6.625% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	609,129	614,996
Debt instrument, fair value	[1],[2]	662,220	665,438
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		398,007	397,720
Debt instrument, fair value	[1]	462,080	458,680
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		392,921	392,224
Debt instrument, fair value	[1]	444,520	430,560
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		237,784	237,648
Debt instrument, fair value	[1]	312,600	297,575
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,288	488,119
Debt instrument, fair value	[1]	548,050	515,050
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,789	343,689
Debt instrument, fair value	[1]	355,320	332,640
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		331,535	322,664
Debt instrument, fair value	[1]	$ 365,444	$ 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 Value76

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,869,915	$ 3,914,326
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,648,050	$ 3,687,976
Weighted Average Interest Rate	1.93%	1.93%
Weighted Average Remaining Maturity in Years	4 years 10 months 24 days	5 years 4 months 24 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 221,865	$ 226,350

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Fair Value	$ 4,448,222	$ 3,323,435
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	2,801,453	2,797,060
Fair Value	4,263,747	3,225,064
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	184,475	98,371
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	7,978	8,231
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	$ 7,978	$ 8,231

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
2,016	$ 2,937
2,017	533,045
2,018	0
2,019	585,000
2,020	0
Thereafter	6,573,530
Total	7,694,512
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
2,020	0
Thereafter	2,236,660
Total	2,821,660
Blackstone Fund Facilities Clo Vehicles
Debt Instrument [Line Items]
2,016	2,937
2,017	533,045
2,018	0
2,020	0
Thereafter	4,336,870
Total	$ 4,872,852

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Taxes [Line Items]
Effective tax rate	3.90%	(0.30%)	5.40%	10.50%
Provision for Taxes	$ 27,714	$ 1,573	$ 84,275	$ 144,168

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Line Items]
Net Income (Loss) for Per Common Unit Calculation		650,917,510	638,832,799	647,595,189	632,046,646
Net Income (Loss) Attributable to The Blackstone Group L.P., Basic		$ 312,905	$ (254,697)	$ 671,284	$ 508,919
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		246,086		532,116
Net Income (Loss) Attributable to The Blackstone Group L.P., Diluted		$ 558,991	$ (254,697)	$ 1,203,400	$ 508,919
Weighted-Average Common Units Outstanding, Basic		650,917,510	638,832,799	647,595,189	632,046,646
Weighted-Average Unvested Deferred Restricted Common Units		1,495,331		1,379,168	3,393,182
Weighted-Average Blackstone Holdings Partnership Units		543,392,474		545,887,895
Weighted-Average Common Units Outstanding, Diluted		1,195,805,315	638,832,799	1,194,862,252	635,439,828
Net Income (Loss) Per Common Unit, Basic		$ 0.48	$ (0.40)	$ 1.04	$ 0.81
Net Income (Loss) Per Common Unit, Diluted		0.47	(0.40)	1.01	0.80
Distributions Declared Per Common Unit	[1]	$ 0.36	$ 0.74	$ 1.25	$ 2.41
[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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Unvested Deferred Restricted Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	1,913,028
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	550,983,910	551,860,289

Net Income (Loss) Per Common 83

Net Income (Loss) Per Common Unit - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	$ 78,100	$ 78,800	$ 242,204	$ 561,454
Tax benefits in relation to equity-based awards	8,200	$ 9,000	24,800	$ 36,000
Estimated unrecognized compensation expense related to unvested awards	$ 892,000		$ 892,000
Weighted-average period for recognized compensation expense related to unvested awards, years			4 years 8 months 12 days
Total vested and unvested outstanding units	1,196,341,765		1,196,341,765
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	46,246		46,246

