Blackstone (BX) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 03, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		609,204,345

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and Cash Equivalents	$ 2,303,680	$ 1,837,253
Cash Held by Blackstone Funds and Other	1,416,904	1,005,161
Investments (including assets pledged of $142,265 and $119,139 at March 31, 2017 and December 31, 2016, respectively)	18,138,258	17,694,975
Accounts Receivable	1,274,154	772,695
Reverse Repurchase Agreements	44,635	118,495
Due from Affiliates	1,669,124	1,442,378
Intangible Assets, Net	251,640	262,604
Goodwill	1,718,519	1,718,519
Other Assets	257,102	264,788
Deferred Tax Assets	1,263,148	1,286,469
Total Assets	28,337,164	26,403,337
Liabilities and Partners' Capital
Loans Payable	9,796,933	8,866,366
Due to Affiliates	1,236,067	1,321,772
Accrued Compensation and Benefits	2,221,161	2,327,762
Securities Sold, Not Yet Purchased	178,448	215,398
Repurchase Agreements	94,646	75,324
Accounts Payable, Accrued Expenses and Other Liabilities	1,707,050	1,081,782
Total Liabilities	15,234,305	13,888,404
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	188,658	185,390
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 649,352,407 issued and outstanding as of March 31, 2017; 643,459,542 issued and outstanding as of December 31, 2016)	6,713,622	6,523,929
Accumulated Other Comprehensive Loss	(55,201)	(62,887)
Total The Blackstone Group L.P. Partners' Capital	6,658,421	6,461,042
Non-Controlling Interests in Consolidated Entities	2,650,789	2,428,964
Non-Controlling Interests in Blackstone Holdings	3,604,991	3,439,537
Total Partners' Capital	12,914,201	12,329,543
Total Liabilities and Partners' Capital	$ 28,337,164	$ 26,403,337

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments assets pledged	$ 142,265	$ 119,139
Partners' Capital, common units: issued	649,352,407	643,459,542
Partners' Capital, common units: outstanding	649,352,407	643,459,542
Assets
Cash Held by Blackstone Funds and Other	$ 1,416,904	$ 1,005,161
Investments	18,138,258	17,694,975
Accounts Receivable	1,274,154	772,695
Due from Affiliates	1,669,124	1,442,378
Other Assets	257,102	264,788
Total Assets	28,337,164	26,403,337
Liabilities
Loans Payable	9,796,933	8,866,366
Due to Affiliates	1,236,067	1,321,772
Securities Sold, Not Yet Purchased	178,448	215,398
Repurchase Agreements	94,646	75,324
Accounts Payable, Accrued Expenses and Other Liabilities	1,707,050	1,081,782
Total Liabilities	15,234,305	13,888,404
Blackstone Funds And Other
Assets
Cash Held by Blackstone Funds and Other	1,088,917	740,760
Investments	7,184,513	6,459,355
Accounts Receivable	938,363	355,364
Due from Affiliates	14,770	21,300
Other Assets	3,629	2,602
Total Assets	9,230,192	7,579,381
Liabilities
Loans Payable	6,386,217	5,466,444
Due to Affiliates	57,343	72,609
Securities Sold, Not Yet Purchased	81,417	81,309
Repurchase Agreements	73,393	66,221
Accounts Payable, Accrued Expenses and Other Liabilities	1,208,745	545,481
Total Liabilities	$ 7,807,115	$ 6,232,064

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues
Management and Advisory Fees, Net		$ 642,142	$ 608,906
Performance Fees
Performance Fees Realized - Carried Interest		1,111,256	230,909
Performance Fees Realized - Incentive Fees		47,160	28,419
Performance Fees Unrealized - Carried Interest		(154,683)	47,586
Performance Fees Unrealized - Incentive Fees		59,409	7,579
Total Performance Fees		1,063,142	314,493
Investment Income (Loss)
Realized		251,344	(12,001)
Unrealized		(40,188)	3,493
Total Investment Income (Loss)		211,156	(8,508)
Interest and Dividend Revenue		28,495	23,075
Other		(4,212)	(5,612)
Total Revenues		1,940,723	932,354
Expenses
Compensation and Benefits Compensation		351,589	346,003
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest		366,191	58,504
Performance Fee Compensation - Realized Incentive Fees		22,752	14,124
Performance Fee Compensation - Unrealized Carried Interest		(4,387)	30,001
Performance Fee Compensation - Unrealized Incentive Fees		23,139	3,448
Total Compensation and Benefits		759,284	452,080
General, Administrative and Other		106,044	123,045
Interest Expense		40,246	37,356
Fund Expenses		24,076	5,229
Total Expenses		929,650	617,710
Other Income
Net Gains from Fund Investment Activities		66,132	19,142
Income Before Provision for Taxes		1,077,205	333,786
Provision for Taxes		57,437	9,146
Net Income		1,019,768	324,640
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		2,000	(6,401)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		138,685	40,086
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		417,258	131,202
Net Income Attributable to The Blackstone Group L.P.		$ 461,825	$ 159,753
Net Income Per Common Unit
Common Units, Basic		$ 0.70	$ 0.25
Common Units, Diluted		$ 0.69	$ 0.23
Weighted-Average Common Units Outstanding
Common Units, Basic		660,939,708	644,897,849
Common Units, Diluted		1,199,506,983	1,194,273,401
Distributions Declared Per Common Unit	[1]	$ 0.47	$ 0.61
Revenues Earned from Affiliates
Management and Advisory Fees, Net		$ 50,085	$ 56,675
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Income	$ 1,019,768	$ 324,640
Other Comprehensive Income, Net of Tax - Currency Translation Adjustment	11,504	17,612
Comprehensive Income	1,031,272	342,252
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	2,000	(6,401)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	142,503	51,243
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	417,258	131,202
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 469,511	$ 166,208

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
Beginning Balance, Units at Dec. 31, 2015									624,450,162
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units									4,025,507
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									3,073,286
Ending Balance, Units at Mar. 31, 2016									631,548,955
Beginning Balance at Dec. 31, 2015		$ 6,322,307	$ (52,519)	$ 6,269,788	$ 2,408,701	$ 3,368,509	$ 12,046,998
Beginning Balance at Dec. 31, 2015								$ 183,459
Net Income (Loss)	$ 324,640	159,753		159,753	40,086	131,202	331,041	(6,401)
Currency Translation Adjustment			6,455	6,455	11,157		17,612
Capital Contributions					94,418		94,418
Capital Distributions		(389,780)		(389,780)	(68,692)	(355,360)	(813,832)	(4)
Transfer of Non-Controlling Interests in Consolidated Entities					(5,312)		(5,312)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non- Controlling Interest Holders		(1,145)		(1,145)			(1,145)
Equity-Based Compensation		36,053		36,053		41,455	77,508
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(13,262)		(13,262)			(13,262)
Change in The Blackstone Group L.P.'s Ownership Interest	3,618	3,618		3,618		(3,618)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		18,931		18,931		(18,931)
Ending Balance at Mar. 31, 2016		6,136,475	(46,064)	6,090,411	2,480,358	3,163,257	11,734,026
Ending Balance at Mar. 31, 2016								177,054
Beginning Balance, Units at Dec. 31, 2016									643,459,542
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units									3,780,081
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units									2,112,784
Ending Balance, Units at Mar. 31, 2017									649,352,407
Beginning Balance at Dec. 31, 2016	6,461,042	6,523,929	(62,887)	6,461,042	2,428,964	3,439,537	12,329,543
Beginning Balance at Dec. 31, 2016	185,390							185,390
Net Income (Loss)	1,019,768	461,825		461,825	138,685	417,258	1,017,768	2,000
Currency Translation Adjustment			7,686	7,686	3,818		11,504
Capital Contributions					238,203		238,203	11,484
Capital Distributions		(308,925)		(308,925)	(156,819)	(284,636)	(750,380)	(10,216)
Transfer of Non-Controlling Interests in Consolidated Entities					(2,062)		(2,062)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non- Controlling Interest Holders		2,297		2,297			2,297
Equity-Based Compensation		43,703		43,703		36,355	80,058
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(11,940)		(11,940)		(790)	(12,730)
Change in The Blackstone Group L.P.'s Ownership Interest	(10,789)	(10,789)		(10,789)		10,789
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		13,522		13,522		(13,522)
Ending Balance at Mar. 31, 2017	6,658,421	$ 6,713,622	$ (55,201)	$ 6,658,421	$ 2,650,789	$ 3,604,991	$ 12,914,201
Ending Balance at Mar. 31, 2017	$ 188,658							$ 188,658

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities
Net Income	$ 1,019,768	$ 324,640
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(1,464,126)	(253,857)
Change in Unrealized (Gains) Losses on Investments	63,480	(18,321)
Non-Cash Performance Fees	100,524	(15,077)
Non-Cash Performance Fee Compensation	407,696	106,076
Equity-Based Compensation Expense	91,269	79,840
Amortization of Intangibles	10,964	22,828
Other Non-Cash Amounts Included in Net Income	52,123	7,652
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	(400,386)	51,134
Accounts Receivable	352,788	(21,063)
Reverse Repurchase Agreements	73,860	159,592
Due from Affiliates	(146,750)	124,519
Other Assets	2,335	52,381
Accrued Compensation and Benefits	(523,779)	(289,532)
Securities Sold, Not Yet Purchased	(37,632)	(76,620)
Accounts Payable, Accrued Expenses and Other Liabilities	(656,935)	(264,198)
Repurchase Agreements	19,415	8,620
Due to Affiliates	(65,935)	(3,642)
Investments Purchased	(2,330,873)	(1,333,052)
Cash Proceeds from Sale of Investments	3,583,318	1,558,301
Net Cash Provided by Operating Activities	151,124	220,221
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(10,007)	(9,934)
Changes in Restricted Cash	7,990	5,843
Net Cash Used in Investing Activities	(2,017)	(4,091)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(139,059)	(68,696)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	246,274	88,079
Payments Under Tax Receivable Agreement	(59,667)	(78,985)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(12,730)	(13,262)
Proceeds from Loans Payable	996,892	158,456
Repayment and Repurchase of Loans Payable	(125,425)	(21,327)
Distributions to Unitholders	(593,561)	(745,140)
Net Cash Provided by (Used in) Financing Activities	312,724	(680,875)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	4,596	(27)
Net Increase (Decrease) in Cash and Cash Equivalents	466,427	(464,772)
Cash and Cash Equivalents, Beginning of Period	1,837,253	1,837,324
Cash and Cash Equivalents, End of Period	2,303,680	1,372,552
Supplemental Disclosure of Cash Flows Information
Payments for Interest	57,339	60,907
Payments for Income Taxes	16,849	6,995
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	1,738	967
Non-Cash Distributions to Non-Controlling Interest Holders	(27,976)
Transfer of Interests to Non-Controlling Interest Holders	(2,062)	(5,312)
Change in The Blackstone Group L.P.'s Ownership Interest	(10,789)	3,618
Net Settlement of Vested Common Units	60,853	59,605
Conversion of Blackstone Holdings Partnership Units to Common Units	13,522	18,931
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(15,129)	(14,427)
Due to Affiliates	12,832	15,572
Partners' Capital	$ 2,297	$ (1,145)

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2017
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, 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. The Partnership was formed as a Delaware limited partnership on March 12, 2007. The Partnership is managed and operated by its general partner, Blackstone Group Management L.L.C., which is in turn wholly owned and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”), and Blackstone’s other senior managing directors. The activities of the Partnership are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings”, “Blackstone Holdings Partnerships” or the “Holding Partnerships”). The Partnership, through its wholly owned subsidiaries, is the sole general partner in each of these Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common units, on a one-to-one basis, exchanging one Partnership Unit from each of the Holding Partnerships for one Blackstone common unit.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
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, 2016 filed with the Securities and Exchange Commission. As disclosed in the audited consolidated financial statements, the Partnership adopted certain accounting guidance for the quarter ended June 30, 2016 and any adjustments were reflected prospectively as of January 1, 2016. As such, the condensed consolidated financial statements for the three months ended March 31, 2016 were recast from the amounts originally reported in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. The condensed consolidated financial statements include the accounts of the Partnership, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which the Partnership is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is presumed to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. The Partnership has a controlling interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick out rights or participating rights 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 and debt securities sold, not yet purchased. 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”. 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 of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of 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. Blackstone has concluded that capital allocation-based Performance Fees (“Capital Allocation-Based Arrangements”) represent equity method investments that are not in the scope of the amended revenue recognition guidance. Therefore, effective January 1, 2018, Blackstone will amend the recognition and measurement of Capital Allocation-Based Arrangements. This accounting change will not change the timing or amount of revenue recognized related to Capital Allocation-Based Arrangements. These amounts are currently recognized within Realized and Unrealized Performance Fees — Carried Interest and Incentive Fees in the Consolidated Statements of Operations. Under the equity method of accounting Blackstone will recognize its allocations of Carried Interest or Incentive Fees within Investment Income along with the allocations proportionate to Blackstone’s ownership interests in the Blackstone Funds. Blackstone will apply a retrospective application and prior periods shall be restated. The impact of adoption is a reclassification of Carried Interest to Investment Income. This change will have no impact on Net Income Attributable to The Blackstone Group L.P. Blackstone has concluded that the majority of its Incentive Fees are not part of a Capital Allocation-Based Arrangement (“Contractual Incentive Fees”), and are within the scope of the amended revenue recognition guidance. This accounting change will delay recognition of Contractual Incentive Fees compared to our current accounting treatment, and it is not expected to have a material impact on Blackstone’s financial statements. The Partnership is evaluating the impact of the amended revenue recognition guidance on other revenue streams including management fees and considerations for reporting revenue gross versus net. 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.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2017
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,400,876 $ 1,400,876 Accumulated Amortization (1,149,236 ) (1,138,272 ) Intangible Assets, Net $ 251,640 $ 262,604 Amortization expense associated with Blackstone’s intangible assets was $11.0 million for the three months ended March 31, 2017 and $22.8 million for the three months ended March 31, 2016. Amortization of Intangible Assets held at March 31, 2017 is expected to be $43.9 million, $43.8 million, $43.8 million, $43.8 million, and $43.8 million for each of the years ending December 31, 2017, 2018, 2019, 2020, and 2021, respectively. Blackstone’s intangible assets as of March 31, 2017 are expected to amortize over a weighted-average period of 5.9 years.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2017
INVESTMENTS	4. INVESTMENTS Investments consist of the following: March 31, December 31, Investments of Consolidated Blackstone Funds $ 7,202,289 $ 6,480,674 Equity Method Investments 2,955,852 3,092,378 Corporate Treasury Investments 2,451,274 2,518,438 Performance Fees 5,213,345 5,320,994 Other Investments 315,498 282,491 $ 18,138,258 $ 17,694,975 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $384.2 million and $384.4 million at March 31, 2017 and December 31, 2016, respectively. Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended 2017 2016 Realized Gains $ 55,908 $ 13,382 Net Change in Unrealized Losses (28,522 ) (25,241 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 27,386 (11,859 ) Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 38,746 31,001 Other Income — Net Gains from Fund Investment Activities $ 66,132 $ 19,142 Equity Method Investments Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence. Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended March 31, 2017 and 2016, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present separate financial statements for any of its equity method investments. The Partnership recognized net gains related to its equity method investments of $168.5 million and $17.6 million for the three months ended March 31, 2017 and 2016, respectively. Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents the Partnership’s 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 these investments: Three Months Ended 2017 2016 Realized Losses $ (5,681 ) $ (18,609 ) Net Change in Unrealized Gains 30,480 1,783 $ 24,799 $ (16,826 ) 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, 2016 $ 1,984,792 $ 2,970,448 $ 6,132 $ 359,622 $ 5,320,994 Performance Fees Allocated as a Result of Changes in Fund Fair Values 399,477 495,505 19,404 60,964 975,350 Foreign Exchange Gain — 15,858 — — 15,858 Fund Distributions (635,706 ) (450,940 ) (3,347 ) (8,864 ) (1,098,857 ) Performance Fees, March 31, 2017 $ 1,748,563 $ 3,030,871 $ 22,189 $ 411,722 $ 5,213,345 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended March 31, 2017 2016 Realized Gains $ 5 $ 4,733 Net Change in Unrealized Gains (Losses) 5,488 (6,235 ) $ 5,493 $ (1,502 )

