Blackstone (BX) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		617,906,597

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and Cash Equivalents	$ 1,745,547	$ 1,837,253
Cash Held by Blackstone Funds and Other	1,526,033	1,005,161
Investments (including assets pledged of $91,340 and $119,139 at June 30, 2017 and December 31, 2016, respectively)	20,549,367	17,694,975
Accounts Receivable	1,109,316	772,695
Reverse Repurchase Agreements		118,495
Due from Affiliates	1,711,574	1,442,378
Intangible Assets, Net	240,677	262,604
Goodwill	1,718,519	1,718,519
Other Assets	234,175	264,788
Deferred Tax Assets	1,292,723	1,286,469
Total Assets	30,127,931	26,403,337
Liabilities and Partners' Capital
Loans Payable	11,188,779	8,866,366
Due to Affiliates	1,296,896	1,321,772
Accrued Compensation and Benefits	2,441,469	2,327,762
Securities Sold, Not Yet Purchased	143,819	215,398
Repurchase Agreements	60,611	75,324
Accounts Payable, Accrued Expenses and Other Liabilities	1,739,358	1,081,782
Total Liabilities	16,870,932	13,888,404
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	190,700	185,390
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 653,801,394 issued and outstanding as of June 30, 2017; 643,459,542 issued and outstanding as of December 31, 2016)	6,558,159	6,523,929
Accumulated Other Comprehensive Loss	(47,479)	(62,887)
Total The Blackstone Group L.P. Partners' Capital	6,510,680	6,461,042
Non-Controlling Interests in Consolidated Entities	3,123,171	2,428,964
Non-Controlling Interests in Blackstone Holdings	3,432,448	3,439,537
Total Partners' Capital	13,066,299	12,329,543
Total Liabilities and Partners' Capital	$ 30,127,931	$ 26,403,337

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments assets pledged	$ 91,340	$ 119,139
Partners' Capital, common units: issued	653,801,394	643,459,542
Partners' Capital, common units: outstanding	653,801,394	643,459,542
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 11,087,743	$ 7,579,381
Liabilities	9,168,169	6,232,064
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Securities Sold, Not Yet Purchased
Liabilities	82,229	81,309
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Investments
Assets	9,159,542	6,459,355
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Accounts Receivable
Assets	550,908	355,364
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Repurchase Agreements
Liabilities	60,611	66,221
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	7,710,507	5,466,444
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	1,348,206	740,760
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	25,421	21,300
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	3,666	2,602
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	66,038	72,609
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 1,248,784	$ 545,481

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Management and Advisory Fees, Net		$ 686,586	$ 607,823	$ 1,328,728	$ 1,216,729
Performance Fees
Performance Fees Realized - Carried Interest		602,160	323,734	1,713,416	554,643
Performance Fees Realized - Incentive Fees		40,805	29,441	87,965	57,860
Performance Fees Unrealized - Carried Interest		65,197	88,292	(89,486)	135,878
Performance Fees Unrealized - Incentive Fees		48,235	7,776	107,644	15,355
Total Performance Fees		756,397	449,243	1,819,539	763,736
Investment Income
Realized		125,058	65,037	376,402	53,036
Unrealized		7,275	40,102	(32,913)	43,595
Total Investment Income		132,333	105,139	343,489	96,631
Interest and Dividend Revenue		33,703	22,286	62,198	45,361
Other		(59,664)	7,935	(63,876)	2,323
Total Revenues		1,549,355	1,192,426	3,490,078	2,124,780
Expenses
Compensation and Benefits Compensation		367,203	355,424	718,792	701,427
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest		195,289	87,580	561,480	146,084
Performance Fee Compensation - Realized Incentive Fees		21,481	15,250	44,233	29,374
Performance Fee Compensation - Unrealized Carried Interest		74,500	75,202	70,113	105,203
Performance Fee Compensation - Unrealized Incentive Fees		20,600	2,689	43,739	6,137
Total Compensation and Benefits		679,073	536,145	1,438,357	988,225
General, Administrative and Other		115,281	130,988	221,325	254,033
Interest Expense		41,089	36,878	81,335	74,234
Fund Expenses		49,669	8,592	73,745	13,821
Total Expenses		885,112	712,603	1,814,762	1,330,313
Other Income
Net Gains from Fund Investment Activities		110,054	30,703	176,186	49,845
Income Before Provision for Taxes		774,297	510,526	1,851,502	844,312
Provision for Taxes		29,608	47,415	87,045	56,561
Net Income		744,689	463,111	1,764,457	787,751
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		991	(2,049)	2,991	(8,450)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		112,944	64,729	251,629	104,815
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		287,979	201,805	705,237	333,007
Net Income Attributable to The Blackstone Group L.P.		$ 342,775	$ 198,626	$ 804,600	$ 358,379
Net Income Per Common Unit
Common Units, Basic		$ 0.52	$ 0.31	$ 1.21	$ 0.55
Common Units, Diluted		$ 0.51	$ 0.30	$ 1.20	$ 0.54
Weighted-Average Common Units Outstanding
Common Units, Basic		664,681,299	646,933,698	662,820,839	645,915,774
Common Units, Diluted		1,200,006,339	1,194,478,212	1,199,756,390	1,194,375,807
Distributions Declared Per Common Unit	[1]	$ 0.87	$ 0.28	$ 1.34	$ 0.89
Revenues Earned from Affiliates
Management and Advisory Fees, Net		$ 30,051	$ 44,148	$ 64,448	$ 100,823
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Income	$ 744,689	$ 463,111	$ 1,764,457	$ 787,751
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	35,089	(5,768)	46,593	11,844
Comprehensive Income	779,778	457,343	1,811,050	799,595
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	991	(2,049)	2,991	(8,450)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	140,311	58,783	282,814	110,026
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	287,979	201,805	705,237	333,007
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 350,497	$ 198,804	$ 820,008	$ 365,012

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands	Total	Common Units	Accumulated Other Comprehensive Income (Loss)	Parent	Noncontrolling InterestConsolidated Entities	Noncontrolling InterestBlackstone Holdings
Beginning Balance at Dec. 31, 2015	$ 12,046,998	$ 6,322,307	$ (52,519)	$ 6,269,788	$ 2,408,701	$ 3,368,509
Beginning Balance, Units at Dec. 31, 2015		624,450,162
Net Income (Loss)	796,201	$ 358,379		358,379	104,815	333,007
Currency Translation Adjustment	11,843		6,632	6,632	5,211
Capital Contributions	185,952				185,952
Capital Distributions	(1,236,292)	(569,794)		(569,794)	(160,529)	(505,969)
Transfer of Non-Controlling Interests in Consolidated Entities	(5,591)				(5,591)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	208	208		208
Equity-Based Compensation	156,510	78,052		78,052		78,458
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(14,414)	$ (14,414)		(14,414)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		4,139,648
Change in The Blackstone Group L.P.'s Ownership Interest	(3,836)	$ 3,836		3,836		(3,836)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 29,813		29,813		(29,813)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		4,944,571
Ending Balance at Jun. 30, 2016	11,941,415	$ 6,208,387	(45,887)	6,162,500	2,538,559	3,240,356
Ending Balance, Units at Jun. 30, 2016		633,534,381
Beginning Balance at Dec. 31, 2015	183,459
Net Income (Loss)	(8,450)
Capital Distributions	(1,004)
Beginning Balance at Jun. 30, 2016	174,005
Beginning Balance at Dec. 31, 2016	12,329,543	$ 6,523,929	(62,887)	6,461,042	2,428,964	3,439,537
Beginning Balance, Units at Dec. 31, 2016		643,459,542
Net Income (Loss)	1,761,466	$ 804,600		804,600	251,629	705,237
Currency Translation Adjustment	46,593		15,408	15,408	31,185
Consolidation of a Fund Entity	387,006				387,006
Capital Contributions	375,308				375,308
Capital Distributions	(1,985,800)	(882,889)		(882,889)	(348,513)	(754,398)
Transfer of Non-Controlling Interests in Consolidated Entities	(2,408)				(2,408)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	7,286	7,286		7,286
Equity-Based Compensation	160,525	87,964		87,964		72,561
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(13,220)	$ (12,430)		(12,430)		(790)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		3,775,544
Change in The Blackstone Group L.P.'s Ownership Interest	13,821	$ (13,821)		(13,821)		13,821
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 43,520		43,520		(43,520)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		6,566,308
Ending Balance at Jun. 30, 2017	13,066,299	$ 6,558,159	$ (47,479)	$ 6,510,680	$ 3,123,171	$ 3,432,448
Ending Balance, Units at Jun. 30, 2017		653,801,394
Beginning Balance at Dec. 31, 2016	185,390
Net Income (Loss)	2,991
Capital Contributions	21,354
Capital Distributions	(19,035)
Beginning Balance at Jun. 30, 2017	$ 190,700