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	9 Months Ended
	Sep. 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	3,495,525
Vested (Units) | shares	(7,044,239)
Forfeited (Units) | shares	(217,007)
Ending Balance | shares	37,136,034
Beginning Balance | $ / shares	$ 32.98
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	25.03
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	22.08
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	36.26
Ending Balance | $ / shares	34.31
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	26.96
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	19.61
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	20.85
Ending Balance | $ / shares	24.93
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	27.07
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	16.48
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	28.62
Ending Balance | $ / shares	$ 26.83
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	3,402,926
Vested (Units) | shares	(5,114,780)
Forfeited (Units) | shares	(449,317)
Ending Balance | shares	12,180,958
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	14,248
Vested (Units) | shares	(1,248)
Forfeited (Units) | shares	(482)
Ending Balance | shares	40,460

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	9 Months Ended
	Sep. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	29,298,229
Deferred Restricted Blackstone Common Units	10,429,836
Total Equity-Based Awards (Units)	39,728,065
Phantom Units (Units)	33,836
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	4 years 3 months 18 days
Deferred Restricted Blackstone Common Units	1 year 10 months 24 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 8 months 12 days
Phantom Units (Weighted-Average Service Period in Years)	3 years 8 months 12 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accrual for Potential Clawback of Previously Distributed Carried Interest	$ 1,571	$ 1,686
Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds	347,713	331,558
Amounts Due from Portfolio Companies and Funds	326,827	319,758
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	8,156	5,931
Management and Performance Fees Due from Non-Consolidated Funds	425,400	403,538
Payments Made on Behalf of Non-Consolidated Entities	200,745	178,326
Due from Affiliates, total	1,310,412	1,240,797
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,169,136	1,201,543
Accrual for Potential Repayment of Previously Received Performance Fees	3,355	3,356
Due to Note Holders of Consolidated CLO Vehicles	7,978	8,231
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	30,541	26,593
Distributions Received on Behalf of Blackstone Entities	83,241	33,160
Payments Made by Non-Consolidated Entities	15,650	9,817
Due to Affiliates, total	$ 1,309,901	$ 1,282,700

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Founder's, other senior managing directors' and employees' investments	$ 749,000		$ 749,000		$ 746,300
Founder's, other senior managing directors' and employees' share of the Net Income (Loss) Attributable to Redeemable Non-Controlling Interests	24,500	$ (20,000)	53,000	$ 61,100
Management and Advisory Fees, Net from Affiliates	39,073	48,200	139,896	125,143
Interest from loans to affiliates	600	$ 800	$ 900	$ 4,000
Partnership Unit to Blackstone Common Unit ratio			100.00%
Cash saving in tax receivable agreements, percentage			85.00%
Expected future payments under the tax receivable agreements	1,200,000		$ 1,200,000
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 389,700		$ 389,700
After-tax net present value discount rate assumption	15.00%		15.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,400
Total investments at risk in respect of guarantees extended	$ 5.3
Contingent obligations currently anticipated to expire end	2,028
Provision for cash clawback	$ 611.6
Contingent Obligations (Clawback)	5,000
Blackstone Holdings Finance Co. L.L.C.
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	147.4
Contingent Obligations (Clawback)	4,600
Current And Former Blackstone Personnel
Schedule Of Commitments And Contingencies [Line Items]
Contingent Obligations (Clawback)	382.3
Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	73.1
Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 47.6

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Product Liability Contingency [Line Items]
Clawback obligations	$ 3,355	$ 3,356
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	3,355	3,356
Credit Segment | Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	1,784	1,670
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	$ 1,571	$ 1,686