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	3 Months Ended
	Mar. 31, 2017
NET ASSET VALUE AS FAIR VALUE	5. NET ASSET VALUE AS FAIR VALUE A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of March 31, 2017 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 169,421 $ 125 (a ) (a ) Credit Driven 206,419 268 (b ) (b ) Equity 59,748 — (c ) (c ) Commodities 2,135 — (d ) (d ) $ 437,723 $ 393 (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 43% 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 57% 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. 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. (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	3 Months Ended
	Mar. 31, 2017
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, Net of Tax — Currency Translation Adjustment. For the three months ended March 31, 2017 the resulting loss was $0.6 million. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 55,678 $ 771 $ — $ — $ — $ — $ 51,267 $ 587 Freestanding Derivatives Blackstone Interest Rate Contracts 1,883,697 1,658 512,719 2,239 2,651,583 2,356 546,211 2,355 Foreign Currency Contracts 213,764 2,411 209,298 1,751 164,247 1,037 127,444 966 Credit Default Swaps — — 3,000 351 — — 3,819 215 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 279,646 23,930 149,656 1,861 254,162 25,050 136,025 3,903 Credit Default Swaps — — 119,625 1,788 — — 113,057 3,350 2,377,107 27,999 994,298 7,990 3,069,992 28,443 926,556 10,789 Total $ 2,432,785 $ 28,770 $ 994,298 $ 7,990 $ 3,069,992 $ 28,443 $ 977,823 $ 11,376 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended 2017 2016 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (22 ) $ 129 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (940 ) $ (7,358 ) Foreign Currency Contracts 1,420 (4,310 ) Credit Default Swaps 5 (3,811 ) Total $ 485 $ (15,479 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (217 ) $ (2,666 ) Foreign Currency Contracts (1,960 ) 15,322 Credit Default Swaps 1,947 (4,276 ) Total $ (230 ) $ 8,380 As of March 31, 2017 and December 31, 2016, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	3 Months Ended
	Mar. 31, 2017
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, Assets Loans and Receivables $ 112,056 $ 211,359 Equity and Preferred Securities 466,219 444,713 Assets of Consolidated CLO Vehicles Corporate Loans 5,587,151 4,762,071 Corporate Bonds 623,944 710,947 $ 6,789,370 $ 6,129,090 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 6,027,719 $ 5,125,804 Subordinated Notes Loans Payable 355,694 337,846 Due to Affiliates 7,065 7,748 $ 6,390,478 $ 5,471,398 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 7,418 $ — $ (3,778 ) Equity and Preferred Securities — 13,109 3 (3,832 ) Debt Securities — — — (689 ) Assets of Consolidated CLO Vehicles Corporate Loans 1,872 (11,389 ) (13,707 ) 957 Corporate Bonds 5,634 (5,874 ) 190 271 Other — — 178 — $ 7,506 $ 3,264 $ (13,336 ) $ (7,071 ) Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 7,912 $ — $ 12,413 The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2017 December 31, 2016 For Financial Assets For Financial Assets Excess Fair Excess Excess Fair Excess Loans and Receivables $ 897 $ — $ — $ (6,476 ) $ — $ — Assets of Consolidated CLO Vehicles Corporate Loans (6,631 ) — — 2,616 — — Corporate Bonds 4,162 — — 7,259 — — $ (1,572 ) $ — $ — $ 3,399 $ — $ — (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 March 31, 2017 and December 31, 2016, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of March 31, 2017 and December 31, 2016, no Corporate Bonds included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected were past due or in non-accrual status.

FAIR VALUE MEASUREMENTS OF FINA

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	8. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy: March 31, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 988,676 $ — $ — $ — $ 988,676 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 148,665 148,665 Equity Securities 63,158 58,922 113,797 — 235,877 Partnership and LLC Interests — 20,870 333,616 — 354,486 Debt Instruments — 219,752 8,484 — 228,236 Freestanding Derivatives — Foreign Currency Contracts — 2,337 — — 2,337 Assets of Consolidated CLO Vehicles Corporate Loans — 5,357,082 230,069 — 5,587,151 Corporate Bonds — 623,944 — — 623,944 Freestanding Derivatives — Foreign Currency Contracts — 21,593 — — 21,593 Total Investments of Consolidated Blackstone Funds 63,158 6,304,500 685,966 148,665 7,202,289 Corporate Treasury Investments Equity Securities 290,946 — — — 290,946 Debt Instruments — 1,861,996 28,803 55,874 1,946,673 Other — — — 213,655 213,655 Total Corporate Treasury Investments 290,946 1,861,996 28,803 269,529 2,451,274 Other Investments 175,660 10,679 109,630 19,529 315,498 Total Investments 529,764 8,177,175 824,399 437,723 9,969,061 Accounts Receivable — Loans and Receivables — — 112,056 — 112,056 Other Assets Freestanding Derivatives Interest Rate Contracts 871 787 — — 1,658 Foreign Currency Contracts — 2,411 — — 2,411 Total Freestanding Derivatives 871 3,198 — — 4,069 Net Investment Hedges — Foreign Currency Contracts — 771 — — 771 Total Other Assets 871 3,969 — — 4,840 $ 1,519,311 $ 8,181,144 $ 936,455 $ 437,723 $ 11,074,633 March 31, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,027,719 $ — $ 6,027,719 Subordinated Notes (b) — 355,694 — 355,694 Total Loans Payable — 6,383,413 — 6,383,413 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 7,065 — 7,065 Total Due to Affiliates — 7,065 — 7,065 Securities Sold, Not Yet Purchased — 178,448 — 178,448 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,861 — 1,861 Credit Default Swaps — 1,788 — 1,788 Total Liabilities of Consolidated Blackstone Funds — 3,649 — 3,649 Freestanding Derivatives Interest Rate Contracts 988 1,251 — 2,239 Foreign Currency Contracts — 1,751 — 1,751 Credit Default Swaps — 351 — 351 Total Freestanding Derivatives 988 3,353 — 4,341 Total Accounts Payable, Accrued Expenses and Other Liabilities 988 7,002 — 7,990 $ 988 $ 6,575,928 $ — $ 6,576,916 December 31, 2016 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 443,442 $ — $ — $ — $ 443,442 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 148,993 148,993 Equity Securities 76,381 70,544 93,657 — 240,582 Partnership and LLC Interests — 29,430 337,230 — 366,660 Debt Instruments — 219,049 7,322 — 226,371 Freestanding Derivatives — Foreign Currency Contracts — 2,327 — — 2,327 Assets of Consolidated CLO Vehicles Corporate Loans — 4,514,407 247,664 — 4,762,071 Corporate Bonds — 710,947 — — 710,947 Freestanding Derivatives — Foreign Currency Contracts — 22,723 — — 22,723 Total Investments of Consolidated Blackstone Funds 76,381 5,569,427 685,873 148,993 6,480,674 Corporate Treasury Investments Equity Securities 281,505 — — — 281,505 Debt Instruments — 1,944,171 30,424 54,907 2,029,502 Other — — — 207,431 207,431 Total Corporate Treasury Investments 281,505 1,944,171 30,424 262,338 2,518,438 Other Investments 163,548 — 100,164 18,779 282,491 Total Investments 521,434 7,513,598 816,461 430,110 9,281,603 Accounts Receivable — Loans and Receivables — — 211,359 — 211,359 Other Assets Freestanding Derivatives Interest Rate Contracts 1,883 473 — — 2,356 Foreign Currency Contracts — 1,037 — — 1,037 Total Freestanding Derivatives 1,883 1,510 — — 3,393 Total Other Assets 1,883 1,510 — — 3,393 $ 966,759 $ 7,515,108 $ 1,027,820 $ 430,110 $ 9,939,797 December 31, 2016 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 5,125,804 $ — $ 5,125,804 Subordinated Notes (b) — 337,846 — 337,846 Total Loans Payable — 5,463,650 — 5,463,650 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 7,748 — 7,748 Total Due to Affiliates — 7,748 — 7,748 Securities Sold, Not Yet Purchased — 215,398 — 215,398 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 3,903 — 3,903 Credit Default Swaps — 3,350 — 3,350 Total Liabilities of Consolidated Blackstone Funds — 7,253 — 7,253 Freestanding Derivatives Interest Rate Contracts 750 1,605 — 2,355 Foreign Currency Contracts — 966 — 966 Credit Default Swaps — 215 — 215 Total Freestanding Derivatives 750 2,786 — 3,536 Net Investment Hedges — Foreign Currency Contracts — 587 — 587 Total Accounts Payable, Accrued Expenses and Other Liabilities 750 10,626 — 11,376 $ 750 $ 5,697,422 $ — $ 5,698,172 (a) Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles, and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, has a controlling financial interest. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities. (b) Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of March 31, 2017 and 2016, respectively: Three Months Ended 2017 2016 Transfers from Level I into Level II (a) $ — $ 2,114 Transfers from Level II into Level I (b) $ — $ 28,346 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 61,375 Discounted Cash Flows Discount Rate 7.3% - 29.1% 12.8% Revenue CAGR -0.6% - 39.7% 7.0% Exit Capitalization Rate 5.3% - 11.4% 8.6% Exit Multiple - EBITDA 1.9x - 19.0x 9.7x Exit Multiple - P/E 9.5x - 17.0x 10.1x 2,497 Market Comparable Companies Book Value Multiple 0.9x N/A EBITDA Multiple 8.0x N/A 18,088 Other N/A N/A N/A 1,705 Third Party Pricing N/A N/A N/A 30,132 Transaction Price N/A N/A N/A Partnership and LLC Interests 301,370 Discounted Cash Flows Discount Rate 4.5% - 27.6% 9.2% Revenue CAGR -7.3% - 28.9% 6.9% Exit Capitalization Rate 3.0% - 11.0% 5.8% Exit Multiple - EBITDA 0.2x - 18.7x 10.8x Exit Multiple - P/E 9.3x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 14,018 Other N/A N/A N/A 2,254 Third Party Pricing N/A N/A N/A 15,444 Transaction Price N/A N/A N/A Debt Instruments 4,942 Discounted Cash Flows Discount Rate 8.9% - 20.0% 10.6% Revenue CAGR 5.1% N/A Exit Capitalization Rate 4.7% - 8.3% 7.4% Exit Multiple - EBITDA 12.0x N/A 2,089 Third Party Pricing N/A N/A N/A 1,453 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 14,183 Market Comparable Companies EBITDA Multiple 9.6x N/A 215,886 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 685,966 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 9,969 Discounted Cash Flows Discount Rate 5.1% - 10.2% 6.5% Default Rate 1.3% - 2.0% 1.9% Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 6.3% - 79.0% 66.4% Reinvestment Rate LIBOR + 350 bps - LIBOR + 391 bps LIBOR + 400 bps 18,834 Third Party Pricing N/A N/A N/A Loans and Receivables 112,056 Discounted Cash Flows Discount Rate 8.4% - 14.3% 12.3% Other Investments 79,977 Discounted Cash Flows Discount Rate 0.6% - 15.0% 2.7% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 29,653 Transaction Price N/A N/A N/A Total $ 936,455 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, 2016: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 58,826 Discounted Cash Flows Discount Rate 7.3% - 28.7% 12.7% Revenue CAGR -0.2% - 20.1% 6.3% Exit Capitalization Rate 5.0% - 11.4% 8.5% Exit Multiple - EBITDA 4.0x - 20.0x 10.0x Exit Multiple - P/E 10.5x - 17.0x 11.0x 2,032 Market Comparable Companies Book Value Multiple 0.9x N/A 22,843 Other N/A N/A N/A 9,956 Transaction Price N/A N/A N/A Partnership and LLC Interests 303,281 Discounted Cash Flows Discount Rate 3.4% - 27.6% 9.4% Revenue CAGR -27.1% - 47.3% 7.2% Exit Capitalization Rate 3.0% - 11.0% 6.0% Exit Multiple - EBITDA 3.9x - 18.3x 10.5x Exit Multiple - P/E 9.3x N/A 13,945 Market Comparable Companies Capitalization Rate 5.0% - 5.6% 5.2% 12,916 Other N/A N/A N/A 1,238 Third Party Pricing N/A N/A N/A 5,850 Transaction Price N/A N/A N/A Debt Instruments 5,002 Discounted Cash Flows Discount Rate 8.3% - 20.0% 12.9% Revenue CAGR 4.8% - 70.8% 33.8% Exit Capitalization Rate 4.7% - 8.3% 7.5% Exit Multiple - EBITDA 9.6x - 12.0x 11.0x 2,227 Third Party Pricing N/A N/A N/A 93 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 13,723 Market Comparable Companies EBITDA Multiple 9.6x N/A 233,941 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 685,873 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 9,783 Discounted Cash Flows Discount Rate 6.1% - 10.0% 7.1% Default Rate 1.0% - 2.0% 1.8% Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 18.5% - 76.5% 66.4% Reinvestment Rate LIBOR + 350 bps - LIBOR + 390 bps LIBOR + 400 bps 20,641 Third Party Pricing N/A N/A N/A Loans and Receivables 211,359 Discounted Cash Flows Discount Rate 12.0% - 16.4% 13.3% Other Investments 78,619 Discounted Cash Flows Discount Rate 1.2% - 15.0% 3.1% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 21,545 Transaction Price N/A N/A N/A Total $ 1,027,820 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 corporate treasury investments, 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, 2016, 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 either Investment Income (Loss) or Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2017 2016 Investments Loans Other Total Investments Loans Other Total Balance, Beginning of Period $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 Transfer In to Level III (b) 47,866 — 9,923 57,789 54,626 — 290 54,916 Transfer Out of Level III (b) (121,193 ) — (6,080 ) (127,273 ) (61,879 ) — (4,005 ) (65,884 ) Purchases 157,904 69,483 12,447 239,834 63,932 298,381 — 362,313 Sales (112,814 ) (176,160 ) (10,032 ) (299,006 ) (92,578 ) (267,556 ) (20,007 ) (380,141 ) Settlements — (2,491 ) (100 ) (2,591 ) — (4,294 ) (140 ) (4,434 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 28,330 9,865 1,687 39,882 (1,795 ) (667 ) (1,715 ) (4,177 ) Balance, End of Period $ 685,966 $ 112,056 $ 138,433 $ 936,455 $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 3,197 $ 9,864 $ 339 $ 13,400 $ (18,484 ) $ (667 ) $ (1,300 ) $ (20,451 ) (a) Represents corporate treasury investments 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. There were no Level III financial liabilities as of and for the three months ended March 31, 2017 and 2016.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2017
VARIABLE INTEREST ENTITIES	9. VARIABLE INTEREST ENTITIES Pursuant to GAAP consolidation guidance, the Partnership consolidates certain VIEs in which it is determined that the Partnership is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds have similar characteristics, including loss of invested capital and loss of management fees and performance based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. The Partnership does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these consolidated Blackstone Funds. In addition, there is no recourse to the Partnership for the consolidated VIEs’ liabilities including the liabilities of the consolidated CLO vehicles. The Partnership holds variable interests in certain VIEs which are not consolidated as it is determined that the Partnership is not the primary beneficiary. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated entities, any amounts due to non-consolidated entities and any clawback obligation relating to previously distributed carried interest. The assets and liabilities recognized in the Partnership’s Condensed Consolidated Statements of Financial Condition related to the Partnership’s interest in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, December 31, Investments $ 669,970 $ 644,546 Accounts Receivable 14,161 12,308 Due from Affiliates 46,520 35,099 Total VIE Assets 730,651 691,953 Due to Affiliates 689 577 Accounts Payable, Accrued Expenses and Other Liabilities 64 38 Potential Clawback Obligation 83,547 81,936 Maximum Exposure to Loss $ 814,951 $ 774,504