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Activities
Net Income	$ 1,764,457	$ 787,751
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(2,284,430)	(670,157)
Change in Unrealized (Gains) Losses on Investments	41,952	(112,675)
Non-Cash Performance Fees	(18,158)	(73,806)
Non-Cash Performance Fee Compensation	719,565	286,797
Equity-Based Compensation Expense	179,729	164,124
Amortization of Intangibles	21,927	45,655
Other Non-Cash Amounts Included in Net Income	131,935	33,514
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	(448,740)	(140,795)
Cash Relinquished in Deconsolidation and Liquidation of Fund Entity	(33,566)
Accounts Receivable	191,454	73,459
Reverse Repurchase Agreements	118,495	161,008
Due from Affiliates	(131,421)	14,424
Other Assets	9,772	18,883
Accrued Compensation and Benefits	(621,807)	(234,646)
Securities Sold, Not Yet Purchased	(73,633)	(68,611)
Accounts Payable, Accrued Expenses and Other Liabilities	(700,207)	(247,201)
Repurchase Agreements	(14,713)	15,414
Due to Affiliates	(26,290)	13,682
Investments Purchased	(7,991,469)	(2,921,777)
Cash Proceeds from Sale of Investments	8,279,495	3,101,900
Net Cash Provided by (Used in) Operating Activities	(885,653)	246,943
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(13,663)	(16,165)
Changes in Restricted Cash	18,038	5,843
Net Cash Provided by (Used in) Investing Activities	4,375	(10,322)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(330,209)	(161,533)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	392,983	179,657
Payments Under Tax Receivable Agreement	(59,667)	(78,985)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(13,220)	(14,414)
Proceeds from Loans Payable	2,550,559	717,545
Repayment and Repurchase of Loans Payable	(127,464)	(145,149)
Distributions to Unitholders	(1,637,287)	(1,075,763)
Net Cash Provided by (Used in) Financing Activities	775,695	(578,642)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	13,877	163
Net Decrease in Cash and Cash Equivalents	(91,706)	(341,858)
Cash and Cash Equivalents, Beginning of Period	1,837,253	1,837,324
Cash and Cash Equivalents, End of Period	1,745,547	1,495,466
Supplemental Disclosure of Cash Flows Information
Payments for Interest	77,111	80,979
Payments for Income Taxes	46,919	33,454
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	1,327	740
Non-Cash Distributions to Non-Controlling Interest Holders	(37,339)
Net Assets Related to the Consolidation of a Fund Entity	387,006
Transfer of Interests to Non-Controlling Interest Holders	(2,408)	(5,591)
Change in The Blackstone Group L.P.'s Ownership Interest	(13,821)	3,836
Net Settlement of Vested Common Units	62,631	64,309
Conversion of Blackstone Holdings Partnership Units to Common Units	43,520	29,813
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(48,017)	(25,553)
Due to Affiliates	40,731	25,345
Partners' Capital	$ 7,286	$ 208

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 has evaluated the impact of the amended revenue recognition guidance on other revenue streams including management fees and it is not expected to have a material impact on Blackstone’s financial statements. The Partnership is still evaluating 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	6 Months Ended
	Jun. 30, 2017
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: June 30, 2017 December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,400,876 $ 1,400,876 Accumulated Amortization (1,160,199 ) (1,138,272 ) Intangible Assets, Net $ 240,677 $ 262,604 Amortization expense associated with Blackstone’s intangible assets was $11.0 million and $21.9 million for the three and six month periods ended June 30, 2017, respectively, and $22.8 million and $45.7 million for the three and six month periods ended June 30, 2016, respectively. Amortization of Intangible Assets held at June 30, 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 June 30, 2017 are expected to amortize over a weighted-average period of 5.6 years.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2017
INVESTMENTS	4. INVESTMENTS Investments consist of the following: June 30, 2017 December 31, Investments of Consolidated Blackstone Funds $ 9,171,258 $ 6,480,674 Equity Method Investments 2,990,128 3,092,378 Corporate Treasury Investments 2,849,749 2,518,438 Performance Fees 5,233,854 5,320,994 Other Investments 304,378 282,491 $ 20,549,367 $ 17,694,975 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $475.4 million and $384.4 million at June 30, 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 Six Months Ended 2017 2016 2017 2016 Realized Gains (Losses) $ 51,777 $ (2,435 ) $ 107,685 $ 10,947 Net Change in Unrealized Gains (Losses) 19,483 16,893 (9,039 ) (8,348 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 71,260 14,458 98,646 2,599 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 38,794 16,245 77,540 47,246 Other Income — Net Gains from Fund Investment Activities $ 110,054 $ 30,703 $ 176,186 $ 49,845 Equity Method Investments Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence. Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the six months ended June 30, 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 $124.1 million and $52.0 million for the three months ended June 30, 2017 and 2016, respectively. The Partnership recognized net gains related to its equity method investments of $292.6 million and $69.7 million for the six months ended June 30, 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 Six Months Ended 2017 2016 2017 2016 Realized Gains (Losses) $ 2,252 $ 9,364 $ (3,429 ) $ (9,245 ) Net Change in Unrealized Gains 12,815 12,913 43,295 14,695 $ 15,067 $ 22,277 $ 39,866 $ 5,450 Performance Fees Performance Fees allocated to the general partner in respect of performance of certain carry funds, funds of hedge funds and credit-focused funds were as follows: Private Real Hedge Fund Equity Estate Solutions 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 598,107 945,904 34,693 67,564 1,646,268 Foreign Exchange Gain — 43,968 — — 43,968 Fund Distributions (857,819 ) (896,060 ) (3,347 ) (20,150 ) (1,777,376 ) Performance Fees, June 30, 2017 $ 1,725,080 $ 3,064,260 $ 37,478 $ 407,036 $ 5,233,854 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Realized Gains (Losses) $ 2,865 $ (256 ) $ 2,870 $ 4,477 Net Change in Unrealized Gains (Losses) 4,803 3,283 10,291 (2,952 ) $ 7,668 $ 3,027 $ 13,161 $ 1,525