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 596,154	$ 703,596	$ 1,812,883	$ 1,894,496
Performance Fees Realized - Carried Interest	503,990	435,189	1,058,633	2,580,266
Performance Fees Realized - Incentive Fees	30,295	33,455	88,155	110,775
Performance Fees Unrealized - Carried Interest	106,202	(1,055,920)	242,080	(1,124,010)
Performance Fees Unrealized - Incentive Fees	30,545	(50,832)	45,900	36,274
Total Performance Fees	671,032	(638,108)	1,434,768	1,603,305
Investment Income (Loss), Realized	119,351	99,952	172,387	445,705
Investment Income (Loss), Unrealized	23,752	(179,298)	67,347	(262,024)
Total Investment Income	143,103	(79,346)	239,734	183,681
Interest and Dividend Revenue	21,819	26,244	67,180	70,129
Other	(423)	(813)	1,900	(2,478)
Total Revenues	1,431,685	11,573	3,556,465	3,749,133
Compensation and Benefits Compensation	329,634	393,655	1,031,061	1,426,233
Performance Fee Compensation - Realized Carried Interest	168,427	97,798	314,511	628,079
Performance Fee Compensation - Realized Incentive Fees	15,436	15,062	44,810	49,126
Performance Fee Compensation - Unrealized Carried Interest	70,044	(228,697)	175,247	(204,876)
Performance Fee Compensation - Unrealized Incentive Fees	13,508	(14,641)	19,645	16,450
Total Compensation and Benefits	597,049	263,177	1,585,274	1,915,012
Total Expenses	773,777	476,997	2,104,090	2,533,997
Economic Income	719,303	(482,291)	1,563,615	1,373,839
Segment Assets as of September 30, 2016	24,413,520		24,413,520		$ 22,526,080
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	593,509	564,287	1,774,208	1,597,176
Management and Advisory Fees, Advisory Fees	1,106	146,153	2,864	307,389
Management and Advisory Fees, Transaction and Other Fees, Net	27,915	32,403	106,376	81,204
Management and Advisory Fees, Management Fee Offsets	(20,850)	(34,176)	(56,347)	(70,555)
Total Management and Advisory Fees, Net	601,680	708,667	1,827,101	1,915,214
Performance Fees Realized - Carried Interest	504,022	435,189	1,058,665	2,580,266
Performance Fees Realized - Incentive Fees	30,295	34,785	88,108	112,274
Performance Fees Unrealized - Carried Interest	106,157	(1,055,977)	242,031	(1,124,074)
Performance Fees Unrealized - Incentive Fees	32,172	(53,346)	47,279	35,585
Total Performance Fees	672,646	(639,349)	1,436,083	1,604,051
Investment Income (Loss), Realized	60,634	87,526	104,203	331,815
Investment Income (Loss), Unrealized	27,253	(223,657)	16,805	(267,531)
Total Investment Income	87,887	(136,131)	121,008	64,284
Interest and Dividend Revenue	33,081	35,459	103,395	96,936
Other	(425)	(841)	1,873	(1,740)
Total Revenues	1,394,869	(32,195)	3,489,460	3,678,745
Compensation and Benefits Compensation	268,595	329,575	842,153	948,765
Performance Fee Compensation - Realized Carried Interest	168,427	97,799	314,511	628,079
Performance Fee Compensation - Realized Incentive Fees	15,436	15,061	44,810	49,125
Performance Fee Compensation - Unrealized Carried Interest	70,044	(228,697)	175,247	(204,876)
Performance Fee Compensation - Unrealized Incentive Fees	13,508	(14,642)	19,645	16,450
Total Compensation and Benefits	536,010	199,096	1,396,366	1,437,543
Other Operating Expenses	150,890	157,565	456,670	469,248
Total Expenses	686,900	356,661	1,853,036	1,906,791
Economic Income	707,969	(388,856)	1,636,424	1,771,954
Segment Assets as of September 30, 2016	18,320,184		18,320,184
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	131,708	128,452	393,833	358,753
Management and Advisory Fees, Advisory Fees	1,106	2,547	2,864	9,819
Management and Advisory Fees, Transaction and Other Fees, Net	11,786	9,359	30,037	17,876
Management and Advisory Fees, Management Fee Offsets	(12,917)	(12,262)	(23,960)	(26,239)
Total Management and Advisory Fees, Net	131,683	128,096	402,774	360,209
Performance Fees Realized - Carried Interest	26,398	214,532	113,736	1,144,085
Performance Fees Unrealized - Carried Interest	144,597	(809,363)	303,519	(548,114)
Total Performance Fees	170,995	(594,831)	417,255	595,971
Investment Income (Loss), Realized	15,469	46,917	23,038	141,991
Investment Income (Loss), Unrealized	8,884	(110,689)	21,558	(101,503)
Total Investment Income	24,353	(63,772)	44,596	40,488
Interest and Dividend Revenue	9,160	8,119	28,525	23,406
Other	411	471	2,219	1,161
Total Revenues	336,602	(521,917)	895,369	1,021,235
Compensation and Benefits Compensation	73,889	70,419	237,303	209,597
Performance Fee Compensation - Realized Carried Interest	13,741	16,303	60,114	162,287
Performance Fee Compensation - Unrealized Carried Interest	69,300	(141,448)	98,046	11,098
Total Compensation and Benefits	156,930	(54,726)	395,463	382,982
Other Operating Expenses	47,534	43,812	143,968	145,258
Total Expenses	204,464	(10,914)	539,431	528,240
Economic Income	132,138	(511,003)	355,938	492,995
Segment Assets as of September 30, 2016	6,287,058		6,287,058
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	197,629	175,710	598,540	468,801
Management and Advisory Fees, Transaction and Other Fees, Net	14,190	21,390	71,096	58,116
Management and Advisory Fees, Management Fee Offsets	(842)	(10,147)	(5,656)	(20,441)
Total Management and Advisory Fees, Net	210,977	186,953	663,980	506,476
Performance Fees Realized - Carried Interest	461,980	169,051	928,989	1,344,283