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	3 Months Ended
	Mar. 31, 2017
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At March 31, 2017, the Partnership received securities, primarily U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt, with a fair value of $43.4 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $43.4 million and cash were used to cover Securities Sold, Not Yet Purchased. The Partnership also pledged securities with a carrying value of $142.3 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. At December 31, 2016, the Partnership pledged securities with a carrying value of $119.1 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 21,253 $ — $ — $ — $ 21,253 Asset-Backed Securities — 17,050 52,423 3,920 73,393 Total $ 21,253 $ 17,050 $ 52,423 $ 3,920 $ 94,646 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 94,646 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 7,034 $ — $ — $ — $ 7,034 Asset-Backed Securities — 12,805 30,796 24,689 68,290 Total $ 7,034 $ 12,805 $ 30,796 $ 24,689 $ 75,324 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 75,324 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2017
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of March 31, 2017: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 771 $ — $ — $ 771 Freestanding Derivatives 6,406 1,571 3,867 968 Reverse Repurchase Agreements 44,635 43,419 — 1,216 Total $ 51,812 $ 44,990 $ 3,867 $ 2,955 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 6,129 $ 1,571 $ 3,673 $ 885 Repurchase Agreements 94,646 91,453 3,119 74 Total $ 100,775 $ 93,024 $ 6,792 $ 959 The following tables present the offsetting of assets and liabilities as of December 31, 2016: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 5,720 $ 1,064 $ 2,892 $ 1,764 Reverse Repurchase Agreements 118,495 117,775 — 720 Total $ 124,215 $ 118,839 $ 2,892 $ 2,484 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 587 $ — $ — $ 587 Freestanding Derivatives 6,886 1,064 5,638 184 Repurchase Agreements 75,324 72,195 3,129 — Total $ 82,797 $ 73,259 $ 8,767 $ 771 Reverse Repurchase Agreements and Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: March 31, 2017 December 31, 2016 Furniture, Equipment and Leasehold Improvements, Net $ 130,693 $ 126,784 Prepaid Expenses 83,125 96,888 Other Assets 38,444 37,723 Freestanding Derivatives 4,069 3,393 Net Investment Hedges 771 — Total $ 257,102 $ 264,788 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of March 31, 2017, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.5 billion, which was offset with an accompanying overdraft of $1.5 billion.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2017
BORROWINGS	12. BORROWINGS The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the Notes were issued at a discount. All of the Notes accrue interest from the Issue Date and all pay interest in arrears on a semi-annual basis or annual basis. March 31, 2017 December 31, 2016 Senior Notes Carrying Fair Carrying Fair 6.625%, Due 8/15/2019 (b) $ 605,093 $ 643,851 $ 607,121 $ 648,765 5.875%, Due 3/15/2021 398,205 445,600 398,105 447,600 4.750%, Due 2/15/2023 393,398 434,880 393,158 426,520 6.250%, Due 8/15/2042 237,876 295,850 237,830 285,450 5.000%, Due 6/15/2044 488,386 516,650 488,337 497,200 4.450%, Due 7/15/2045 343,843 332,710 343,816 322,525 2.000%, Due 5/19/2025 315,291 333,908 310,805 331,096 1.000%, Due 10/5/2026 628,624 602,435 620,750 598,270 Total $ 3,410,716 $ 3,605,884 $ 3,399,922 $ 3,557,426 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The carrying and fair values are determined using the original $600 million par amount less $15 million attributable to these notes which were acquired but not retired by Blackstone during 2012. Included within Loans Payable and Due to Affiliates within the Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2017 December 31, 2016 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 6,041,613 1.98 % 4.7 $ 5,124,241 2.17 % 5.4 Subordinated Notes 410,590 (a ) N/A 382,735 (a) N/A $ 6,452,203 $ 5,506,976 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles. Senior Secured Notes and Subordinated Notes comprise the following amounts: March 31, 2017 December 31, 2016 Fair Value Amounts Due to Non- Fair Value Amounts Due to Non- Borrowing Fair Value Borrowing Fair Value Senior Secured Notes $ 6,027,719 $ — $ — $ 5,125,804 $ — $ — Subordinated Notes 362,759 10,000 7,065 345,594 10,000 7,748 $ 6,390,478 $ 10,000 $ 7,065 $ 5,471,398 $10,000 $7,748 The Loans Payable of the consolidated CLO vehicles are collateralized by assets held by each respective CLO vehicle and assets of one vehicle may not be used to satisfy the liabilities of another. As of March 31, 2017 and December 31, 2016, the fair value of the consolidated CLO assets was $8.1 billion and $6.4 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. Scheduled principal payments for borrowings as of March 31, 2017 were as follows: Operating Blackstone Fund Total 2017 $ — $ 322,365 $ 322,365 2018 — — — 2019 585,000 — 585,000 2020 — — — 2021 400,000 — 400,000 Thereafter 2,458,680 6,132,643 8,591,323 Total $ 3,443,680 $ 6,455,008 $ 9,898,688

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 5.3% and 2.7% for the three months ended March 31, 2017 and 2016, respectively. Blackstone’s income tax provision was $57.4 million and $9.1 million for the three months ended March 31, 2017 and 2016, 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 months ended March 31, 2017 and 2016 was substantially due to the fact that certain corporate subsidiaries are subject to federal, state, local and foreign income taxes (as applicable) and other subsidiaries are subject to New York City unincorporated business taxes.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	3 Months Ended
	Mar. 31, 2017
NET INCOME PER COMMON UNIT	14. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the three months ended March 31, 2017 and March 31, 2016 was calculated as follows: Three Months Ended March 31, 2017 2016 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 461,825 $ 159,753 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 371,284 117,684 Net Income Attributable to The Blackstone Group L.P., Diluted $ 833,109 $ 277,437 Units Outstanding Weighted-Average Common Units Outstanding, Basic 660,939,708 644,897,849 Weighted-Average Unvested Deferred Restricted Common Units 809,184 1,332,772 Weighted-Average Blackstone Holdings Partnership Units 537,758,091 548,042,780 Weighted-Average Common Units Outstanding, Diluted 1,199,506,983 1,194,273,401 Net Income Per Common Unit, Basic $ 0.70 $ 0.25 Net Income Per Common Unit, Diluted $ 0.69 $ 0.23 Distributions Declared Per Common Unit (a) $ 0.47 $ 0.61 (a) Distributions declared reflects the calendar date of the declaration for each distribution. Unit Repurchase Program In January 2008, Blackstone announced that the Board of Directors of its general partner, Blackstone Group Management L.L.C., had authorized the repurchase by Blackstone of up to $500 million of Blackstone common units and Blackstone Holdings Partnership Units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of Blackstone common units and Blackstone Holdings Partnership Units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the three month periods ended March 31, 2017 and 2016, no units were repurchased. As of March 31, 2017, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2017
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, 2017, the Partnership had the ability to grant 170,379,944 units under the Equity Plan. For the three months ended March 31, 2017 and March 31, 2016, the Partnership recorded compensation expense of $91.3 million and $79.8 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $14.1 million and $8.3 million, respectively. As of March 31, 2017, there was $899.9 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 4.4 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,198,182,811 as of March 31, 2017. Total outstanding unvested phantom units were 42,793 as of March 31, 2017. A summary of the status of the Partnership’s unvested equity-based awards as of March 31, 2017 and of changes during the period January 1, 2017 through March 31, 2017 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, 2016 34,568,726 $ 33.58 12,206,016 $ 24.65 40,460 $ 28.14 Granted 179,596 27.03 2,213,133 27.64 3,057 27.03 Vested (2,326,984 ) 35.48 (2,352,245 ) 25.87 (1,338 ) 28.61 Forfeited (255,433 ) 24.52 (86,559 ) 28.69 — — Balance, March 31, 2017 32,165,905 $ 34.01 11,980,345 $ 25.29 42,179 $ 28.81 Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2017, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 27,095,652 4.0 Deferred Restricted Blackstone Common Units 10,620,157 1.8 Total Equity-Based Awards 37,715,809 3.4 Phantom Units 32,589 3.1