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	6 Months Ended
	Jun. 30, 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 June 30, 2017 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 182,910 $ 125 (a ) (a ) Credit Driven 151,555 268 (b ) (b ) Equity 59,082 — (c ) (c ) Commodities 2,124 — (d ) (d ) $ 395,671 $ 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 58% 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 42% 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	6 Months Ended
	Jun. 30, 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 (Loss), Net of Tax — Currency Translation Adjustment. For the three months ended June 30, 2017 the resulting loss was $4.6 million. For the six months ended June 30, 2017 the resulting loss was $5.2 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. June 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 465 $ 7 $ 53,664 $ 1,260 $ — $ — $ 51,267 $ 587 Freestanding Derivatives Blackstone Interest Rate Contracts 270,100 627 305,280 1,873 2,651,583 2,356 546,211 2,355 Foreign Currency Contracts 208,266 4,160 257,758 5,109 164,247 1,037 127,444 966 Credit Default Swaps 2,073 — 2,073 — — — 3,819 215 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 455,303 36,591 97,611 2,493 254,162 25,050 136,025 3,903 Credit Default Swaps 37,598 5,521 54,990 7,187 — — 113,057 3,350 973,340 46,899 717,712 16,662 3,069,992 28,443 926,556 10,789 $ 973,805 $ 46,906 $ 771,376 $ 17,922 $ 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 Six Months Ended 2017 2016 2017 2016 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (13 ) $ (257 ) $ (35 ) $ (128 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (3,007 ) $ 546 $ (3,947 ) $ (6,812 ) Foreign Currency Contracts (6,663 ) (410 ) (3,312 ) (4,720 ) Credit Default Swaps 268 (738 ) (1,658 ) (4,549 ) $ (9,402 ) $ (602 ) $ (8,917 ) $ (16,081 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (426 ) $ (4,576 ) $ (643 ) $ (7,242 ) Foreign Currency Contracts 14,642 8,869 12,682 24,191 Credit Default Swaps 1,214 794 3,161 (3,482 ) $ 15,430 $ 5,087 $ 15,200 $ 13,467 As of June 30, 2017 and December 31, 2016, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	6 Months Ended
	Jun. 30, 2017
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: June 30, December 31, Assets Loans and Receivables $ 306,279 $ 211,359 Equity and Preferred Securities 472,299 444,713 Assets of Consolidated CLO Vehicles Corporate Loans 7,477,166 4,762,071 Corporate Bonds 700,177 710,947 Other 1,708 — $ 8,957,629 $ 6,129,090 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 7,254,854 $ 5,125,804 Subordinated Notes Loans Payable 452,873 337,846 Due to Affiliates 7,088 7,748 $ 7,714,815 $ 5,471,398 The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 1,085 Equity and Preferred Securities 1 7,116 (296 ) 5,256 Debt Securities — — — (365 ) Assets of Consolidated CLO Vehicles Corporate Loans (543 ) 25,084 (15,253 ) 36,564 Corporate Bonds 2,580 (927 ) 247 (1,214 ) Other 65 129 88 — $ 2,103 $ 31,402 $ (15,214 ) $ 41,326 Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 24,800 $ — $ (14,281 ) Six Months Ended June 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 7,418 $ — $ (2,693 ) Equity and Preferred Securities 1 20,225 (293 ) 1,424 Debt Securities — — — (1,054 ) Assets of Consolidated CLO Vehicles Corporate Loans 1,329 13,695 (28,960 ) 37,521 Corporate Bonds 8,214 (6,801 ) 437 (943 ) Other 65 129 266 — $ 9,609 $ 34,666 $ (28,550 ) $ 34,255 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 32,712 $ — $ (1,868 ) The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2017 December 31, 2016 For Financial Assets Past Due (a) For Financial Assets Excess Fair Excess Excess Fair Excess Loans and Receivables $ 2,240 $ — $ — $ (6,476 ) $ — $ — Assets of Consolidated CLO Vehicles Corporate Loans 18,273 — — 2,616 — — Corporate Bonds 7,729 — — 7,259 — — Other (46 ) — — — — — $ 28,196 $ — $ — $ 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 560,893 $ — $ — $ — $ 560,893 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 147,778 147,778 Equity Securities 52,208 50,435 109,997 — 212,640 Partnership and LLC Interests — 1,588 351,865 — 353,453 Debt Instruments — 229,238 6,986 — 236,224 Freestanding Derivatives Foreign Currency Contracts — 1,772 — — 1,772 Credit Default Swaps — 5,521 — — 5,521 Assets of Consolidated CLO Vehicles Corporate Loans — 7,231,978 245,188 — 7,477,166 Corporate Bonds — 700,177 — — 700,177 Freestanding Derivatives — Foreign Currency Contracts — 34,819 — — 34,819 Other — — 1,708 — 1,708 Total Investments of Consolidated Blackstone Funds 52,208 8,255,528 715,744 147,778 9,171,258 Corporate Treasury Investments Equity Securities 295,956 — — — 295,956 Debt Instruments — 2,306,345 19,739 — 2,326,084 Other — — — 227,709 227,709 Total Corporate Treasury Investments 295,956 2,306,345 19,739 227,709 2,849,749 Other Investments 176,744 11,500 95,950 20,184 304,378 Total Investments 524,908 10,573,373 831,433 395,671 12,325,385 Accounts Receivable — Loans and Receivables — — 306,279 — 306,279 Other Assets Freestanding Derivatives Interest Rate Contracts 574 53 — — 627 Foreign Currency Contracts — 4,160 — — 4,160 Total Freestanding Derivatives 574 4,213 — — 4,787 Net Investment Hedges — Foreign Currency Contracts — 7 — — 7 Total Other Assets 574 4,220 — — 4,794 $ 1,086,375 $ 10,577,593 $ 1,137,712 $ 395,671 $ 13,197,351 June 30, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 7,254,854 $ — $ 7,254,854 Subordinated Notes (b) — 452,873 — 452,873 Total Loans Payable — 7,707,727 — 7,707,727 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 7,088 — 7,088 Total Due to Affiliates — 7,088 — 7,088 Securities Sold, Not Yet Purchased — 143,819 — 143,819 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 2,493 — 2,493 Credit Default Swaps — 7,187 — 7,187 Total Liabilities of Consolidated Blackstone Funds — 9,680 — 9,680 Freestanding Derivatives Interest Rate Contracts 140 1,733 — 1,873 Foreign Currency Contracts — 5,109 — 5,109 Total Freestanding Derivatives 140 6,842 — 6,982 Net Investment Hedges — Foreign Currency Contracts — 1,260 — 1,260 Total Accounts Payable, Accrued Expenses and Other Liabilities 140 17,782 — 17,922 $ 140 $ 7,876,416 $ — $ 7,876,556 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 June 30, 2017 and 2016, respectively: Three Months Ended Six Months Ended 2017 2016 2017 2016 Transfers from Level I into Level II (a) $ 762 $ — $ 762 $ 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 June 30, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 68,064 Discounted Cash Flows Discount Rate 7.3% - 31.7% 12.5% Revenue CAGR 0.0% - 41.7% 6.6% Exit Capitalization Rate 5.3% - 11.4% 8.4% Exit Multiple - EBITDA 4.0x - 19.0x 10.0x Exit Multiple - P/E 9.5x - 17.0x 10.1x 3,098 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 0.9x Exit Multiple - EBITDA 8.0x N/A 17,262 Other N/A N/A N/A 19,895 Transaction Price N/A N/A N/A 1,678 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 307,299 Discounted Cash Flows Discount Rate 4.7% - 26.4% 9.5% Revenue CAGR -20.0% - 31.5% 5.7% Exit Capitalization Rate 1.6% - 11.5% 5.9% Exit Multiple - EBITDA 0.1x - 18.7x 10.1x Exit Multiple - P/E 9.3x N/A 530 Market Comparable Companies Book Value Multiple 0.9x N/A 23,508 Other N/A N/A N/A 236 Third Party Pricing N/A N/A N/A 20,292 Transaction Price N/A N/A N/A Debt Instruments 5,072 Discounted Cash Flows Discount Rate 7.8% - 20.0% 10.6% Revenue CAGR -3.8% - 5.1% 1.9% Exit Capitalization Rate 4.2% - 8.3% 7.2% Exit Multiple - EBITDA 12.0x N/A 1,914 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 3,141 Discounted Cash Flows Discount Rate 6.3% N/A 11,727 Market Comparable Companies EBITDA Multiple 7.0x N/A 232,028 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 715,744 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 6,911 Discounted Cash Flows Discount Rate 5.1% - 6.2% 5.8% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 68.4% Reinvestment Rate LIBOR +400 bps N/A 12,828 Third Party Pricing N/A N/A N/A Loans and Receivables 306,279 Discounted Cash Flows Discount Rate 9.1% - 15.1% 11.5% Other Investments 63,379 Discounted Cash Flows Discount Rate 0.9% - 13.1% 2.6% 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 32,571 Transaction Price N/A N/A N/A $ 1,137,712 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 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 $ 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 limited liability company (“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 June 30, 2017 2016 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 685,966 $ 112,056 $ 138,433 $ 936,455 $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 Transfer In Due to Consolidation and Acquisition 35,040 — — 35,040 — — — — Transfer In (Out) Due to Deconsolidation (44,095 ) — — (44,095 ) — — — — Transfer In to Level III (b) 68,127 — 6,473 74,600 18,177 — 9,037 27,214 Transfer Out of Level III (b) (105,165 ) — (11,930 ) (117,095 ) (38,865 ) — (6,199 ) (45,064 ) Purchases 112,405 268,222 9,155 389,782 33,883 5,278 6,973 46,134 Sales (46,140 ) (75,342 ) (34,014 ) (155,496 ) (52,776 ) (87,696 ) (10,683 ) (151,155 ) Settlements — (1,392 ) (993 ) (2,385 ) — (2,431 ) (114 ) (2,545 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 9,606 2,735 8,565 20,906 9,315 4,510 (1,224 ) 12,601 Balance, End of Period $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (2,163 ) $ 2,735 $ 123 $ 695 $ 2,845 $ 4,552 $ 1,255 $ 8,652 Balance, Beginning of Period $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 Transfer In Due to Consolidation and Acquisition 34,651 — — 34,651 — — — — Transfer Out Due to Deconsolidation (38,629 ) — — (38,629 ) — — — — Transfer In to Level III (b) 63,125 — 16,396 79,521 52,332 — 9,327 61,659 Transfer Out of Level III (b) (140,571 ) — (18,010 ) (158,581 ) (81,837 ) — (10,204 ) (92,041 ) Purchases 219,248 337,705 21,603 578,556 96,206 303,657 6,973 406,836 Sales (145,890 ) (251,502 ) (44,045 ) (441,437 ) (142,180 ) (355,251 ) (30,690 ) (528,121 ) Settlements — (3,894 ) (1,093 ) (4,987 ) — (5,922 ) (254 ) (6,176 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 37,937 12,611 10,250 60,798 7,519 3,041 (2,939 ) 7,621 Balance, End of Period $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 1,031 $ 12,610 $ 462 $ 14,103 $ (16,793 ) $ 3,083 $ (46 ) $ (13,756 ) (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 and six months ended June 30, 2017 and 2016.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 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: June 30, December 31, Investments $ 698,777 $ 644,546 Accounts Receivable 27,136 12,308 Due from Affiliates 92,174 35,099 Total VIE Assets 818,087 691,953 Due to Affiliates 491 577 Accounts Payable, Accrued Expenses and Other Liabilities 66 38 Potential Clawback Obligation 94,532 81,936 Maximum Exposure to Loss $ 913,176 $ 774,504