Performance Fees Realized - Incentive Fees	3,857	3,879	14,025	5,822
Performance Fees Unrealized - Carried Interest	(113,449)	(128,854)	(209,846)	(498,481)
Performance Fees Unrealized - Incentive Fees	14,445	2,784	30,152	12,788
Total Performance Fees	366,833	46,860	763,320	864,412
Investment Income (Loss), Realized	46,704	39,821	79,608	196,597
Investment Income (Loss), Unrealized	(6,725)	(95,382)	(17,764)	(165,563)
Total Investment Income	39,979	(55,561)	61,844	31,034
Interest and Dividend Revenue	12,460	11,057	38,732	31,313
Other	(548)	(938)	(226)	(3,838)
Total Revenues	629,701	188,371	1,527,650	1,429,397
Compensation and Benefits Compensation	99,886	99,255	303,352	263,573
Performance Fee Compensation - Realized Carried Interest	147,419	52,546	246,936	415,210
Performance Fee Compensation - Realized Incentive Fees	1,764	1,838	7,197	2,865
Performance Fee Compensation - Unrealized Carried Interest	(38,972)	(23,018)	2,988	(171,661)
Performance Fee Compensation - Unrealized Incentive Fees	6,229	5,215	12,929	8,020
Total Compensation and Benefits	216,326	135,836	573,402	518,007
Other Operating Expenses	47,908	42,050	148,206	125,539
Total Expenses	264,234	177,886	721,608	643,546
Economic Income	365,467	10,485	806,042	785,851
Segment Assets as of September 30, 2016	7,421,606		7,421,606
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	130,305	133,592	390,586	394,445
Management and Advisory Fees, Transaction and Other Fees, Net	116	219	654	244
Management and Advisory Fees, Management Fee Offsets		(507)		(1,395)
Total Management and Advisory Fees, Net	130,421	133,304	391,240	393,294
Performance Fees Realized - Incentive Fees	4,572	2,783	7,005	30,214
Performance Fees Unrealized - Carried Interest	(84)	(5,394)	749	2,620
Performance Fees Unrealized - Incentive Fees	12,038	(29,711)	10,139	33,571
Total Performance Fees	16,526	(32,322)	17,893	66,405
Investment Income (Loss), Realized	(1,211)	(468)	(6,471)	(12,600)
Investment Income (Loss), Unrealized	12,219	(6,411)	9,285	104
Total Investment Income	11,008	(6,879)	2,814	(12,496)
Interest and Dividend Revenue	4,692	4,136	15,193	12,055
Other	(260)	(66)	(523)	(1,214)
Total Revenues	162,387	98,173	426,617	458,044
Compensation and Benefits Compensation	47,206	44,408	145,811	146,353
Performance Fee Compensation - Realized Incentive Fees	2,902	(436)	6,090	11,745
Performance Fee Compensation - Unrealized Carried Interest	35	(3,041)	273	1,036
Performance Fee Compensation - Unrealized Incentive Fees	4,557	(7,011)	3,842	12,404
Total Compensation and Benefits	54,700	33,920	156,016	171,538
Other Operating Expenses	27,432	24,147	80,796	65,852
Total Expenses	82,132	58,067	236,812	237,390
Economic Income	80,255	40,106	189,805	220,654
Segment Assets as of September 30, 2016	1,888,118		1,888,118
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Base Management Fees	133,867	126,533	391,249	375,177
Management and Advisory Fees, Transaction and Other Fees, Net	1,823	1,289	4,589	4,806
Management and Advisory Fees, Management Fee Offsets	(7,091)	(11,260)	(26,731)	(22,480)
Total Management and Advisory Fees, Net	128,599	116,562	369,107	357,503
Performance Fees Realized - Carried Interest	15,644	51,606	15,940	91,898
Performance Fees Realized - Incentive Fees	21,866	28,123	67,078	76,238
Performance Fees Unrealized - Carried Interest	75,093	(112,366)	147,609	(80,099)
Performance Fees Unrealized - Incentive Fees	5,689	(26,419)	6,988	(10,774)
Total Performance Fees	118,292	(59,056)	237,615	77,263
Investment Income (Loss), Realized	(328)	1,735	8,028	6,695
Investment Income (Loss), Unrealized	12,875	(10,177)	3,726	(530)
Total Investment Income	12,547	(8,442)	11,754	6,165
Interest and Dividend Revenue	6,769	6,053	20,945	17,642
Other	(28)	(73)	403	3,454
Total Revenues	266,179	55,044	639,824	462,027
Compensation and Benefits Compensation	47,614	51,324	155,687	148,325
Performance Fee Compensation - Realized Carried Interest	7,267	28,950	7,461	50,582
Performance Fee Compensation - Realized Incentive Fees	10,770	13,659	31,523	34,515
Performance Fee Compensation - Unrealized Carried Interest	39,681	(61,190)	73,940	(45,349)
Performance Fee Compensation - Unrealized Incentive Fees	2,722	(12,846)	2,874	(3,974)
Total Compensation and Benefits	108,054	19,897	271,485	184,099
Other Operating Expenses	28,016	24,898	83,700	70,273
Total Expenses	136,070	44,795	355,185	254,372
Economic Income	130,109	10,249	284,639	207,655
Segment Assets as of September 30, 2016	$ 2,723,402		$ 2,723,402
Operating Segments | Financial Advisory Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Advisory Fees		143,606		297,570
Management and Advisory Fees, Transaction and Other Fees, Net		146		162
Total Management and Advisory Fees, Net		143,752		297,732
Investment Income (Loss), Realized		(479)		(868)
Investment Income (Loss), Unrealized		(998)		(39)
Total Investment Income		(1,477)		(907)
Interest and Dividend Revenue		6,094		12,520
Other		(235)		(1,303)
Total Revenues		148,134		308,042
Compensation and Benefits Compensation		64,169		180,917
Total Compensation and Benefits		64,169		180,917
Other Operating Expenses		22,658		62,326
Total Expenses		86,827		243,243
Economic Income		$ 61,307		$ 64,799