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2017
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds $ 409,423 $ 342,943 Amounts Due from Portfolio Companies and Funds 441,849 456,469 Management and Performance Fees Due from Non-Consolidated Funds 558,995 445,280 Payments Made on Behalf of Non-Consolidated Entities 256,341 196,134 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 1,412 1,552 Accrual for Potential Clawback of Previously Distributed Carried Interest 1,104 — $ 1,669,124 $ 1,442,378 March 31, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,141,411 $ 1,186,145 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 35,735 28,012 Distributions Received on Behalf of Blackstone Entities 41,011 80,034 Payments Made by Non-Consolidated Entities 8,674 19,833 Due to Note Holders of Consolidated CLO Vehicles 7,065 7,748 Accrual for Potential Repayment of Previously Received Performance Fees 2,171 — $ 1,236,067 $ 1,321,772 Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance fee arrangements. As of March 31, 2017 and December 31, 2016, such investments aggregated $795.3 million and $740.3 million, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $30.6 million and $3.0 million for the three months ended March 31, 2017 and 2016, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $50.1 million and $56.7 million for the three months ended March 31, 2017 and 2016, respectively. Fees relate primarily to transaction and monitoring fees which are negotiated in the ordinary course of fundraising and investment activities. Loans to Affiliates Loans to affiliates consist of interest bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These loans earn interest at Blackstone’s cost of borrowing and such interest totaled $0.2 million and $0.2 million for the three months ended March 31, 2017 and 2016, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received carried interest distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess carried interest allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Fees represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the carry funds were to be liquidated based on the fair value of their underlying investments as of March 31, 2017. 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 personal 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 $364.7 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	3 Months Ended
	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.4 billion of investment commitments as of March 31, 2017 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 $359.0 million as of March 31, 2017 which includes $65.3 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 March 31, 2017. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone International Partners LLP. The amount guaranteed as of March 31, 2017 was $144.8 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, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Carried Interest distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: March 31, 2017 December 31, 2016 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,067 $ 1,104 $ 2,171 $ — $ — $ — 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 March 31, 2017, $658.2 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. In the Credit segment, payment of carried interest to the Partnership by the majority of the rescue lending, mezzanine and hedge fund strategies funds is substantially deferred 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 March 31, 2017, all of the investments held by our carry funds were deemed worthless, a possibility that management views as remote, the amount of Carried Interest subject to potential clawback would be $5.4 billion, on an after tax basis where applicable, of which Blackstone Holdings is potentially liable for $4.9 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2017
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 primarily comprises its management of flagship corporate private equity funds, sector-focused energy-focused • Real Estate — Blackstone’s Real Estate segment primarily comprises its management of global, European focused and Asian focused opportunistic real estate funds, high yield real estate debt funds, liquid real estate debt funds, core+ real estate funds, a NYSE-listed REIT and a non-exchange traded REIT. • 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 and also includes investment platforms that seed new hedge fund businesses, purchase minority ownership interests in more established hedge funds, invest in special situation opportunities, create alternative solutions in regulated structures and trade directly. • Credit — Blackstone’s Credit segment consists principally of GSO Capital Partners LP (“GSO”), which is organized into performing credit strategies (which include mezzanine lending funds, business development companies and other performing credit strategies), distressed strategies (which include hedge fund strategies, rescue lending funds and distressed energy strategies) and long only strategies (which consist of CLOs, closed end funds, commingled funds and separately managed accounts). 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 as a key measure of value creation, a benchmark of its performance and in making resource deployment and compensation decisions across its four segments. Economic Income represents segment net income before taxes excluding transaction-related charges. Transaction-related charges arise from Blackstone’s IPO and certain long-term retention programs outside of annual deferred compensation and other corporate actions, including acquisitions. Transaction-related charges include certain equity-based compensation charges, the amortization of intangible assets and contingent consideration associated with acquisitions. Economic Income presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages. Economic Net Income (“ENI”) represents Economic Income 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. The following table presents the financial data for Blackstone’s four segments as of and for the three months ended March 31, 2017 and 2016. March 31, 2017 and the Three Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 177,464 $ 197,879 $ 128,468 $ 139,147 $ 642,958 Transaction, Advisory and Other Fees, Net 17,200 21,279 259 1,484 40,222 Management Fee Offsets (12,190 ) (3,550 ) — (17,859 ) (33,599 ) Total Management and Advisory Fees, Net 182,474 215,608 128,727 122,772 649,581 Performance Fees Realized Carried Interest 582,681 519,841 — 8,800 1,111,322 Incentive Fees — 2,914 14,684 29,539 47,137 Unrealized Carried Interest (184,833 ) (22,268 ) 3,797 48,557 (154,747 ) Incentive Fees — 18,713 40,311 992 60,016 Total Performance Fees 397,848 519,200 58,792 87,888 1,063,728 Investment Income (Loss) Realized 80,889 119,579 (632 ) 3,058 202,894 Unrealized (40,824 ) (83,853 ) 18,293 7,449 (98,935 ) Total Investment Income 40,065 35,726 17,661 10,507 103,959 Interest and Dividend Revenue 10,922 18,167 7,554 9,233 45,876 Other (1,800 ) (3,150 ) (1,610 ) (1,727 ) (8,287 ) Total Revenues 629,509 785,551 211,124 228,673 1,854,857 Expenses Compensation and Benefits Compensation 83,742 102,702 47,604 54,979 289,027 Performance Fee Compensation Realized Carried Interest 181,633 179,925 — 4,633 366,191 Incentive Fees — 1,364 7,317 14,071 22,752 Unrealized Carried Interest (39,356 ) 11,798 1,209 21,962 (4,387 ) Incentive Fees — 8,509 14,004 626 23,139 Total Compensation and Benefits 226,019 304,298 70,134 96,271 696,722 Other Operating Expenses 42,822 51,969 25,800 32,701 153,292 Total Expenses 268,841 356,267 95,934 128,972 850,014 Economic Income $ 360,668 $ 429,284 $ 115,190 $ 99,701 $ 1,004,843 Segment Assets $ 5,983,046 $ 7,916,805 $ 2,297,471 $ 3,302,146 $ 19,499,468 Three Months Ended March 31, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 130,648 $ 199,907 $ 130,158 $ 125,990 $ 586,703 Transaction, Advisory and Other Fees, Net 8,920 35,794 543 1,342 46,599 Management Fee Offsets (6,848 ) (3,595 ) — (9,658 ) (20,101 ) Total Management and Advisory Fees, Net 132,720 232,106 130,701 117,674 613,201 Performance Fees Realized Carried Interest 30,282 200,627 — — 230,909 Incentive Fees — 4,069 2,684 21,697 28,450 Unrealized Carried Interest 73,875 (11,522 ) 32 (14,779 ) 47,606 Incentive Fees — 9,765 (2,935 ) 270 7,100 Total Performance Fees 104,157 202,939 (219 ) 7,188 314,065 Investment Income (Loss) Realized (15,357 ) 12,975 (4,745 ) (2,974 ) (10,101 ) Unrealized 15,440 (2,137 ) (12,291 ) (17,561 ) (16,549 ) Total Investment Income (Loss) 83 10,838 (17,036 ) (20,535 ) (26,650 ) Interest and Dividend Revenue 9,849 13,188 5,296 6,748 35,081 Other (1,587 ) (1,909 ) (1,388 ) (1,364 ) (6,248 ) Total Revenues 245,222 457,162 117,354 109,711 929,449 Expenses Compensation and Benefits Compensation 80,274 100,578 54,169 52,382 287,403 Performance Fee Compensation Realized Carried Interest 15,427 43,076 — — 58,503 Incentive Fees — 2,133 1,863 10,127 14,123 Unrealized Carried Interest 9,296 27,703 — (6,998 ) 30,001 Incentive Fees — 4,158 (1,195 ) 485 3,448 Total Compensation and Benefits 104,997 177,648 54,837 55,996 393,478 Other Operating Expenses 48,063 48,097 26,146 26,220 148,526 Total Expenses 153,060 225,745 80,983 82,216 542,004 Economic Income $ 92,162 $ 231,417 $ 36,371 $ 27,495 $ 387,445 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,854,857 $ 85,866(a) $ 1,940,723 $ 929,449 $ 2,905(a) $ 932,354 Expenses $ 850,014 $ 79,636(b) $ 929,650 $ 542,004 $ 75,706(b) $ 617,710 Other Income $ — $ 66,132(c) $ 66,132 $ — $ 19,142(c) $ 19,142 Economic Income $ 1,004,843 $ 72,362(d) $ 1,077,205 $ 387,445 $ (53,659)(d) $ 333,786 Total Assets $ 19,499,468 $ 8,837,696(e) $ 28,337,164 (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: Three Months Ended March 31, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (85,321 ) $ (2,757 ) Fund Expenses Added in Consolidation 7,491 (5,847 ) Income Associated with Non-Controlling Interests of Consolidated Entities 140,685 33,685 Transaction-Related Other Income (Loss) 3,277 (5,939 ) Total Consolidation Adjustments and Reconciling Items $ 66,132 $ 19,142 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2017 2016 Economic Income $ 1,004,843 $ 387,445 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (56,979 ) (64,136 ) Income Associated with Non-Controlling Interests of Consolidated Entities 140,685 33,685 Total Consolidation Adjustments and Reconciling Items 72,362 (53,659 ) Income Before Provision for Taxes $ 1,077,205 $ 333,786 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS There have been no events since March 31, 2017 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016 filed with the Securities and Exchange Commission. As disclosed in the audited consolidated financial statements, the Partnership adopted certain accounting guidance for the quarter ended June 30, 2016 and any adjustments were reflected prospectively as of January 1, 2016. As such, the condensed consolidated financial statements for the three months ended March 31, 2016 were recast from the amounts originally reported in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. The condensed consolidated financial statements include the accounts of the Partnership, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which the Partnership is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is presumed to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows.
Consolidation	Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. The Partnership has a controlling interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick out rights or participating rights 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 and debt securities sold, not yet purchased. 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”. 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 of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of 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. Blackstone has concluded that capital allocation-based Performance Fees (“Capital Allocation-Based Arrangements”) represent equity method investments that are not in the scope of the amended revenue recognition guidance. Therefore, effective January 1, 2018, Blackstone will amend the recognition and measurement of Capital Allocation-Based Arrangements. This accounting change will not change the timing or amount of revenue recognized related to Capital Allocation-Based Arrangements. These amounts are currently recognized within Realized and Unrealized Performance Fees — Carried Interest and Incentive Fees in the Consolidated Statements of Operations. Under the equity method of accounting Blackstone will recognize its allocations of Carried Interest or Incentive Fees within Investment Income along with the allocations proportionate to Blackstone’s ownership interests in the Blackstone Funds. Blackstone will apply a retrospective application and prior periods shall be restated. The impact of adoption is a reclassification of Carried Interest to Investment Income. This change will have no impact on Net Income Attributable to The Blackstone Group L.P. Blackstone has concluded that the majority of its Incentive Fees are not part of a Capital Allocation-Based Arrangement (“Contractual Incentive Fees”), and are within the scope of the amended revenue recognition guidance. This accounting change will delay recognition of Contractual Incentive Fees compared to our current accounting treatment, and it is not expected to have a material impact on Blackstone’s financial statements. The Partnership is evaluating the impact of the amended revenue recognition guidance on other revenue streams including management fees and considerations for reporting revenue gross versus net. 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.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2017
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,400,876 $ 1,400,876 Accumulated Amortization (1,149,236 ) (1,138,272 ) Intangible Assets, Net $ 251,640 $ 262,604

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Investments	Investments consist of the following: March 31, December 31, Investments of Consolidated Blackstone Funds $ 7,202,289 $ 6,480,674 Equity Method Investments 2,955,852 3,092,378 Corporate Treasury Investments 2,451,274 2,518,438 Performance Fees 5,213,345 5,320,994 Other Investments 315,498 282,491 $ 18,138,258 $ 17,694,975
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended 2017 2016 Realized Gains $ 55,908 $ 13,382 Net Change in Unrealized Losses (28,522 ) (25,241 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 27,386 (11,859 ) Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 38,746 31,001 Other Income — Net Gains from Fund Investment Activities $ 66,132 $ 19,142
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended 2017 2016 Realized Losses $ (5,681 ) $ (18,609 ) Net Change in Unrealized Gains 30,480 1,783 $ 24,799 $ (16,826 )
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, 2016 $ 1,984,792 $ 2,970,448 $ 6,132 $ 359,622 $ 5,320,994 Performance Fees Allocated as a Result of Changes in Fund Fair Values 399,477 495,505 19,404 60,964 975,350 Foreign Exchange Gain — 15,858 — — 15,858 Fund Distributions (635,706 ) (450,940 ) (3,347 ) (8,864 ) (1,098,857 ) Performance Fees, March 31, 2017 $ 1,748,563 $ 3,030,871 $ 22,189 $ 411,722 $ 5,213,345
Realized and Net Change in Unrealized Gains (Losses), Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended March 31, 2017 2016 Realized Gains $ 5 $ 4,733 Net Change in Unrealized Gains (Losses) 5,488 (6,235 ) $ 5,493 $ (1,502 )

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments	A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of March 31, 2017 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 169,421 $ 125 (a ) (a ) Credit Driven 206,419 268 (b ) (b ) Equity 59,748 — (c ) (c ) Commodities 2,135 — (d ) (d ) $ 437,723 $ 393 (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 43% 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 57% 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. 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. (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)	3 Months Ended
	Mar. 31, 2017
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 55,678 $ 771 $ — $ — $ — $ — $ 51,267 $ 587 Freestanding Derivatives Blackstone Interest Rate Contracts 1,883,697 1,658 512,719 2,239 2,651,583 2,356 546,211 2,355 Foreign Currency Contracts 213,764 2,411 209,298 1,751 164,247 1,037 127,444 966 Credit Default Swaps — — 3,000 351 — — 3,819 215 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 279,646 23,930 149,656 1,861 254,162 25,050 136,025 3,903 Credit Default Swaps — — 119,625 1,788 — — 113,057 3,350 2,377,107 27,999 994,298 7,990 3,069,992 28,443 926,556 10,789 Total $ 2,432,785 $ 28,770 $ 994,298 $ 7,990 $ 3,069,992 $ 28,443 $ 977,823 $ 11,376
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 2017 2016 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (22 ) $ 129 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (940 ) $ (7,358 ) Foreign Currency Contracts 1,420 (4,310 ) Credit Default Swaps 5 (3,811 ) Total $ 485 $ (15,479 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (217 ) $ (2,666 ) Foreign Currency Contracts (1,960 ) 15,322 Credit Default Swaps 1,947 (4,276 ) Total $ (230 ) $ 8,380

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, Assets Loans and Receivables $ 112,056 $ 211,359 Equity and Preferred Securities 466,219 444,713 Assets of Consolidated CLO Vehicles Corporate Loans 5,587,151 4,762,071 Corporate Bonds 623,944 710,947 $ 6,789,370 $ 6,129,090 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 6,027,719 $ 5,125,804 Subordinated Notes Loans Payable 355,694 337,846 Due to Affiliates 7,065 7,748 $ 6,390,478 $ 5,471,398
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 7,418 $ — $ (3,778 ) Equity and Preferred Securities — 13,109 3 (3,832 ) Debt Securities — — — (689 ) Assets of Consolidated CLO Vehicles Corporate Loans 1,872 (11,389 ) (13,707 ) 957 Corporate Bonds 5,634 (5,874 ) 190 271 Other — — 178 — $ 7,506 $ 3,264 $ (13,336 ) $ (7,071 ) Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 7,912 $ — $ 12,413
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2017 December 31, 2016 For Financial Assets For Financial Assets Excess Fair Excess Excess Fair Excess Loans and Receivables $ 897 $ — $ — $ (6,476 ) $ — $ — Assets of Consolidated CLO Vehicles Corporate Loans (6,631 ) — — 2,616 — — Corporate Bonds 4,162 — — 7,259 — — $ (1,572 ) $ — $ — $ 3,399 $ — $ — (a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