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	6 Months Ended
	Jun. 30, 2017
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At June 30, 2017, the Partnership pledged securities with a carrying value of $91.3 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 received securities, primarily U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt, with a fair value of $117.8 million as collateral for reverse repurchase agreements that could be repledged, delivered or otherwise used. Securities with a fair value of $68.8 million and cash were used to cover Securities Sold, Not Yet Purchased. The Partnership also 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: June 30, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 26,746 $ 17,339 $ 16,526 $ 60,611 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 60,611 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 Days 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 $ 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	6 Months Ended
	Jun. 30, 2017
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of June 30, 2017: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 7 $ — $ — $ 7 Freestanding Derivatives 12,080 515 7,294 4,271 $ 12,087 $ 515 $ 7,294 $ 4,278 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 1,260 $ — $ — $ 1,260 Freestanding Derivatives 14,583 515 12,326 1,742 Repurchase Agreements 60,611 56,880 3,731 — $ 76,454 $ 57,395 $ 16,057 $ 3,002 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 $ 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 — $ 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: June 30, 2017 December 31, 2016 Furniture, Equipment and Leasehold Improvements, Net $ 128,075 $ 126,784 Prepaid Expenses 81,646 96,888 Other Assets 19,660 37,723 Freestanding Derivatives 4,787 3,393 Net Investment Hedges 7 — $ 234,175 $ 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 June 30, 2017, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.3 billion, which was offset with an accompanying overdraft of $1.3 billion.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 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. June 30, 2017 December 31, 2016 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (b) $ 603,071 $ 637,299 $ 607,121 $ 648,765 5.875%, Due 3/15/2021 398,306 444,240 398,105 447,600 4.750%, Due 2/15/2023 393,641 437,320 393,158 426,520 6.250%, Due 8/15/2042 237,923 311,925 237,830 285,450 5.000%, Due 6/15/2044 488,435 547,100 488,337 497,200 4.450%, Due 7/15/2045 343,870 351,155 343,816 322,525 2.000%, Due 5/19/2025 338,348 358,822 310,805 331,096 1.000%, Due 10/5/2026 674,678 647,854 620,750 598,270 $ 3,478,272 $ 3,735,715 $ 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: June 30, 2017 December 31, 2016 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 7,263,332 2.23 % 5.2 $ 5,124,241 2.17 % 5.4 Subordinated Notes 528,553 (a ) N/A 382,735 (a) N/A $ 7,791,885 $ 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: June 30, 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 $ 7,254,854 $ — $ — $ 5,125,804 $ — $ — Subordinated Notes 459,961 10,000 7,088 345,594 10,000 7,748 $ 7,714,815 $ 10,000 $ 7,088 $ 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 June 30, 2017 and December 31, 2016, the fair value of the consolidated CLO assets was $10.0 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 June 30, 2017 were as follows: Operating Blackstone Fund Total 2017 $ — $ 345,560 $ 345,560 2018 — — — 2019 585,000 — 585,000 2020 — — — 2021 400,000 — 400,000 Thereafter 2,528,340 7,449,105 9,977,445 $ 3,513,340 $ 7,794,665 $ 11,308,005