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2016		Sep. 30, 2015		Sep. 30, 2016		Sep. 30, 2015		Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues		$ 1,431,685		$ 11,573		$ 3,556,465		$ 3,749,133
Expenses		773,777		476,997		2,104,090		2,533,997
Other Income		61,395		(16,867)		111,240		158,703
Income (Loss) Before Provision (Benefit) for Taxes		719,303		(482,291)		1,563,615		1,373,839
Total Assets		24,413,520				24,413,520				$ 22,526,080
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,394,869		(32,195)		3,489,460		3,678,745
Expenses		686,900		356,661		1,853,036		1,906,791
Income (Loss) Before Provision (Benefit) for Taxes		707,969		(388,856)		1,636,424		1,771,954
Total Assets		18,320,184				18,320,184
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues		36,816	[1]	43,768	[1]	67,005	[2]	70,388	[2]
Expenses	[3]	86,877		120,336		251,054		627,206
Other Income		61,395	[4]	(16,867)	[4]	111,240	[5]	158,703	[5]
Income (Loss) Before Provision (Benefit) for Taxes		11,334	[6]	$ (93,435)	[6]	(72,809)	[7]	$ (398,115)	[7]
Total Assets	[8]	$ 6,093,336				$ 6,093,336
[1]	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.
[2]	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.
[3]	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.
[4]	The Other Income adjustment results from the following: Three Months Ended September 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (37,835 ) $ (45,027 ) Fund Expenses Added in Consolidation 5,141 10,175 Income Associated with Non-Controlling Interests of Consolidated Entities 93,417 18,151 Transaction-Related Other Income (Loss) 672 (166 ) Total Consolidation Adjustments and Reconciling Items $ 61,395 $ (16,867 )
[5]	The Other Income adjustment results from the following: Nine Months Ended September 30, 2016 2015 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (68,308 ) $ (80,519 ) Fund Expenses Added in Consolidation (4,016 ) 53,218 Income Associated with Non-Controlling Interests of Consolidated Entities 189,782 187,970 Transaction-Related Other Loss (6,218 ) (1,966 ) Total Consolidation Adjustments and Reconciling Items $ 111,240 $ 158,703
[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 September 30, 2016 2015 Economic Income (Loss) $ 707,969 $ (388,856 ) Adjustments Amortization of Intangibles (22,054 ) (30,624 ) Transaction-Related Charges (60,029 ) (80,962 ) Income Associated with Non-Controlling Interests of Consolidated Entities 93,417 18,151 Total Consolidation Adjustments and Reconciling Items 11,334 (93,435 ) Income (Loss) Before Provision (Benefit) for Taxes $ 719,303 $ (482,291 )
[7]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Nine Months Ended September 30, 2016 2015 Economic Income $ 1,636,424 $ 1,771,954 Adjustments Amortization of Intangibles (68,470 ) (81,243 ) Transaction-Related Charges (194,121 ) (504,842 ) Income Associated with Non-Controlling Interests of Consolidated Entities 189,782 187,970 Total Consolidation Adjustments and Reconciling Items (72,809 ) (398,115 ) Income Before Provision for Taxes $ 1,563,615 $ 1,373,839
[8]	The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Reconciliation of Total Segme94