FAIR VALUE MEASUREMENTS OF FI33

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy: March 31, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 988,676 $ — $ — $ — $ 988,676 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 148,665 148,665 Equity Securities 63,158 58,922 113,797 — 235,877 Partnership and LLC Interests — 20,870 333,616 — 354,486 Debt Instruments — 219,752 8,484 — 228,236 Freestanding Derivatives — Foreign Currency Contracts — 2,337 — — 2,337 Assets of Consolidated CLO Vehicles Corporate Loans — 5,357,082 230,069 — 5,587,151 Corporate Bonds — 623,944 — — 623,944 Freestanding Derivatives — Foreign Currency Contracts — 21,593 — — 21,593 Total Investments of Consolidated Blackstone Funds 63,158 6,304,500 685,966 148,665 7,202,289 Corporate Treasury Investments Equity Securities 290,946 — — — 290,946 Debt Instruments — 1,861,996 28,803 55,874 1,946,673 Other — — — 213,655 213,655 Total Corporate Treasury Investments 290,946 1,861,996 28,803 269,529 2,451,274 Other Investments 175,660 10,679 109,630 19,529 315,498 Total Investments 529,764 8,177,175 824,399 437,723 9,969,061 Accounts Receivable — Loans and Receivables — — 112,056 — 112,056 Other Assets Freestanding Derivatives Interest Rate Contracts 871 787 — — 1,658 Foreign Currency Contracts — 2,411 — — 2,411 Total Freestanding Derivatives 871 3,198 — — 4,069 Net Investment Hedges — Foreign Currency Contracts — 771 — — 771 Total Other Assets 871 3,969 — — 4,840 $ 1,519,311 $ 8,181,144 $ 936,455 $ 437,723 $ 11,074,633 March 31, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,027,719 $ — $ 6,027,719 Subordinated Notes (b) — 355,694 — 355,694 Total Loans Payable — 6,383,413 — 6,383,413 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 7,065 — 7,065 Total Due to Affiliates — 7,065 — 7,065 Securities Sold, Not Yet Purchased — 178,448 — 178,448 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,861 — 1,861 Credit Default Swaps — 1,788 — 1,788 Total Liabilities of Consolidated Blackstone Funds — 3,649 — 3,649 Freestanding Derivatives Interest Rate Contracts 988 1,251 — 2,239 Foreign Currency Contracts — 1,751 — 1,751 Credit Default Swaps — 351 — 351 Total Freestanding Derivatives 988 3,353 — 4,341 Total Accounts Payable, Accrued Expenses and Other Liabilities 988 7,002 — 7,990 $ 988 $ 6,575,928 $ — $ 6,576,916 December 31, 2016 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 443,442 $ — $ — $ — $ 443,442 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 148,993 148,993 Equity Securities 76,381 70,544 93,657 — 240,582 Partnership and LLC Interests — 29,430 337,230 — 366,660 Debt Instruments — 219,049 7,322 — 226,371 Freestanding Derivatives — Foreign Currency Contracts — 2,327 — — 2,327 Assets of Consolidated CLO Vehicles Corporate Loans — 4,514,407 247,664 — 4,762,071 Corporate Bonds — 710,947 — — 710,947 Freestanding Derivatives — Foreign Currency Contracts — 22,723 — — 22,723 Total Investments of Consolidated Blackstone Funds 76,381 5,569,427 685,873 148,993 6,480,674 Corporate Treasury Investments Equity Securities 281,505 — — — 281,505 Debt Instruments — 1,944,171 30,424 54,907 2,029,502 Other — — — 207,431 207,431 Total Corporate Treasury Investments 281,505 1,944,171 30,424 262,338 2,518,438 Other Investments 163,548 — 100,164 18,779 282,491 Total Investments 521,434 7,513,598 816,461 430,110 9,281,603 Accounts Receivable — Loans and Receivables — — 211,359 — 211,359 Other Assets Freestanding Derivatives Interest Rate Contracts 1,883 473 — — 2,356 Foreign Currency Contracts — 1,037 — — 1,037 Total Freestanding Derivatives 1,883 1,510 — — 3,393 Total Other Assets 1,883 1,510 — — 3,393 $ 966,759 $ 7,515,108 $ 1,027,820 $ 430,110 $ 9,939,797 December 31, 2016 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 5,125,804 $ — $ 5,125,804 Subordinated Notes (b) — 337,846 — 337,846 Total Loans Payable — 5,463,650 — 5,463,650 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 7,748 — 7,748 Total Due to Affiliates — 7,748 — 7,748 Securities Sold, Not Yet Purchased — 215,398 — 215,398 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 3,903 — 3,903 Credit Default Swaps — 3,350 — 3,350 Total Liabilities of Consolidated Blackstone Funds — 7,253 — 7,253 Freestanding Derivatives Interest Rate Contracts 750 1,605 — 2,355 Foreign Currency Contracts — 966 — 966 Credit Default Swaps — 215 — 215 Total Freestanding Derivatives 750 2,786 — 3,536 Net Investment Hedges — Foreign Currency Contracts — 587 — 587 Total Accounts Payable, Accrued Expenses and Other Liabilities 750 10,626 — 11,376 $ 750 $ 5,697,422 $ — $ 5,698,172 (a) Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles, and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, has a controlling financial interest. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities. (b) Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.
Summary of Fair Value Transfers Between Level I and Level II	The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of March 31, 2017 and 2016, respectively: Three Months Ended 2017 2016 Transfers from Level I into Level II (a) $ — $ 2,114 Transfers from Level II into Level I (b) $ — $ 28,346 (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 61,375 Discounted Cash Flows Discount Rate 7.3% - 29.1% 12.8% Revenue CAGR -0.6% - 39.7% 7.0% Exit Capitalization Rate 5.3% - 11.4% 8.6% Exit Multiple - EBITDA 1.9x - 19.0x 9.7x Exit Multiple - P/E 9.5x - 17.0x 10.1x 2,497 Market Comparable Companies Book Value Multiple 0.9x N/A EBITDA Multiple 8.0x N/A 18,088 Other N/A N/A N/A 1,705 Third Party Pricing N/A N/A N/A 30,132 Transaction Price N/A N/A N/A Partnership and LLC Interests 301,370 Discounted Cash Flows Discount Rate 4.5% - 27.6% 9.2% Revenue CAGR -7.3% - 28.9% 6.9% Exit Capitalization Rate 3.0% - 11.0% 5.8% Exit Multiple - EBITDA 0.2x - 18.7x 10.8x Exit Multiple - P/E 9.3x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 14,018 Other N/A N/A N/A 2,254 Third Party Pricing N/A N/A N/A 15,444 Transaction Price N/A N/A N/A Debt Instruments 4,942 Discounted Cash Flows Discount Rate 8.9% - 20.0% 10.6% Revenue CAGR 5.1% N/A Exit Capitalization Rate 4.7% - 8.3% 7.4% Exit Multiple - EBITDA 12.0x N/A 2,089 Third Party Pricing N/A N/A N/A 1,453 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 14,183 Market Comparable Companies EBITDA Multiple 9.6x N/A 215,886 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 685,966 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 9,969 Discounted Cash Flows Discount Rate 5.1% - 10.2% 6.5% Default Rate 1.3% - 2.0% 1.9% Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 6.3% - 79.0% 66.4% Reinvestment Rate LIBOR + 350 bps - LIBOR + 391 bps LIBOR + 400 bps 18,834 Third Party Pricing N/A N/A N/A Loans and Receivables 112,056 Discounted Cash Flows Discount Rate 8.4% - 14.3% 12.3% Other Investments 79,977 Discounted Cash Flows Discount Rate 0.6% - 15.0% 2.7% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 29,653 Transaction Price N/A N/A N/A Total $ 936,455 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, 2016: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 58,826 Discounted Cash Flows Discount Rate 7.3% - 28.7% 12.7% Revenue CAGR -0.2% - 20.1% 6.3% Exit Capitalization Rate 5.0% - 11.4% 8.5% Exit Multiple - EBITDA 4.0x - 20.0x 10.0x Exit Multiple - P/E 10.5x - 17.0x 11.0x 2,032 Market Comparable Companies Book Value Multiple 0.9x N/A 22,843 Other N/A N/A N/A 9,956 Transaction Price N/A N/A N/A Partnership and LLC Interests 303,281 Discounted Cash Flows Discount Rate 3.4% - 27.6% 9.4% Revenue CAGR -27.1% - 47.3% 7.2% Exit Capitalization Rate 3.0% - 11.0% 6.0% Exit Multiple - EBITDA 3.9x - 18.3x 10.5x Exit Multiple - P/E 9.3x N/A 13,945 Market Comparable Companies Capitalization Rate 5.0% - 5.6% 5.2% 12,916 Other N/A N/A N/A 1,238 Third Party Pricing N/A N/A N/A 5,850 Transaction Price N/A N/A N/A Debt Instruments 5,002 Discounted Cash Flows Discount Rate 8.3% - 20.0% 12.9% Revenue CAGR 4.8% - 70.8% 33.8% Exit Capitalization Rate 4.7% - 8.3% 7.5% Exit Multiple - EBITDA 9.6x - 12.0x 11.0x 2,227 Third Party Pricing N/A N/A N/A 93 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 13,723 Market Comparable Companies EBITDA Multiple 9.6x N/A 233,941 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 685,873 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 9,783 Discounted Cash Flows Discount Rate 6.1% - 10.0% 7.1% Default Rate 1.0% - 2.0% 1.8% Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 18.5% - 76.5% 66.4% Reinvestment Rate LIBOR + 350 bps - LIBOR + 390 bps LIBOR + 400 bps 20,641 Third Party Pricing N/A N/A N/A Loans and Receivables 211,359 Discounted Cash Flows Discount Rate 12.0% - 16.4% 13.3% Other Investments 78,619 Discounted Cash Flows Discount Rate 1.2% - 15.0% 3.1% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 21,545 Transaction Price N/A N/A N/A Total $ 1,027,820 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	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 either Investment Income (Loss) or Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2017 2016 Investments Loans Other Total Investments Loans Other Total Balance, Beginning of Period $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 Transfer In to Level III (b) 47,866 — 9,923 57,789 54,626 — 290 54,916 Transfer Out of Level III (b) (121,193 ) — (6,080 ) (127,273 ) (61,879 ) — (4,005 ) (65,884 ) Purchases 157,904 69,483 12,447 239,834 63,932 298,381 — 362,313 Sales (112,814 ) (176,160 ) (10,032 ) (299,006 ) (92,578 ) (267,556 ) (20,007 ) (380,141 ) Settlements — (2,491 ) (100 ) (2,591 ) — (4,294 ) (140 ) (4,434 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 28,330 9,865 1,687 39,882 (1,795 ) (667 ) (1,715 ) (4,177 ) Balance, End of Period $ 685,966 $ 112,056 $ 138,433 $ 936,455 $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 3,197 $ 9,864 $ 339 $ 13,400 $ (18,484 ) $ (667 ) $ (1,300 ) $ (20,451 ) (a) Represents corporate treasury investments 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.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss	The assets and liabilities recognized in the Partnership’s Condensed Consolidated Statements of Financial Condition related to the Partnership’s interest in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, December 31, Investments $ 669,970 $ 644,546 Accounts Receivable 14,161 12,308 Due from Affiliates 46,520 35,099 Total VIE Assets 730,651 691,953 Due to Affiliates 689 577 Accounts Payable, Accrued Expenses and Other Liabilities 64 38 Potential Clawback Obligation 83,547 81,936 Maximum Exposure to Loss $ 814,951 $ 774,504

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 21,253 $ — $ — $ — $ 21,253 Asset-Backed Securities — 17,050 52,423 3,920 73,393 Total $ 21,253 $ 17,050 $ 52,423 $ 3,920 $ 94,646 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 94,646 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements U.S. Treasury and Agency Securities $ 7,034 $ — $ — $ — $ 7,034 Asset-Backed Securities — 12,805 30,796 24,689 68,290 Total $ 7,034 $ 12,805 $ 30,796 $ 24,689 $ 75,324 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 75,324 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIAB36

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of March 31, 2017: Gross and Net Financial Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 771 $ — $ — $ 771 Freestanding Derivatives 6,406 1,571 3,867 968 Reverse Repurchase Agreements 44,635 43,419 — 1,216 Total $ 51,812 $ 44,990 $ 3,867 $ 2,955 The following tables present the offsetting of assets and liabilities as of December 31, 2016: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 5,720 $ 1,064 $ 2,892 $ 1,764 Reverse Repurchase Agreements 118,495 117,775 — 720 Total $ 124,215 $ 118,839 $ 2,892 $ 2,484
Offsetting of Liabilities	The following tables present the offsetting of assets and liabilities as of March 31, 2017: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 6,129 $ 1,571 $ 3,673 $ 885 Repurchase Agreements 94,646 91,453 3,119 74 Total $ 100,775 $ 93,024 $ 6,792 $ 959 The following tables present the offsetting of assets and liabilities as of December 31, 2016: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 587 $ — $ — $ 587 Freestanding Derivatives 6,886 1,064 5,638 184 Repurchase Agreements 75,324 72,195 3,129 — Total $ 82,797 $ 73,259 $ 8,767 $ 771
Components of Other Assets	The following table presents the components of Other Assets: March 31, 2017 December 31, 2016 Furniture, Equipment and Leasehold Improvements, Net $ 130,693 $ 126,784 Prepaid Expenses 83,125 96,888 Other Assets 38,444 37,723 Freestanding Derivatives 4,069 3,393 Net Investment Hedges 771 — Total $ 257,102 $ 264,788

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2017
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the Notes were issued at a discount. All of the Notes accrue interest from the Issue Date and all pay interest in arrears on a semi-annual basis or annual basis. March 31, 2017 December 31, 2016 Senior Notes Carrying Fair Carrying Fair 6.625%, Due 8/15/2019 (b) $ 605,093 $ 643,851 $ 607,121 $ 648,765 5.875%, Due 3/15/2021 398,205 445,600 398,105 447,600 4.750%, Due 2/15/2023 393,398 434,880 393,158 426,520 6.250%, Due 8/15/2042 237,876 295,850 237,830 285,450 5.000%, Due 6/15/2044 488,386 516,650 488,337 497,200 4.450%, Due 7/15/2045 343,843 332,710 343,816 322,525 2.000%, Due 5/19/2025 315,291 333,908 310,805 331,096 1.000%, Due 10/5/2026 628,624 602,435 620,750 598,270 Total $ 3,410,716 $ 3,605,884 $ 3,399,922 $ 3,557,426 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The carrying and fair values are determined using the original $600 million par amount less $15 million attributable to these notes which were acquired but not retired by Blackstone during 2012.
Partnership's Borrowings Through Consolidated CLO Vehicles	Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2017 December 31, 2016 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 6,041,613 1.98 % 4.7 $ 5,124,241 2.17 % 5.4 Subordinated Notes 410,590 (a ) N/A 382,735 (a) N/A $ 6,452,203 $ 5,506,976 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.
Components of Senior Secured Notes and Subordinated Notes	Senior Secured Notes and Subordinated Notes comprise the following amounts: March 31, 2017 December 31, 2016 Fair Value Amounts Due to Non- Fair Value Amounts Due to Non- Borrowing Fair Value Borrowing Fair Value Senior Secured Notes $ 6,027,719 $ — $ — $ 5,125,804 $ — $ — Subordinated Notes 362,759 10,000 7,065 345,594 10,000 7,748 $ 6,390,478 $ 10,000 $ 7,065 $ 5,471,398 $10,000 $7,748
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2017 were as follows: Operating Blackstone Fund Total 2017 $ — $ 322,365 $ 322,365 2018 — — — 2019 585,000 — 585,000 2020 — — — 2021 400,000 — 400,000 Thereafter 2,458,680 6,132,643 8,591,323 Total $ 3,443,680 $ 6,455,008 $ 9,898,688

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2017
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three months ended March 31, 2017 and March 31, 2016 was calculated as follows: Three Months Ended March 31, 2017 2016 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 461,825 $ 159,753 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 371,284 117,684 Net Income Attributable to The Blackstone Group L.P., Diluted $ 833,109 $ 277,437 Units Outstanding Weighted-Average Common Units Outstanding, Basic 660,939,708 644,897,849 Weighted-Average Unvested Deferred Restricted Common Units 809,184 1,332,772 Weighted-Average Blackstone Holdings Partnership Units 537,758,091 548,042,780 Weighted-Average Common Units Outstanding, Diluted 1,199,506,983 1,194,273,401 Net Income Per Common Unit, Basic $ 0.70 $ 0.25 Net Income Per Common Unit, Diluted $ 0.69 $ 0.23 Distributions Declared Per Common Unit (a) $ 0.47 $ 0.61 (a) Distributions declared reflects the calendar date of the declaration for each distribution.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of the Partnership’s unvested equity-based awards as of March 31, 2017 and of changes during the period January 1, 2017 through March 31, 2017 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, 2016 34,568,726 $ 33.58 12,206,016 $ 24.65 40,460 $ 28.14 Granted 179,596 27.03 2,213,133 27.64 3,057 27.03 Vested (2,326,984 ) 35.48 (2,352,245 ) 25.87 (1,338 ) 28.61 Forfeited (255,433 ) 24.52 (86,559 ) 28.69 — — Balance, March 31, 2017 32,165,905 $ 34.01 11,980,345 $ 25.29 42,179 $ 28.81
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of March 31, 2017, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 27,095,652 4.0 Deferred Restricted Blackstone Common Units 10,620,157 1.8 Total Equity-Based Awards 37,715,809 3.4 Phantom Units 32,589 3.1