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 3.8% and 9.3% for the three months ended June 30, 2017 and 2016, respectively, and 4.7% and 6.7% for the six months ended June 30, 2017 and 2016, respectively. Blackstone’s income tax provision was $29.6 million and $47.4 million for the three months ended June 30, 2017 and 2016, respectively, and $87.0 million and $56.6 million for the six months ended June 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
NET INCOME PER COMMON UNIT	14. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the three and six months ended June 30, 2017 and June 30, 2016 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 342,775 $ 198,626 $ 804,600 $ 358,379 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 264,935 158,960 636,756 286,563 Net Income Attributable to The Blackstone Group L.P., Diluted $ 607,710 $ 357,586 $ 1,441,356 $ 644,942 Units Outstanding Weighted-Average Common Units Outstanding, Basic 664,681,299 646,933,698 662,820,839 645,915,774 Weighted-Average Unvested Deferred Restricted Common Units 998,974 1,309,402 904,079 1,321,087 Weighted-Average Blackstone Holdings Partnership Units 534,326,066 546,235,112 536,031,472 547,138,946 Weighted-Average Common Units Outstanding, Diluted 1,200,006,339 1,194,478,212 1,199,756,390 1,194,375,807 Net Income Per Common Unit, Basic $ 0.52 $ 0.31 $ 1.21 $ 0.55 Net Income Per Common Unit, Diluted $ 0.51 $ 0.30 $ 1.20 $ 0.54 Distributions Declared Per Common Unit (a) $ 0.87 $ 0.28 $ 1.34 $ 0.89 (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 six months ended June 30, 2017 and 2016, no units were repurchased. As of June 30, 2017, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017, the Partnership recorded compensation expense of $88.5 million and $179.7 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $22.7 million and $36.8 million, respectively. For the three and six months ended June 30, 2016, the Partnership recorded compensation expense of $84.3 million and $164.1 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $8.4 million and $16.6 million, respectively. As of June 30, 2017, there was $849.2 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 4.3 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,198,049,700 as of June 30, 2017. Total outstanding unvested phantom units were 39,023 as of June 30, 2017. A summary of the status of the Partnership’s unvested equity-based awards as of June 30, 2017 and of changes during the period January 1, 2017 through June 30, 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 2,324,463 27.70 3,057 27.03 Vested (2,551,438 ) 34.58 (2,419,469 ) 25.89 (1,338 ) 28.61 Forfeited (318,879 ) 25.28 (232,126 ) 29.46 (3,770 ) 33.32 Balance, June 30, 2017 31,878,005 $ 34.09 11,878,884 $ 25.36 38,409 $ 32.89 Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2017, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 27,505,210 3.7 Deferred Restricted Blackstone Common Units 10,750,757 1.5 Total Equity-Based Awards 38,255,967 3.1 Phantom Units 30,341 2.9

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds $ 448,151 $ 342,943 Amounts Due from Portfolio Companies and Funds 400,267 456,469 Management and Performance Fees Due from Non-Consolidated Funds 576,406 445,280 Payments Made on Behalf of Non-Consolidated Entities 279,538 196,134 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 6,518 1,552 Accrual for Potential Clawback of Previously Distributed Carried Interest 694 — $ 1,711,574 $ 1,442,378 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,169,998 $ 1,186,145 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 45,343 28,012 Distributions Received on Behalf of Blackstone Entities 30,356 80,034 Payments Made by Non-Consolidated Entities 41,940 19,833 Due to Note Holders of Consolidated CLO Vehicles 7,088 7,748 Accrual for Potential Repayment of Previously Received Performance Fees 2,171 — $ 1,296,896 $ 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 June 30, 2017 and December 31, 2016, such investments aggregated $802.9 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 $20.0 million and $25.5 million for the three months ended June 30, 2017 and 2016, respectively, and $50.5 million and $28.6 million for the six months ended June 30, 2017 and 2016, respectively. Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $30.1 million and $44.1 million for the three months ended June 30, 2017 and 2016, respectively. Management and Advisory Fees, Net earned from affiliates totaled $64.4 million and $100.8 million for the six months ended June 30, 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 $1.1 million and $0.1 million for the three months ended June 30, 2017 and 2016, respectively, and $1.3 million and $0.2 million for the six months ended June 30, 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 June 30, 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 $382.7 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to Blackstone common units, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Interest Holders in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows. Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 17. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.4 billion of investment commitments as of June 30, 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 $305.4 million as of June 30, 2017 which includes $15.7 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 $3.8 million as of June 30, 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 Group International Partners LLP. The amount guaranteed as of June 30, 2017 was $156.1 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: June 30, 2017 December 31, 2016 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,477 $ 694 $ 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 June 30, 2017, $570.2 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 stressed/distressed, mezzanine and event-driven credit strategies funds are 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 June 30, 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 $5.3 billion, on an after-tax