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss	$ (37,835)	$ (45,027)	$ (68,308)	$ (80,519)
Fund Expenses Added in Consolidation	5,141	10,175	(4,016)	53,218
Income Associated with Non-Controlling Interests of Consolidated Entities	93,417	18,151	189,782	187,970
Transaction-Related Other Income (Loss)	672	(166)	(6,218)	(1,966)
Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities	61,395	(16,867)	111,240	158,703
Economic Income	707,969	(388,856)	1,636,424	1,771,954
Amortization of Intangibles	(22,054)	(30,624)	(68,470)	(81,243)
Transaction-Related Charges	(60,029)	(80,962)	(194,121)	(504,842)
Income Associated with Non-Controlling Interests of Consolidated Entities	93,417	18,151	189,782	187,970
Total Consolidation Adjustments and Reconciling Items	11,334	(93,435)	(72,809)	(398,115)
Income (Loss) Before Provision (Benefit) for Taxes	$ 719,303	$ (482,291)	$ 1,563,615	$ 1,373,839

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event - Senior Secured Notes - 2026 Notes € in Millions	Oct. 05, 2016EUR (€)
Subsequent Event [Line Items]
Debt instrument face amount	€ 600
Debt instrument maturity date	Oct. 5, 2026
Debt instrument, interest rate	1.00%