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2017
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds $ 409,423 $ 342,943 Amounts Due from Portfolio Companies and Funds 441,849 456,469 Management and Performance Fees Due from Non-Consolidated Funds 558,995 445,280 Payments Made on Behalf of Non-Consolidated Entities 256,341 196,134 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 1,412 1,552 Accrual for Potential Clawback of Previously Distributed Carried Interest 1,104 — $ 1,669,124 $ 1,442,378 March 31, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,141,411 $ 1,186,145 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 35,735 28,012 Distributions Received on Behalf of Blackstone Entities 41,011 80,034 Payments Made by Non-Consolidated Entities 8,674 19,833 Due to Note Holders of Consolidated CLO Vehicles 7,065 7,748 Accrual for Potential Repayment of Previously Received Performance Fees 2,171 — $ 1,236,067 $ 1,321,772

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2017
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2017 December 31, 2016 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,067 $ 1,104 $ 2,171 $ — $ — $ —

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2017
Financial Data of Segments	The following table presents the financial data for Blackstone’s four segments as of and for the three months ended March 31, 2017 and 2016. March 31, 2017 and the Three Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 177,464 $ 197,879 $ 128,468 $ 139,147 $ 642,958 Transaction, Advisory and Other Fees, Net 17,200 21,279 259 1,484 40,222 Management Fee Offsets (12,190 ) (3,550 ) — (17,859 ) (33,599 ) Total Management and Advisory Fees, Net 182,474 215,608 128,727 122,772 649,581 Performance Fees Realized Carried Interest 582,681 519,841 — 8,800 1,111,322 Incentive Fees — 2,914 14,684 29,539 47,137 Unrealized Carried Interest (184,833 ) (22,268 ) 3,797 48,557 (154,747 ) Incentive Fees — 18,713 40,311 992 60,016 Total Performance Fees 397,848 519,200 58,792 87,888 1,063,728 Investment Income (Loss) Realized 80,889 119,579 (632 ) 3,058 202,894 Unrealized (40,824 ) (83,853 ) 18,293 7,449 (98,935 ) Total Investment Income 40,065 35,726 17,661 10,507 103,959 Interest and Dividend Revenue 10,922 18,167 7,554 9,233 45,876 Other (1,800 ) (3,150 ) (1,610 ) (1,727 ) (8,287 ) Total Revenues 629,509 785,551 211,124 228,673 1,854,857 Expenses Compensation and Benefits Compensation 83,742 102,702 47,604 54,979 289,027 Performance Fee Compensation Realized Carried Interest 181,633 179,925 — 4,633 366,191 Incentive Fees — 1,364 7,317 14,071 22,752 Unrealized Carried Interest (39,356 ) 11,798 1,209 21,962 (4,387 ) Incentive Fees — 8,509 14,004 626 23,139 Total Compensation and Benefits 226,019 304,298 70,134 96,271 696,722 Other Operating Expenses 42,822 51,969 25,800 32,701 153,292 Total Expenses 268,841 356,267 95,934 128,972 850,014 Economic Income $ 360,668 $ 429,284 $ 115,190 $ 99,701 $ 1,004,843 Segment Assets $ 5,983,046 $ 7,916,805 $ 2,297,471 $ 3,302,146 $ 19,499,468 Three Months Ended March 31, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 130,648 $ 199,907 $ 130,158 $ 125,990 $ 586,703 Transaction, Advisory and Other Fees, Net 8,920 35,794 543 1,342 46,599 Management Fee Offsets (6,848 ) (3,595 ) — (9,658 ) (20,101 ) Total Management and Advisory Fees, Net 132,720 232,106 130,701 117,674 613,201 Performance Fees Realized Carried Interest 30,282 200,627 — — 230,909 Incentive Fees — 4,069 2,684 21,697 28,450 Unrealized Carried Interest 73,875 (11,522 ) 32 (14,779 ) 47,606 Incentive Fees — 9,765 (2,935 ) 270 7,100 Total Performance Fees 104,157 202,939 (219 ) 7,188 314,065 Investment Income (Loss) Realized (15,357 ) 12,975 (4,745 ) (2,974 ) (10,101 ) Unrealized 15,440 (2,137 ) (12,291 ) (17,561 ) (16,549 ) Total Investment Income (Loss) 83 10,838 (17,036 ) (20,535 ) (26,650 ) Interest and Dividend Revenue 9,849 13,188 5,296 6,748 35,081 Other (1,587 ) (1,909 ) (1,388 ) (1,364 ) (6,248 ) Total Revenues 245,222 457,162 117,354 109,711 929,449 Expenses Compensation and Benefits Compensation 80,274 100,578 54,169 52,382 287,403 Performance Fee Compensation Realized Carried Interest 15,427 43,076 — — 58,503 Incentive Fees — 2,133 1,863 10,127 14,123 Unrealized Carried Interest 9,296 27,703 — (6,998 ) 30,001 Incentive Fees — 4,158 (1,195 ) 485 3,448 Total Compensation and Benefits 104,997 177,648 54,837 55,996 393,478 Other Operating Expenses 48,063 48,097 26,146 26,220 148,526 Total Expenses 153,060 225,745 80,983 82,216 542,004 Economic Income $ 92,162 $ 231,417 $ 36,371 $ 27,495 $ 387,445
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 Before Provision for Taxes and Total Assets as of and for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,854,857 $ 85,866(a) $ 1,940,723 $ 929,449 $ 2,905(a) $ 932,354 Expenses $ 850,014 $ 79,636(b) $ 929,650 $ 542,004 $ 75,706(b) $ 617,710 Other Income $ — $ 66,132(c) $ 66,132 $ — $ 19,142(c) $ 19,142 Economic Income $ 1,004,843 $ 72,362(d) $ 1,077,205 $ 387,445 $ (53,659)(d) $ 333,786 Total Assets $ 19,499,468 $ 8,837,696(e) $ 28,337,164 (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: Three Months Ended March 31, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (85,321 ) $ (2,757 ) Fund Expenses Added in Consolidation 7,491 (5,847 ) Income Associated with Non-Controlling Interests of Consolidated Entities 140,685 33,685 Transaction-Related Other Income (Loss) 3,277 (5,939 ) Total Consolidation Adjustments and Reconciling Items $ 66,132 $ 19,142 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2017 2016 Economic Income $ 1,004,843 $ 387,445 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (56,979 ) (64,136 ) Income Associated with Non-Controlling Interests of Consolidated Entities 140,685 33,685 Total Consolidation Adjustments and Reconciling Items 72,362 (53,659 ) Income Before Provision for Taxes $ 1,077,205 $ 333,786 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017SegmentPerson
Organization [Line Items]
Number of business segments | Segment	4
Number of Blackstone founders managing the Partnership | Person	1
Partnership Unit to Blackstone Common Unit ratio	100.00%

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,400,876	$ 1,400,876
Accumulated Amortization	(1,149,236)	(1,138,272)
Intangible Assets, Net	$ 251,640	$ 262,604

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Intangible Assets [Line Items]
Amortization Expense	$ 10,964	$ 22,828
Expected amortization of intangibles, 2017	43,900
Expected amortization of intangibles, 2018	43,800
Expected amortization of intangibles, 2019	43,800
Expected amortization of intangibles, 2020	43,800
Expected amortization of intangibles, 2021	$ 43,800
Intangible assets expected to amortize over a weighted-average period	5 years 10 months 24 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Investments of Consolidated Blackstone Funds	[1]	$ 7,202,289	$ 6,480,674
Equity Method Investments		2,955,852	3,092,378
Corporate Treasury Investments		2,451,274	2,518,438
Performance Fees		5,213,345	5,320,994
Other Investments		315,498	282,491
Investments		$ 18,138,258	$ 17,694,975
[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
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investment [Line Items]
Recognized net gains related to equity method investments	$ 168.5	$ 17.6
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 384.2		$ 384.4

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 55,908	$ 13,382
Net Change in Unrealized Losses	(28,522)	(25,241)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	27,386	(11,859)
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	38,746	31,001
Other Income - Net Gains from Fund Investment Activities	$ 66,132	$ 19,142

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) - Corporate Treasury Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain (Loss) on Investments [Line Items]
Realized Losses	$ (5,681)	$ (18,609)
Net Change in Unrealized Gains	30,480	1,783
Total realized and net change in unrealized gains (losses)	$ 24,799	$ (16,826)

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2016	$ 5,320,994
Performance Fees Allocated as a Result of Changes in Fund Fair Values	975,350
Foreign Exchange Gain	15,858
Fund Distributions	(1,098,857)
Performance Fees, March 31, 2017	5,213,345
Private Equity Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2016	1,984,792
Performance Fees Allocated as a Result of Changes in Fund Fair Values	399,477
Fund Distributions	(635,706)
Performance Fees, March 31, 2017	1,748,563
Real Estate Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2016	2,970,448
Performance Fees Allocated as a Result of Changes in Fund Fair Values	495,505
Foreign Exchange Gain	15,858
Fund Distributions	(450,940)
Performance Fees, March 31, 2017	3,030,871
Hedge Fund Solutions Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2016	6,132
Performance Fees Allocated as a Result of Changes in Fund Fair Values	19,404
Fund Distributions	(3,347)
Performance Fees, March 31, 2017	22,189
Credit Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Performance Fees, December 31, 2016	359,622
Performance Fees Allocated as a Result of Changes in Fund Fair Values	60,964
Fund Distributions	(8,864)
Performance Fees, March 31, 2017	$ 411,722

Realized and Net Change in Un51

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 5	$ 4,733
Net Change in Unrealized Gains (Losses)	5,488	(6,235)
Total realized and net change in unrealized gains (losses) on other investments	$ 5,493	$ (1,502)

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 437,723
Unfunded Commitments	393
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	169,421	[1]
Unfunded Commitments	125	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	206,419	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	59,748	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 2,135	[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 43% 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 57% 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. 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.
[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)	Mar. 31, 2017
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	43.00%
Percentage of investments redeemable as of reporting date	57.00%
Equity
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%
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) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Gain (loss) due to change in fair value attributable to changes in spot exchange rates	$ 0.6

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		$ 2,432,785	$ 3,069,992
Derivative Liabilities, Notional		994,298	977,823
Derivative Assets, Fair Value		28,770	28,443
Derivative Liabilities, Fair Value		7,990	11,376
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		55,678
Derivative Liabilities, Notional			51,267
Derivative Assets, Fair Value		771
Derivative Liabilities, Fair Value			587
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		2,377,107	3,069,992
Derivative Liabilities, Notional		994,298	926,556
Derivative Assets, Fair Value		27,999	28,443
Derivative Liabilities, Fair Value		7,990	10,789
Freestanding Derivatives | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair Value		4,069	3,393
Derivative Liabilities, Fair Value	[1]	4,341	3,536
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional		3,000	3,819
Derivative Liabilities, Fair Value		351	215
Freestanding Derivatives | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair Value	[1]	21,593	22,723
Freestanding Derivatives | Investments Of Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional		119,625	113,057
Derivative Liabilities, Fair Value		1,788	3,350
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		213,764	164,247
Derivative Liabilities, Notional		209,298	127,444
Derivative Assets, Fair Value		2,411	1,037
Derivative Liabilities, Fair Value		1,751	966
Freestanding Derivatives | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		279,646	254,162
Derivative Liabilities, Notional		149,656	136,025
Derivative Assets, Fair Value		23,930	25,050
Derivative Liabilities, Fair Value		1,861	3,903
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		1,883,697	2,651,583
Derivative Liabilities, Notional		512,719	546,211
Derivative Assets, Fair Value		1,658	2,356
Derivative Liabilities, Fair Value		$ 2,239	$ 2,355
[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.

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative [Line Items]
Realized Gains (Losses)	$ 485	$ (15,479)
Net Change in Unrealized Gain (Loss)	(230)	8,380
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(22)	129
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	5	(3,811)
Net Change in Unrealized Gain (Loss)	1,947	(4,276)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	1,420	(4,310)
Net Change in Unrealized Gain (Loss)	(1,960)	15,322
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(940)	(7,358)
Net Change in Unrealized Gain (Loss)	$ (217)	$ (2,666)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and Preferred Securities	$ 466,219	$ 444,713
Total Assets	6,789,370	6,129,090
Fair value of Notes	6,390,478	5,471,398
Total Liabilities	6,390,478	5,471,398
Liabilities of Consolidated CLO Vehicles | Loans Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	355,694	337,846
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables	112,056	211,359
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles: Corporate Bonds	623,944	710,947
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	6,027,719	5,125,804
Due to Affiliates | Liabilities of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	7,065	7,748
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets of Consolidated CLO Vehicles Corporate Loans	$ 5,587,151	$ 4,762,071

Realized and Net Change in Un58

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Realized Gains | Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 7,506	$ (13,336)
Realized Gains | 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	5,634	190
Realized Gains | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		178
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	7,418	(3,778)
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(689)
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	3,264	(7,071)
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	(5,874)	271
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	7,912	12,413
Equity and Preferred Securities | Realized Gains
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		3
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	13,109	(3,832)
Corporate Loans | Realized Gains
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1,872	(13,707)
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	$ (11,389)	$ 957

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		$ (1,572)	$ 3,399
Fair value of financial instruments more than one day past due	[1]	0	0
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]	0	0
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		4,162	7,259
Fair value of financial instruments more than one day past due	[1]	0	0
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]	0	0
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		(6,631)	2,616
Fair value of financial instruments more than one day past due	[1]	0	0
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]	0	0
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		897	(6,476)
Fair value of financial instruments more than one day past due	[1]	0	0
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]	$ 0	$ 0
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Information for Financial Ins60

Information for Financial Instruments on Which Fair Value Option was Elected (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and bonds contractual payment past due, number days	1 day	1 day