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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 event-driven credit strategies, stressed/distressed funds and distressed energy strategies) and long only strategies (which consist of CLOs, closed-end 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 tables present the financial data for Blackstone’s four segments for the three months ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 176,555 $ 227,865 $ 128,698 $ 138,250 $ 671,368 Transaction, Advisory and Other Fees, Net 18,947 16,087 1,696 2,162 38,892 Management Fee Offsets (3,753 ) (5,018 ) — (4,653 ) (13,424 ) Total Management and Advisory Fees, Net 191,749 238,934 130,394 135,759 696,836 Performance Fees Realized Carried Interest 197,257 389,004 — 16,032 602,293 Incentive Fees — 5,315 6,995 28,796 41,106 Unrealized Carried Interest 600 77,200 143 (12,863 ) 65,080 Incentive Fees — 22,608 22,458 3,461 48,527 Total Performance Fees 197,857 494,127 29,596 35,426 757,006 Investment Income (Loss) Realized 41,168 57,599 225 1,895 100,887 Unrealized (25,014 ) (20,519 ) 11,578 788 (33,167 ) Total Investment Income 16,154 37,080 11,803 2,683 67,720 Interest and Dividend Revenue 12,451 20,998 8,769 11,037 53,255 Other (16,124 ) (22,965 ) (10,720 ) (12,660 ) (62,469 ) Total Revenues 402,087 768,174 169,842 172,245 1,512,348 Expenses Compensation and Benefits Compensation 90,844 110,266 47,361 56,786 305,257 Performance Fee Compensation Realized Carried Interest 63,060 124,292 — 7,937 195,289 Incentive Fees — 2,931 4,362 14,188 21,481 Unrealized Carried Interest 22,219 59,174 178 (7,071 ) 74,500 Incentive Fees — 9,680 9,242 1,678 20,600 Total Compensation and Benefits 176,123 306,343 61,143 73,518 617,127 Other Operating Expenses 47,665 55,373 26,240 36,406 165,684 Total Expenses 223,788 361,716 87,383 109,924 782,811 Economic Income $ 178,299 $ 406,458 $ 82,459 $ 62,321 $ 729,537 Three Months Ended June 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,477 $ 201,004 $ 130,123 $ 131,392 $ 593,996 Transaction, Advisory and Other Fees, Net 11,089 21,112 (5 ) 1,424 33,620 Management Fee Offsets (4,195 ) (1,219 ) — (9,982 ) (15,396 ) Total Management and Advisory Fees, Net 138,371 220,897 130,118 122,834 612,220 Performance Fees Realized Carried Interest 57,056 266,382 — 296 323,734 Incentive Fees — 6,099 (251 ) 23,515 29,363 Unrealized Carried Interest 85,047 (84,875 ) 801 87,295 88,268 Incentive Fees — 5,942 1,036 1,029 8,007 Total Performance Fees 142,103 193,548 1,586 112,135 449,372 Investment Income (Loss) Realized 22,926 19,929 (515 ) 11,330 53,670 Unrealized (2,766 ) (8,902 ) 9,357 8,412 6,101 Total Investment Income 20,160 11,027 8,842 19,742 59,771 Interest and Dividend Revenue 9,516 13,084 5,205 7,428 35,233 Other 3,395 2,231 1,125 1,795 8,546 Total Revenues 313,545 440,787 146,876 263,934 1,165,142 Expenses Compensation and Benefits Compensation 83,140 102,888 44,436 55,691 286,155 Performance Fee Compensation Realized Carried Interest 30,946 56,441 — 194 87,581 Incentive Fees — 3,300 1,325 10,626 15,251 Unrealized Carried Interest 19,450 14,257 238 41,257 75,202 Incentive Fees — 2,542 480 (333 ) 2,689 Total Compensation and Benefits 133,536 179,428 46,479 107,435 466,878 Other Operating Expenses 48,371 52,201 27,218 29,464 157,254 Total Expenses 181,907 231,629 73,697 136,899 624,132 Economic Income $ 131,638 $ 209,158 $ 73,179 $ 127,035 $ 541,010 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,512,348 $ 37,007(a) $ 1,549,355 $ 1,165,142 $ 27,284(a) $ 1,192,426 Expenses $ 782,811 $ 102,301(b) $ 885,112 $ 624,132 $ 88,471(b) $ 712,603 Other Income $ — $ 110,054(c) $ 110,054 $ — $ 30,703(c) $ 30,703 Economic Income $ 729,537 $ 44,760(d) $ 774,297 $ 541,010 $ (30,484)(d) $ 510,526 (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 June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (36,956 ) $ (27,716 ) Fund Expenses Added in Consolidation 30,912 (3,310 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Transaction-Related Other Income (Loss) 2,163 (951 ) Total Consolidation Adjustments and Reconciling Items $ 110,054 $ 30,703 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2017 2016 Economic Income $ 729,537 $ 541,010 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (57,831 ) (69,956 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Total Consolidation Adjustments and Reconciling Items 44,760 (30,484 ) Income Before Provision for Taxes $ 774,297 $ 510,526 The following tables present the financial data for Blackstone’s four segments as of and for the six months ended June 30, 2017 and 2016: June 30, 2017 and the Six Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 354,019 $ 425,744 $ 257,166 $ 277,397 $ 1,314,326 Transaction, Advisory and Other Fees, Net 36,147 37,366 1,955 3,646 79,114 Management Fee Offsets (15,943 ) (8,568 ) — (22,512 ) (47,023 ) Total Management and Advisory Fees, Net 374,223 454,542 259,121 258,531 1,346,417 Performance Fees Realized Carried Interest 779,938 908,845 — 24,832 1,713,615 Incentive Fees — 8,229 21,679 58,335 88,243 Unrealized Carried Interest (184,233 ) 54,932 3,940 35,694 (89,667 ) Incentive Fees — 41,321 62,769 4,453 108,543 Total Performance Fees 595,705 1,013,327 88,388 123,314 1,820,734 Investment Income (Loss) Realized 122,057 177,178 (407 ) 4,953 303,781 Unrealized (65,838 ) (104,372 ) 29,871 8,237 (132,102 ) Total Investment Income 56,219 72,806 29,464 13,190 171,679 Interest and Dividend Revenue 23,373 39,165 16,323 20,270 99,131 Other (17,924 ) (26,115 ) (12,330 ) (14,387 ) (70,756 ) Total Revenues 1,031,596 1,553,725 380,966 400,918 3,367,205 Expenses Compensation and Benefits Compensation 174,586 212,968 94,965 111,765 594,284 Performance Fee Compensation Realized Carried Interest 244,693 304,217 — 12,570 561,480 Incentive Fees — 4,295 11,679 28,259 44,233 Unrealized Carried Interest (17,137 ) 70,972 1,387 14,891 70,113 Incentive Fees — 18,189 23,246 2,304 43,739 Total Compensation and Benefits 402,142 610,641 131,277 169,789 1,313,849 Other Operating Expenses 90,487 107,342 52,040 69,107 318,976 Total Expenses 492,629 717,983 183,317 238,896 1,632,825 Economic Income $ 538,967 $ 835,742 $ 197,649 $ 162,022 $ 1,734,380 Segment Assets as of June 30, 2017 $ 5,958,821 $ 7,795,940 $ 2,368,871 $ 3,446,358 $ 19,569,990 Six Months Ended June 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 262,125 $ 400,911 $ 260,281 $ 257,382 $ 1,180,699 Transaction, Advisory and Other Fees, Net 20,009 56,906 538 2,766 80,219 Management Fee Offsets (11,043 ) (4,814 ) — (19,640 ) (35,497 ) Total Management and Advisory Fees, Net 271,091 453,003 260,819 240,508 1,225,421 Performance Fees Realized Carried Interest 87,338 467,009 — 296 554,643 Incentive Fees — 10,168 2,433 45,212 57,813 Unrealized Carried Interest 158,922 (96,397 ) 833 72,516 135,874 Incentive Fees — 15,707 (1,899 ) 1,299 15,107 Total Performance Fees 246,260 396,487 1,367 119,323 763,437 Investment Income (Loss) Realized 7,569 32,904 (5,260 ) 8,356 43,569 Unrealized 12,674 (11,039 ) (2,934 ) (9,149 ) (10,448 ) Total Investment Income (Loss) 20,243 21,865 (8,194 ) (793 ) 33,121 Interest and Dividend Revenue 19,365 26,272 10,501 14,176 70,314 Other 1,808 322 (263 ) 431 2,298 Total Revenues 558,767 897,949 264,230 373,645 2,094,591 Expenses Compensation and Benefits Compensation 163,414 203,466 98,605 108,073 573,558 Performance Fee Compensation Realized Carried Interest 46,373 99,517 — 194 146,084 Incentive Fees — 5,433 3,188 20,753 29,374 Unrealized Carried Interest 28,746 41,960 238 34,259 105,203 Incentive Fees — 6,700 (715 ) 152 6,137 Total Compensation and Benefits 238,533 357,076 101,316 163,431 860,356 Other Operating Expenses 96,434 100,298 53,364 55,684 305,780 Total Expenses 334,967 457,374 154,680 219,115 1,166,136 Economic Income $ 223,800 $ 440,575 $ 109,550 $ 154,530 $ 928,455 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2017 and 2016: June 30, 2017 and the Six Months Then Ended Six Months Ended June 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,367,205 $ 122,873(a) $ 3,490,078 $ 2,094,591 $ 30,189(a) $ 2,124,780 Expenses $ 1,632,825 $ 181,937(b) $ 1,814,762 $ 1,166,136 $ 164,177(b) $ 1,330,313 Other Income $ — $ 176,186(c) $ 176,186 $ — $ 49,845(c) $ 49,845 Economic Income $ 1,734,380 $ 117,122(d) $ 1,851,502 $ 928,455 $ (84,143)(d) $ 844,312 Total Assets $ 19,569,990 $ 10,557,941(e) $ 30,127,931 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues, non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues and the elimination of inter-segment interest income. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Six Months Ended June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (122,277 ) $ (30,473 ) Fund Expenses Added in Consolidation 38,403 (9,157 ) Income Associated with Non-Controlling Interests of Consolidated Entities 254,620 96,365 Transaction-Related Other Income (Loss) 5,440 (6,890 ) Total Consolidation Adjustments and Reconciling Items $ 176,186 $ 49,845 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2017 2016 Economic Income $ 1,734,380 $ 928,455 Adjustments Amortization of Intangibles (22,688 ) (46,416 ) Transaction-Related Charges (114,810 ) (134,092 ) Income Associated with Non-Controlling Interests of Consolidated Entities 254,620 96,365 Total Consolidation Adjustments and Reconciling Items 117,122 (84,143 ) Income Before Provision for Taxes $ 1,851,502 $ 844,312 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS There have been no events since June 30, 2017 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 has evaluated the impact of the amended revenue recognition guidance on other revenue streams including management fees and it is not expected to have a material impact on Blackstone’s financial statements. The Partnership is still evaluating 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)	6 Months Ended
	Jun. 30, 2017
Intangible Assets, Net	Intangible Assets, Net consists of the following: June 30, 2017 December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,400,876 $ 1,400,876 Accumulated Amortization (1,160,199 ) (1,138,272 ) Intangible Assets, Net $ 240,677 $ 262,604