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	[1]	$ 0	$ 0
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	[1]	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	[1]	0	0
Fair value of financial instruments with non-accrual status		$ 0	$ 0
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		$ 988,676	$ 443,442
Freestanding Derivatives, Assets		28,770	28,443
Freestanding Derivatives, Liabilities		7,990	11,376
Investments of Consolidated Funds	[1]	7,202,289	6,480,674
Other Investments		315,498	282,491
Total Investments		9,969,061	9,281,603
Net Investment Hedges - Foreign Currency Contracts		771
Total Other Assets		4,840	3,393
Total Financial Assets		11,074,633	9,939,797
Fair value of Notes		6,390,478	5,471,398
Total Due to Affiliates	[1]	7,065	7,748
Securities Sold, Not Yet Purchased		178,448	215,398
Freestanding Derivatives, Liabilities	[1]	1,861	3,903
Total Liabilities of Consolidated Blackstone Funds	[1]	3,649	7,253
Total Financial Liabilities		6,576,916	5,698,172
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		27,999	28,443
Freestanding Derivatives, Liabilities		7,990	10,789
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		112,056	211,359
Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		5,587,151	4,762,071
Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	148,665	148,993
Equity Securities	[1]	235,877	240,582
Partnership and LLC Interests	[1]	354,486	366,660
Debt Instruments	[1]	228,236	226,371
Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	21,593	22,723
Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		5,587,151	4,762,071	[1]
Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		290,946	281,505
Debt Instruments		1,946,673	2,029,502
Total Blackstone's Treasury Cash Management Strategies		2,451,274	2,518,438
Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other		213,655	207,431
Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		4,069	3,393
Freestanding Derivatives, Liabilities	[1]	4,341	3,536
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		1,788	3,350
Credit Default Swap | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities		351	215
Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts		771
Net Investment Hedges - Foreign Currency Contracts			587
Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	2,337	2,327
Foreign Currency Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,411	1,037
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds		623,944	710,947
Corporate Bonds | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Bonds	[1]	623,944	710,947
Interest Rate Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		1,658	2,356
Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	7,065	7,748
Liabilities of Consolidated Funds and CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1]	6,383,413	5,463,650
Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swap | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	351	215
Liabilities of Consolidated Funds and CLO Vehicles | Foreign Currency Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	1,751	966
Liabilities of Consolidated Funds and CLO Vehicles | Interest Rate Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	2,239	2,355
Liabilities of Consolidated Funds and CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	6,027,719	5,125,804
Liabilities of Consolidated Funds and CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	355,694	337,846
Accounts Payable Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Accounts Payable, Accrued Expenses and Other Liabilities		7,990	11,376
Accounts Payable Accrued Expenses and Other Liabilities 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	[1]	1,788	3,350
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	148,665	148,993
Other Investments		19,529	18,779
Total Investments		437,723	430,110
Total Financial Assets		437,723	430,110
Net Asset Value | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Funds	[1]	148,665	148,993
Net Asset Value | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		55,874	54,907
Total Blackstone's Treasury Cash Management Strategies		269,529	262,338
Net Asset Value | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other		213,655	207,431
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		988,676	443,442
Investments of Consolidated Funds	[1]	63,158	76,381
Other Investments		175,660	163,548
Total Investments		529,764	521,434
Total Other Assets		871	1,883
Total Financial Assets		1,519,311	966,759
Total Financial Liabilities		988	750
Level 1 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	63,158	76,381
Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities		290,946	281,505
Total Blackstone's Treasury Cash Management Strategies		290,946	281,505
Level 1 | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		871	1,883
Freestanding Derivatives, Liabilities	[1]	988	750
Level 1 | Interest Rate Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		871	1,883
Level 1 | Liabilities of Consolidated Funds and CLO Vehicles | Interest Rate Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	988	750
Level 1 | Accounts Payable Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Accounts Payable, Accrued Expenses and Other Liabilities		988	750
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	6,304,500	5,569,427
Other Investments		10,679
Total Investments		8,177,175	7,513,598
Total Other Assets		3,969	1,510
Total Financial Assets		8,181,144	7,515,108
Total Due to Affiliates	[1]	7,065	7,748
Securities Sold, Not Yet Purchased		178,448	215,398
Freestanding Derivatives, Liabilities	[1]	1,861	3,903
Total Liabilities of Consolidated Blackstone Funds	[1]	3,649	7,253
Total Financial Liabilities		6,575,928	5,697,422
Level 2 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	58,922	70,544
Partnership and LLC Interests	[1]	20,870	29,430
Debt Instruments	[1]	219,752	219,049
Level 2 | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	21,593	22,723
Level 2 | Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		5,357,082	4,514,407	[1]
Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		1,861,996	1,944,171
Total Blackstone's Treasury Cash Management Strategies		1,861,996	1,944,171
Level 2 | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		3,198	1,510
Freestanding Derivatives, Liabilities	[1]	3,353	2,786
Level 2 | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Investment Hedges - Foreign Currency Contracts		771
Net Investment Hedges - Foreign Currency Contracts			587
Level 2 | Foreign Currency Contracts | Investments Of Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets	[1]	2,337	2,327
Level 2 | Foreign Currency Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		2,411	1,037
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]	623,944	710,947
Level 2 | Interest Rate Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Assets		787	473
Level 2 | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	7,065	7,748
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1]	6,383,413	5,463,650
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Credit Default Swap | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	351	215
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Foreign Currency Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	1,751	966
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Interest Rate Contracts | Blackstone | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Freestanding Derivatives, Liabilities	[1]	1,251	1,605
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	6,027,719	5,125,804
Level 2 | Liabilities of Consolidated Funds and CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Notes	[1],[2]	355,694	337,846
Level 2 | Accounts Payable Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Accounts Payable, Accrued Expenses and Other Liabilities		7,002	10,626
Level 2 | Accounts Payable Accrued Expenses and Other Liabilities 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	[1]	1,788	3,350
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of Consolidated Funds	[1]	685,966	685,873
Other Investments		109,630	100,164
Total Investments		824,399	816,461
Total Financial Assets		936,455	1,027,820
Level 3 | Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Receivables		112,056	211,359
Level 3 | Investments Of Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[1]	113,797	93,657
Partnership and LLC Interests	[1]	333,616	337,230
Debt Instruments	[1]	8,484	7,322
Level 3 | Investments Of Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Loans		230,069	247,664	[1]
Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instruments		28,803	30,424
Total Blackstone's Treasury Cash Management Strategies		$ 28,803	$ 30,424
[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) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	$ 2,114	[1]
Transfers from Level II into Level I	$ 28,346	[2]
[1]	Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.
[2]	Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 6,789,370	$ 6,129,090
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	936,455	1,027,820
Discounted Cash Flows | Loans and Receivables | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 112,056	$ 211,359
Discounted Cash Flows | Weighted Average | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.30%	13.30%
Discounted Cash Flows | Minimum | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	8.40%	12.00%
Discounted Cash Flows | Maximum | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	14.30%	16.40%
Corporate Treasury Investments [Member] | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	6.50%	7.10%
Default Rate	1.90%	1.80%
Recovery Rate	66.40%	66.40%
Reinvestment Rate	3.91%	3.90%
Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Pre-payment Rate	20.00%	20.00%
Recovery Lag	12 months	12 months
Corporate Treasury Investments | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 9,969	$ 9,783
Corporate Treasury Investments | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	5.10%	6.10%
Default Rate	1.30%	1.00%
Recovery Rate	6.30%	18.50%
Reinvestment Rate	3.50%	3.50%
Corporate Treasury Investments | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	10.20%	10.00%
Default Rate	2.00%	2.00%
Recovery Rate	79.00%	76.50%
Reinvestment Rate	4.00%	4.00%
Corporate Treasury Investments | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 18,834	$ 20,641
Other | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Default Rate	2.00%	2.00%
Pre-payment Rate	20.00%	20.00%
Recovery Lag	12 months	12 months
Recovery Rate	70.00%	70.00%
Reinvestment Rate	4.00%	4.00%
Other | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 79,977	$ 78,619
Other | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	2.70%	3.10%
Other | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	0.60%	1.20%
Other | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	15.00%	15.00%
Other | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 29,653	$ 21,545
Investments Of Consolidated Blackstone Funds | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	685,966	685,873
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 61,375	$ 58,826
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.80%	12.70%
Revenue CAGR	7.00%	6.30%
Exit Capitalization Rate	8.60%	8.50%
Exit Multiple - EBITDA	9.7	10
Exit Multiple - P/E	10.1	11
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	7.30%	7.30%
Revenue CAGR	(0.60%)	(0.20%)
Exit Capitalization Rate	5.30%	5.00%
Exit Multiple - EBITDA	1.9	4
Exit Multiple - P/E	9.5	10.5
Investments Of Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	29.10%	28.70%
Revenue CAGR	39.70%	20.10%
Exit Capitalization Rate	11.40%	11.40%
Exit Multiple - EBITDA	19	20
Exit Multiple - P/E	17	17
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9	0.9
EBITDA Multiple	8
Investments Of Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 2,497	$ 2,032
Investments Of Consolidated Blackstone Funds | Equity Securities | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	18,088	22,843
Investments Of Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	30,132	$ 9,956
Investments Of Consolidated Blackstone Funds | Equity Securities | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,705
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	$ 301,370	$ 303,281
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.20%	9.40%
Revenue CAGR	6.90%	7.20%
Exit Capitalization Rate	5.80%	6.00%
Exit Multiple - EBITDA	10.8	10.5
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	4.50%	3.40%
Revenue CAGR	(7.30%)	(27.10%)
Exit Capitalization Rate	3.00%	3.00%
Exit Multiple - EBITDA	0.2	3.9
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	27.60%	27.60%
Revenue CAGR	28.90%	47.30%
Exit Capitalization Rate	11.00%	11.00%
Exit Multiple - EBITDA	18.7	18.3
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	1
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 530	$ 13,945
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalization Rate		5.20%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalization Rate		5.00%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalization Rate		5.60%
Investments Of Consolidated Blackstone Funds | Partnership And LLC Interests | Other | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	14,018	$ 12,916
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	15,444	5,850
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	$ 2,254	1,238
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenue CAGR	5.10%
Exit Multiple - EBITDA	12
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 4,942	$ 5,002
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	10.60%	12.90%
Revenue CAGR		33.80%
Exit Capitalization Rate	7.40%	7.50%
Exit Multiple - EBITDA		11
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	8.90%	8.30%
Revenue CAGR		4.80%
Exit Capitalization Rate	4.70%	4.70%
Exit Multiple - EBITDA		9.6
Investments Of Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	20.00%	20.00%
Revenue CAGR		70.80%
Exit Capitalization Rate	8.30%	8.30%
Exit Multiple - EBITDA		12
Investments Of Consolidated Blackstone Funds | Debt Instruments | Transaction Price Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,453	$ 93
Investments Of Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 2,089	$ 2,227
Investments Of Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	9.6	9.6
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	$ 14,183	$ 13,723
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	$ 215,886	$ 233,941

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,027,820	$ 1,192,227
Transfer In to Level III	[1]	57,789	54,916
Transfer Out of Level III	[1]	(127,273)	(65,884)
Purchases		239,834	362,313
Sales		(299,006)	(380,141)
Settlements		(2,591)	(4,434)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		39,882	(4,177)
Balance, End of Period		936,455	1,154,820
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		13,400	(20,451)
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		211,359	261,994
Purchases		69,483	298,381
Sales		(176,160)	(267,556)
Settlements		(2,491)	(4,294)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		9,865	(667)
Balance, End of Period		112,056	287,858
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		9,864	(667)
Investments Of Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		685,873	774,392
Transfer In to Level III	[1]	47,866	54,626
Transfer Out of Level III	[1]	(121,193)	(61,879)
Purchases		157,904	63,932
Sales		(112,814)	(92,578)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		28,330	(1,795)
Balance, End of Period		685,966	736,698
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		3,197	(18,484)
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	130,588	155,841
Transfer In to Level III	[1],[2]	9,923	290
Transfer Out of Level III	[1],[2]	(6,080)	(4,005)
Purchases	[2]	12,447
Sales	[2]	(10,032)	(20,007)
Settlements	[2]	(100)	(140)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)	[2]	1,687	(1,715)
Balance, End of Period	[2]	138,433	130,264
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	$ 339	$ (1,300)
[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 corporate treasury investments and Other Investments.

Fair Value Measurements of Fi66

Fair Value Measurements of Financial instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level III financial liabilities	$ 0	$ 0

Assets and Liabilities Related

Assets and Liabilities Related to Interest in Non-Consolidated VIEs and Maximum Exposure to Loss (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Investments	$ 669,970	$ 644,546
Accounts Receivable	14,161	12,308
Due from Affiliates	46,520	35,099
Total VIE Assets	730,651	691,953
Due to Affiliates	689	577
Accounts Payable, Accrued Expenses and Other Liabilities	64	38
Potential Clawback Obligation	83,547	81,936
Maximum Exposure to Loss	$ 814,951	$ 774,504

Reverse Repurchase and Repurc68

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Securities Financing Transaction [Line Items]
U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt	$ 43.4
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	43.4
Pledged securities with carrying value to collateralize its repurchase agreements	$ 142.3	$ 119.1

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 94,646	$ 75,324
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	100,775	82,797
Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	21,253	7,034
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	73,393	68,290
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	94,646	75,324
Net Amount, Liabilities	0	0
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	21,253	7,034
Overnight and Continuous | Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	21,253	7,034
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	17,050	12,805
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	17,050	12,805
30 - 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	52,423	30,796
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	52,423	30,796
Greater than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	3,920	24,689
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 3,920	$ 24,689

Offsetting of Assets and Liab70

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 51,812	$ 124,215
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	44,990	118,839
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	3,867	2,892
Net Amount, Assets	2,955	2,484
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	100,775	82,797
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	93,024	73,259
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	6,792	8,767
Net Amount, Liabilities	959	771
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	94,646	75,324
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	91,453	72,195
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	3,119	3,129
Net Amount, Liabilities	74
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	6,406	5,720
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	1,571	1,064
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received, Assets	3,867	2,892
Net Amount, Assets	968	1,764
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	6,129	6,886
Gross Amount Not Offset in the Statement of Financial Condition, Financial Instruments, Liabilities	1,571	1,064
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged, Liabilities	3,673	5,638
Net Amount, Liabilities	885	184
Reverse Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	44,635	118,495
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets	43,419	117,775
Net Amount, Assets	1,216	720
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	771
Net Amount, Assets	$ 771
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		587
Net Amount, Liabilities		$ 587

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 130,693	$ 126,784
Prepaid Expenses	83,125	96,888
Other Assets	38,444	37,723
Freestanding Derivatives	4,069	3,393
Net Investment Hedges	771
Total	$ 257,102	$ 264,788

Offsetting Of Assets And Liab72

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Mar. 31, 2017USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.5
Overdraft facility	$ 1.5

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying Value		$ 3,410,716	$ 3,399,922
Debt instrument, fair value	[1]	3,605,884	3,557,426
6.625% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	605,093	607,121
Debt instrument, fair value	[1],[2]	643,851	648,765
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		398,205	398,105
Debt instrument, fair value	[1]	445,600	447,600
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		393,398	393,158
Debt instrument, fair value	[1]	434,880	426,520
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		237,876	237,830
Debt instrument, fair value	[1]	295,850	285,450
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,386	488,337
Debt instrument, fair value	[1]	516,650	497,200
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,843	343,816
Debt instrument, fair value	[1]	332,710	322,525
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		315,291	310,805
Debt instrument, fair value	[1]	333,908	331,096
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		628,624	620,750
Debt instrument, fair value	[1]	$ 602,435	$ 598,270
[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 Value74

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	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
1.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - Partnership's Borrowings Through Consolidated CLO Vehicles - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,452,203	$ 5,506,976
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,041,613	$ 5,124,241
Weighted Average Interest Rate		1.98%	2.17%
Weighted Average Remaining Maturity in Years		4 years 8 months 12 days	5 years 4 months 24 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 410,590	$ 382,735
Weighted Average Interest Rate	[1]
[1]	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Fair Value	$ 6,390,478	$ 5,471,398
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	3,410,716	3,399,922
Fair Value	6,027,719	5,125,804
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	362,759	345,594
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	7,065	7,748
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	$ 7,065	$ 7,748

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 8.1	$ 6.4

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
2,017	$ 322,365
2,018	0
2,019	585,000
2,020	0
2,021	400,000
Thereafter	8,591,323
Total	9,898,688
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
2,020	0
2,021	400,000
Thereafter	2,458,680
Total	3,443,680
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2,017	322,365
2,018	0
2,020	0
Thereafter	6,132,643
Total	$ 6,455,008

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes [Line Items]
Effective tax rate	5.30%	2.70%
Provision for Taxes	$ 57,437	$ 9,146

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P., Basic		$ 461,825	$ 159,753
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		371,284	117,684
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 833,109	$ 277,437
Weighted-Average Common Units Outstanding, Basic		660,939,708	644,897,849
Weighted-Average Unvested Deferred Restricted Common Units		809,184	1,332,772
Weighted-Average Blackstone Holdings Partnership Units		537,758,091	548,042,780
Weighted-Average Common Units Outstanding, Diluted		1,199,506,983	1,194,273,401
Net Income Per Common Unit, Basic		$ 0.70	$ 0.25
Net Income Per Common Unit, Diluted		0.69	0.23
Distributions Declared Per Common Unit	[1]	$ 0.47	$ 0.61
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Net Income Per Common Unit - Ad

Net Income Per Common Unit - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jan. 31, 2008
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 335,800,000
Common stock repurchased, units	0	0
Blackstone
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program			$ 500,000,000

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jan. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units			170,379,944
Compensation expense in relation to equity-based awards	$ 91,269	$ 79,840
Tax benefits in relation to equity-based awards	14,100	$ 8,300
Estimated unrecognized compensation expense related to unvested awards	$ 899,900
Weighted-average period for recognized compensation expense related to unvested awards, years	4 years 4 months 24 days
Total vested and unvested outstanding units	1,198,182,811
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	42,793

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	34,568,726
Granted (Units) | shares	179,596
Vested (Units) | shares	(2,326,984)
Forfeited (Units) | shares	(255,433)
Ending Balance | shares	32,165,905
Beginning Balance | $ / shares	$ 33.58
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	27.03
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	35.48
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	24.52
Ending Balance | $ / shares	34.01
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	24.65
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	27.64
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	25.87
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	28.69
Ending Balance | $ / shares	25.29
Blackstone Group L P | Cash Settled Awards Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | $ / shares	28.14
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	27.03
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	28.61
Ending Balance | $ / shares	$ 28.81
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	12,206,016
Granted (Units) | shares	2,213,133
Vested (Units) | shares	(2,352,245)
Forfeited (Units) | shares	(86,559)
Ending Balance | shares	11,980,345
Blackstone Group L P | Cash Settled Awards Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	40,460
Granted (Units) | shares	3,057
Vested (Units) | shares	(1,338)
Ending Balance | shares	42,179

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	3 Months Ended
	Mar. 31, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	27,095,652
Deferred Restricted Blackstone Common Units (Units)	10,620,157
Total Equity-Based Awards (Units)	37,715,809
Phantom Units (Units)	32,589
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	4 years
Deferred Restricted Blackstone Common Units (Weighted-Average Service in Years)	1 year 9 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 4 months 24 days
Phantom Units (Weighted-Average Service Period in Years)	3 years 1 month 6 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds	$ 409,423	$ 342,943
Amounts Due from Portfolio Companies and Funds	441,849	456,469
Management and Performance Fees Due from Non-Consolidated Funds	558,995	445,280
Payments Made on Behalf of Non-Consolidated Entities	256,341	196,134
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	1,412	1,552
Accrual for Potential Clawback of Previously Distributed Carried Interest	1,104
Due from Affiliates, total	1,669,124	1,442,378
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,141,411	1,186,145
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	35,735	28,012
Distributions Received on Behalf of Blackstone Entities	41,011	80,034
Payments Made by Non-Consolidated Entities	8,674	19,833
Due to Note Holders of Consolidated CLO Vehicles	7,065	7,748
Accrual for Potential Repayment of Previously Received Performance Fees	2,171
Due to Affiliates, total	$ 1,236,067	$ 1,321,772

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Founder's, other senior managing directors' and employees' investments	$ 795,300		$ 740,300
Founder's, other senior managing directors' and employees' share of the Net Income (Loss) Attributable to Redeemable Non-Controlling Interests	30,600	$ 3,000
Management and Advisory Fees, Net from Affiliates	50,085	56,675
Interest from loans to affiliates	$ 200	$ 200
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
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 364,700
After-tax net present value discount rate assumption	15.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
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	$ 658.2
Contingent Obligations (Clawback)	5,400
Blackstone Holdings Finance Co. L.L.C.
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	144.8
Contingent Obligations (Clawback)	4,900
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	359
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 65.3

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Product Liability Contingency [Line Items]
Clawback obligations	$ 2,171
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	2,171
Credit Segment | Blackstone Holdings Finance Co. L.L.C.
Product Liability Contingency [Line Items]
Clawback obligations partnerships	1,067
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations Current and Former Personnel	$ 1,104

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 642,142	$ 608,906
Performance Fees Realized - Carried Interest	1,111,256	230,909
Performance Fees Realized - Incentive Fees	47,160	28,419
Performance Fees Unrealized - Carried Interest	(154,683)	47,586
Performance Fees Unrealized - Incentive Fees	59,409	7,579
Total Performance Fees	1,063,142	314,493
Investment Income (Loss), Realized	251,344	(12,001)
Investment Income (Loss), Unrealized	(40,188)	3,493
Total Investment Income (Loss)	211,156	(8,508)
Interest and Dividend Revenue	28,495	23,075
Other	(4,212)	(5,612)
Total Revenues	1,940,723	932,354
Compensation and Benefits Compensation	351,589	346,003
Performance Fee Compensation - Realized Carried Interest	366,191	58,504
Performance Fee Compensation - Realized Incentive Fees	22,752	14,124
Performance Fee Compensation - Unrealized Carried Interest	(4,387)	30,001
Performance Fee Compensation - Unrealized Incentive Fees	23,139	3,448
Total Compensation and Benefits	759,284	452,080
Total Expenses	929,650	617,710
Economic Income	1,077,205	333,786
Segment Assets	28,337,164		$ 26,403,337
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	642,958	586,703
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	40,222	46,599
Management and Advisory Fees, Net, Management Fee Offsets	(33,599)	(20,101)
Total Management and Advisory Fees, Net	649,581	613,201
Performance Fees Realized - Carried Interest	1,111,322	230,909
Performance Fees Realized - Incentive Fees	47,137	28,450
Performance Fees Unrealized - Carried Interest	(154,747)	47,606
Performance Fees Unrealized - Incentive Fees	60,016	7,100
Total Performance Fees	1,063,728	314,065
Investment Income (Loss), Realized	202,894	(10,101)
Investment Income (Loss), Unrealized	(98,935)	(16,549)
Total Investment Income (Loss)	103,959	(26,650)
Interest and Dividend Revenue	45,876	35,081
Other	(8,287)	(6,248)
Total Revenues	1,854,857	929,449
Compensation and Benefits Compensation	289,027	287,403
Performance Fee Compensation - Realized Carried Interest	366,191	58,503
Performance Fee Compensation - Realized Incentive Fees	22,752	14,123
Performance Fee Compensation - Unrealized Carried Interest	(4,387)	30,001
Performance Fee Compensation - Unrealized Incentive Fees	23,139	3,448
Total Compensation and Benefits	696,722	393,478
Other Operating Expenses	153,292	148,526
Total Expenses	850,014	542,004
Economic Income	1,004,843	387,445
Segment Assets	19,499,468
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	177,464	130,648
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	17,200	8,920
Management and Advisory Fees, Net, Management Fee Offsets	(12,190)	(6,848)
Total Management and Advisory Fees, Net	182,474	132,720
Performance Fees Realized - Carried Interest	582,681	30,282
Performance Fees Unrealized - Carried Interest	(184,833)	73,875
Total Performance Fees	397,848	104,157
Investment Income (Loss), Realized	80,889	(15,357)
Investment Income (Loss), Unrealized	(40,824)	15,440
Total Investment Income (Loss)	40,065	83
Interest and Dividend Revenue	10,922	9,849
Other	(1,800)	(1,587)
Total Revenues	629,509	245,222
Compensation and Benefits Compensation	83,742	80,274
Performance Fee Compensation - Realized Carried Interest	181,633	15,427
Performance Fee Compensation - Unrealized Carried Interest	(39,356)	9,296
Total Compensation and Benefits	226,019	104,997
Other Operating Expenses	42,822	48,063
Total Expenses	268,841	153,060
Economic Income	360,668	92,162
Segment Assets	5,983,046
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	197,879	199,907
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	21,279	35,794
Management and Advisory Fees, Net, Management Fee Offsets	(3,550)	(3,595)
Total Management and Advisory Fees, Net	215,608	232,106
Performance Fees Realized - Carried Interest	519,841	200,627
Performance Fees Realized - Incentive Fees	2,914	4,069
Performance Fees Unrealized - Carried Interest	(22,268)	(11,522)
Performance Fees Unrealized - Incentive Fees	18,713	9,765
Total Performance Fees	519,200	202,939
Investment Income (Loss), Realized	119,579	12,975
Investment Income (Loss), Unrealized	(83,853)	(2,137)
Total Investment Income (Loss)	35,726	10,838
Interest and Dividend Revenue	18,167	13,188
Other	(3,150)	(1,909)
Total Revenues	785,551	457,162
Compensation and Benefits Compensation	102,702	100,578
Performance Fee Compensation - Realized Carried Interest	179,925	43,076
Performance Fee Compensation - Realized Incentive Fees	1,364	2,133
Performance Fee Compensation - Unrealized Carried Interest	11,798	27,703
Performance Fee Compensation - Unrealized Incentive Fees	8,509	4,158
Total Compensation and Benefits	304,298	177,648
Other Operating Expenses	51,969	48,097
Total Expenses	356,267	225,745
Economic Income	429,284	231,417
Segment Assets	7,916,805
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	128,468	130,158
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	259	543
Total Management and Advisory Fees, Net	128,727	130,701
Performance Fees Realized - Incentive Fees	14,684	2,684
Performance Fees Unrealized - Carried Interest	3,797	32
Performance Fees Unrealized - Incentive Fees	40,311	(2,935)
Total Performance Fees	58,792	(219)
Investment Income (Loss), Realized	(632)	(4,745)
Investment Income (Loss), Unrealized	18,293	(12,291)
Total Investment Income (Loss)	17,661	(17,036)
Interest and Dividend Revenue	7,554	5,296
Other	(1,610)	(1,388)
Total Revenues	211,124	117,354
Compensation and Benefits Compensation	47,604	54,169
Performance Fee Compensation - Realized Incentive Fees	7,317	1,863
Performance Fee Compensation - Unrealized Carried Interest	1,209
Performance Fee Compensation - Unrealized Incentive Fees	14,004	(1,195)
Total Compensation and Benefits	70,134	54,837
Other Operating Expenses	25,800	26,146
Total Expenses	95,934	80,983
Economic Income	115,190	36,371
Segment Assets	2,297,471
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	139,147	125,990
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	1,484	1,342
Management and Advisory Fees, Net, Management Fee Offsets	(17,859)	(9,658)
Total Management and Advisory Fees, Net	122,772	117,674
Performance Fees Realized - Carried Interest	8,800
Performance Fees Realized - Incentive Fees	29,539	21,697
Performance Fees Unrealized - Carried Interest	48,557	(14,779)
Performance Fees Unrealized - Incentive Fees	992	270
Total Performance Fees	87,888	7,188
Investment Income (Loss), Realized	3,058	(2,974)
Investment Income (Loss), Unrealized	7,449	(17,561)
Total Investment Income (Loss)	10,507	(20,535)
Interest and Dividend Revenue	9,233	6,748
Other	(1,727)	(1,364)
Total Revenues	228,673	109,711
Compensation and Benefits Compensation	54,979	52,382
Performance Fee Compensation - Realized Carried Interest	4,633
Performance Fee Compensation - Realized Incentive Fees	14,071	10,127
Performance Fee Compensation - Unrealized Carried Interest	21,962	(6,998)
Performance Fee Compensation - Unrealized Incentive Fees	626	485
Total Compensation and Benefits	96,271	55,996
Other Operating Expenses	32,701	26,220
Total Expenses	128,972	82,216
Economic Income	99,701	$ 27,495
Segment Assets	$ 3,302,146

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
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues		$ 1,940,723	$ 932,354
Expenses		929,650	617,710
Other Income		66,132	19,142
Income Before Provision for Taxes		1,077,205	333,786
Total Assets		28,337,164		$ 26,403,337
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,854,857	929,449
Expenses		850,014	542,004
Income Before Provision for Taxes		1,004,843	387,445
Total Assets		19,499,468
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues	[1]	85,866	2,905
Expenses	[2]	79,636	75,706
Other Income	[3]	66,132	19,142
Income Before Provision for Taxes	[4]	72,362	$ (53,659)
Total Assets	[5]	$ 8,837,696
[1]	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.
[2]	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.
[3]	The Other Income adjustment results from the following: Three Months Ended March 31, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (85,321 ) $ (2,757 ) Fund Expenses Added in Consolidation 7,491 (5,847 ) Income Associated with Non-Controlling Interests of Consolidated Entities 140,685 33,685 Transaction-Related Other Income (Loss) 3,277 (5,939 ) Total Consolidation Adjustments and Reconciling Items $ 66,132 $ 19,142
[4]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2017 2016 Economic Income $ 1,004,843 $ 387,445 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (56,979 ) (64,136 ) Income Associated with Non-Controlling Interests of Consolidated Entities 140,685 33,685 Total Consolidation Adjustments and Reconciling Items 72,362 (53,659 ) Income Before Provision for Taxes $ 1,077,205 $ 333,786
[5]	The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Reconciliation of Total Segme92

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Income (Loss)	$ (85,321)	$ (2,757)
Fund Expenses Added in Consolidation	7,491	(5,847)
Income Associated with Non-Controlling Interests of Consolidated Entities	140,685	33,685
Transaction-Related Other Income (Loss)	3,277	(5,939)
Total Other Income	66,132	19,142
Economic Income	1,004,843	387,445
Amortization of Intangibles	(11,344)	(23,208)
Transaction-Related Charges	(56,979)	(64,136)
Income Associated with Non-Controlling Interests of Consolidated Entities	140,685	33,685
Total Consolidation Adjustments and Reconciling Items	72,362	(53,659)
Income Before Provision for Taxes	$ 1,077,205	$ 333,786