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Investments	Investments consist of the following: June 30, 2017 December 31, Investments of Consolidated Blackstone Funds $ 9,171,258 $ 6,480,674 Equity Method Investments 2,990,128 3,092,378 Corporate Treasury Investments 2,849,749 2,518,438 Performance Fees 5,233,854 5,320,994 Other Investments 304,378 282,491
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended 2017 2016 2017 2016 Realized Gains (Losses) $ 51,777 $ (2,435 ) $ 107,685 $ 10,947 Net Change in Unrealized Gains (Losses) 19,483 16,893 (9,039 ) (8,348 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 71,260 14,458 98,646 2,599 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 38,794 16,245 77,540 47,246 Other Income — Net Gains from Fund Investment Activities $ 110,054 $ 30,703 $ 176,186 $ 49,845
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 Six Months Ended 2017 2016 2017 2016 Realized Gains (Losses) $ 2,252 $ 9,364 $ (3,429 ) $ (9,245 ) Net Change in Unrealized Gains 12,815 12,913 43,295 14,695 $ 15,067 $ 22,277 $ 39,866 $ 5,450
Performance Fees Allocated to Funds	Performance Fees allocated to the general partner in respect of performance of certain carry funds, funds of hedge funds and credit-focused funds were as follows: Private Real Hedge Fund Equity Estate Solutions 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 598,107 945,904 34,693 67,564 1,646,268 Foreign Exchange Gain — 43,968 — — 43,968 Fund Distributions (857,819 ) (896,060 ) (3,347 ) (20,150 ) (1,777,376 ) Performance Fees, June 30, 2017 $ 1,725,080 $ 3,064,260 $ 37,478 $ 407,036 $ 5,233,854
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Realized Gains (Losses) $ 2,865 $ (256 ) $ 2,870 $ 4,477 Net Change in Unrealized Gains (Losses) 4,803 3,283 10,291 (2,952 ) $ 7,668 $ 3,027 $ 13,161 $ 1,525

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 182,910 $ 125 (a ) (a ) Credit Driven 151,555 268 (b ) (b ) Equity 59,082 — (c ) (c ) Commodities 2,124 — (d ) (d ) $ 395,671 $ 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 58% 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 42% 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)	6 Months Ended
	Jun. 30, 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. June 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ 465 $ 7 $ 53,664 $ 1,260 $ — $ — $ 51,267 $ 587 Freestanding Derivatives Blackstone Interest Rate Contracts 270,100 627 305,280 1,873 2,651,583 2,356 546,211 2,355 Foreign Currency Contracts 208,266 4,160 257,758 5,109 164,247 1,037 127,444 966 Credit Default Swaps 2,073 — 2,073 — — — 3,819 215 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 455,303 36,591 97,611 2,493 254,162 25,050 136,025 3,903 Credit Default Swaps 37,598 5,521 54,990 7,187 — — 113,057 3,350 973,340 46,899 717,712 16,662 3,069,992 28,443 926,556 10,789 $ 973,805 $ 46,906 $ 771,376 $ 17,922 $ 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 Six Months Ended 2017 2016 2017 2016 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (13 ) $ (257 ) $ (35 ) $ (128 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (3,007 ) $ 546 $ (3,947 ) $ (6,812 ) Foreign Currency Contracts (6,663 ) (410 ) (3,312 ) (4,720 ) Credit Default Swaps 268 (738 ) (1,658 ) (4,549 ) $ (9,402 ) $ (602 ) $ (8,917 ) $ (16,081 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (426 ) $ (4,576 ) $ (643 ) $ (7,242 ) Foreign Currency Contracts 14,642 8,869 12,682 24,191 Credit Default Swaps 1,214 794 3,161 (3,482 ) $ 15,430 $ 5,087 $ 15,200 $ 13,467

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, Assets Loans and Receivables $ 306,279 $ 211,359 Equity and Preferred Securities 472,299 444,713 Assets of Consolidated CLO Vehicles Corporate Loans 7,477,166 4,762,071 Corporate Bonds 700,177 710,947 Other 1,708 — $ 8,957,629 $ 6,129,090 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 7,254,854 $ 5,125,804 Subordinated Notes Loans Payable 452,873 337,846 Due to Affiliates 7,088 7,748 $ 7,714,815 $ 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 tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 1,085 Equity and Preferred Securities 1 7,116 (296 ) 5,256 Debt Securities — — — (365 ) Assets of Consolidated CLO Vehicles Corporate Loans (543 ) 25,084 (15,253 ) 36,564 Corporate Bonds 2,580 (927 ) 247 (1,214 ) Other 65 129 88 — $ 2,103 $ 31,402 $ (15,214 ) $ 41,326 Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 24,800 $ — $ (14,281 ) Six Months Ended June 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 7,418 $ — $ (2,693 ) Equity and Preferred Securities 1 20,225 (293 ) 1,424 Debt Securities — — — (1,054 ) Assets of Consolidated CLO Vehicles Corporate Loans 1,329 13,695 (28,960 ) 37,521 Corporate Bonds 8,214 (6,801 ) 437 (943 ) Other 65 129 266 — $ 9,609 $ 34,666 $ (28,550 ) $ 34,255 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 32,712 $ — $ (1,868 )
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2017 December 31, 2016 For Financial Assets Past Due (a) For Financial Assets Excess Fair Excess Excess Fair Excess Loans and Receivables $ 2,240 $ — $ — $ (6,476 ) $ — $ — Assets of Consolidated CLO Vehicles Corporate Loans 18,273 — — 2,616 — — Corporate Bonds 7,729 — — 7,259 — — Other (46 ) — — — — — $ 28,196 $ — $ — $ 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)	6 Months Ended
	Jun. 30, 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: June 30, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 560,893 $ — $ — $ — $ 560,893 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 147,778 147,778 Equity Securities 52,208 50,435 109,997 — 212,640 Partnership and LLC Interests — 1,588 351,865 — 353,453 Debt Instruments — 229,238 6,986 — 236,224 Freestanding Derivatives Foreign Currency Contracts — 1,772 — — 1,772 Credit Default Swaps — 5,521 — — 5,521 Assets of Consolidated CLO Vehicles Corporate Loans — 7,231,978 245,188 — 7,477,166 Corporate Bonds — 700,177 — — 700,177 Freestanding Derivatives — Foreign Currency Contracts — 34,819 — — 34,819 Other — — 1,708 — 1,708 Total Investments of Consolidated Blackstone Funds 52,208 8,255,528 715,744 147,778 9,171,258 Corporate Treasury Investments Equity Securities 295,956 — — — 295,956 Debt Instruments — 2,306,345 19,739 — 2,326,084 Other — — — 227,709 227,709 Total Corporate Treasury Investments 295,956 2,306,345 19,739 227,709 2,849,749 Other Investments 176,744 11,500 95,950 20,184 304,378 Total Investments 524,908 10,573,373 831,433 395,671 12,325,385 Accounts Receivable — Loans and Receivables — — 306,279 — 306,279 Other Assets Freestanding Derivatives Interest Rate Contracts 574 53 — — 627 Foreign Currency Contracts — 4,160 — — 4,160 Total Freestanding Derivatives 574 4,213 — — 4,787 Net Investment Hedges — Foreign Currency Contracts — 7 — — 7 Total Other Assets 574 4,220 — — 4,794 $ 1,086,375 $ 10,577,593 $ 1,137,712 $ 395,671 $ 13,197,351 June 30, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 7,254,854 $ — $ 7,254,854 Subordinated Notes (b) — 452,873 — 452,873 Total Loans Payable — 7,707,727 — 7,707,727 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 7,088 — 7,088 Total Due to Affiliates — 7,088 — 7,088 Securities Sold, Not Yet Purchased — 143,819 — 143,819 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 2,493 — 2,493 Credit Default Swaps — 7,187 — 7,187 Total Liabilities of Consolidated Blackstone Funds — 9,680 — 9,680 Freestanding Derivatives Interest Rate Contracts 140 1,733 — 1,873 Foreign Currency Contracts — 5,109 — 5,109 Total Freestanding Derivatives 140 6,842 — 6,982 Net Investment Hedges — Foreign Currency Contracts — 1,260 — 1,260 Total Accounts Payable, Accrued Expenses and Other Liabilities 140 17,782 — 17,922 $ 140 $ 7,876,416 $ — $ 7,876,556 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 June 30, 2017 and 2016, respectively: Three Months Ended Six Months Ended 2017 2016 2017 2016 Transfers from Level I into Level II (a) $ 762 $ — $ 762 $ 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 June 30, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 68,064 Discounted Cash Flows Discount Rate 7.3% - 31.7% 12.5% Revenue CAGR 0.0% - 41.7% 6.6% Exit Capitalization Rate 5.3% - 11.4% 8.4% Exit Multiple - EBITDA 4.0x - 19.0x 10.0x Exit Multiple - P/E 9.5x - 17.0x 10.1x 3,098 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 0.9x Exit Multiple - EBITDA 8.0x N/A 17,262 Other N/A N/A N/A 19,895 Transaction Price N/A N/A N/A 1,678 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 307,299 Discounted Cash Flows Discount Rate 4.7% - 26.4% 9.5% Revenue CAGR -20.0% - 31.5% 5.7% Exit Capitalization Rate 1.6% - 11.5% 5.9% Exit Multiple - EBITDA 0.1x - 18.7x 10.1x Exit Multiple - P/E 9.3x N/A 530 Market Comparable Companies Book Value Multiple 0.9x N/A 23,508 Other N/A N/A N/A 236 Third Party Pricing N/A N/A N/A 20,292 Transaction Price N/A N/A N/A Debt Instruments 5,072 Discounted Cash Flows Discount Rate 7.8% - 20.0% 10.6% Revenue CAGR -3.8% - 5.1% 1.9% Exit Capitalization Rate 4.2% - 8.3% 7.2% Exit Multiple - EBITDA 12.0x N/A 1,914 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 3,141 Discounted Cash Flows Discount Rate 6.3% N/A 11,727 Market Comparable Companies EBITDA Multiple 7.0x N/A 232,028 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 715,744 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 6,911 Discounted Cash Flows Discount Rate 5.1% - 6.2% 5.8% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 68.4% Reinvestment Rate LIBOR +400 bps N/A 12,828 Third Party Pricing N/A N/A N/A Loans and Receivables 306,279 Discounted Cash Flows Discount Rate 9.1% - 15.1% 11.5% Other Investments 63,379 Discounted Cash Flows Discount Rate 0.9% - 13.1% 2.6% 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 32,571 Transaction Price N/A N/A N/A $ 1,137,712 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 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 $ 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 June 30, 2017 2016 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 685,966 $ 112,056 $ 138,433 $ 936,455 $ 736,698 $ 287,858 $ 130,264 $ 1,154,820 Transfer In Due to Consolidation and Acquisition 35,040 — — 35,040 — — — — Transfer In (Out) Due to Deconsolidation (44,095 ) — — (44,095 ) — — — — Transfer In to Level III (b) 68,127 — 6,473 74,600 18,177 — 9,037 27,214 Transfer Out of Level III (b) (105,165 ) — (11,930 ) (117,095 ) (38,865 ) — (6,199 ) (45,064 ) Purchases 112,405 268,222 9,155 389,782 33,883 5,278 6,973 46,134 Sales (46,140 ) (75,342 ) (34,014 ) (155,496 ) (52,776 ) (87,696 ) (10,683 ) (151,155 ) Settlements — (1,392 ) (993 ) (2,385 ) — (2,431 ) (114 ) (2,545 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 9,606 2,735 8,565 20,906 9,315 4,510 (1,224 ) 12,601 Balance, End of Period $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ (2,163 ) $ 2,735 $ 123 $ 695 $ 2,845 $ 4,552 $ 1,255 $ 8,652 Balance, Beginning of Period $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 Transfer In Due to Consolidation and Acquisition 34,651 — — 34,651 — — — — Transfer Out Due to Deconsolidation (38,629 ) — — (38,629 ) — — — — Transfer In to Level III (b) 63,125 — 16,396 79,521 52,332 — 9,327 61,659 Transfer Out of Level III (b) (140,571 ) — (18,010 ) (158,581 ) (81,837 ) — (10,204 ) (92,041 ) Purchases 219,248 337,705 21,603 578,556 96,206 303,657 6,973 406,836 Sales (145,890 ) (251,502 ) (44,045 ) (441,437 ) (142,180 ) (355,251 ) (30,690 ) (528,121 ) Settlements — (3,894 ) (1,093 ) (4,987 ) — (5,922 ) (254 ) (6,176 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 37,937 12,611 10,250 60,798 7,519 3,041 (2,939 ) 7,621 Balance, End of Period $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 1,031 $ 12,610 $ 462 $ 14,103 $ (16,793 ) $ 3,083 $ (46 ) $ (13,756 ) (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)	6 Months Ended
	Jun. 30, 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: June 30, December 31, Investments $ 698,777 $ 644,546 Accounts Receivable 27,136 12,308 Due from Affiliates 92,174 35,099 Total VIE Assets 818,087 691,953 Due to Affiliates 491 577 Accounts Payable, Accrued Expenses and Other Liabilities 66 38 Potential Clawback Obligation 94,532 81,936 Maximum Exposure to Loss $ 913,176 $ 774,504

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 26,746 $ 17,339 $ 16,526 $ 60,611 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 60,611 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 Days 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 $ 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)	6 Months Ended
	Jun. 30, 2017
Offsetting of Assets	The following tables present the offsetting of assets as of June 30, 2017: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 7 $ — $ — $ 7 Freestanding Derivatives 12,080 515 7,294 4,271 $ 12,087 $ 515 $ 7,294 $ 4,278 The following tables present the offsetting of assets 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 $ 124,215 $ 118,839 $ 2,892 $ 2,484
Offsetting of Liabilities	The following tables present the offsetting of liabilities as of June 30, 2017: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 1,260 $ — $ — $ 1,260 Freestanding Derivatives 14,583 515 12,326 1,742 Repurchase Agreements 60,611 56,880 3,731 — $ 76,454 $ 57,395 $ 16,057 $ 3,002 The following tables present the offsetting of 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 — $ 82,797 $ 73,259 $ 8,767 $ 771
Components of Other Assets	The following table presents the components of Other Assets: June 30, 2017 December 31, 2016 Furniture, Equipment and Leasehold Improvements, Net $ 128,075 $ 126,784 Prepaid Expenses 81,646 96,888 Other Assets 19,660 37,723 Freestanding Derivatives 4,787 3,393 Net Investment Hedges 7 — $ 234,175 $ 264,788

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2017 December 31, 2016 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 6.625%, Due 8/15/2019 (b) $ 603,071 $ 637,299 $ 607,121 $ 648,765 5.875%, Due 3/15/2021 398,306 444,240 398,105 447,600 4.750%, Due 2/15/2023 393,641 437,320 393,158 426,520 6.250%, Due 8/15/2042 237,923 311,925 237,830 285,450 5.000%, Due 6/15/2044 488,435 547,100 488,337 497,200 4.450%, Due 7/15/2045 343,870 351,155 343,816 322,525 2.000%, Due 5/19/2025 338,348 358,822 310,805 331,096 1.000%, Due 10/5/2026 674,678 647,854 620,750 598,270 $ 3,478,272 $ 3,735,715 $ 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: June 30, 2017 December 31, 2016 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 7,263,332 2.23 % 5.2 $ 5,124,241 2.17 % 5.4 Subordinated Notes 528,553 (a ) N/A 382,735 (a) N/A $ 7,791,885 $ 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: June 30, 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 $ 7,254,854 $ — $ — $ 5,125,804 $ — $ — Subordinated Notes 459,961 10,000 7,088 345,594 10,000 7,748 $ 7,714,815 $ 10,000 $ 7,088 $ 5,471,398 $10,000 $7,748
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of June 30, 2017 were as follows: Operating Blackstone Fund Total 2017 $ — $ 345,560 $ 345,560 2018 — — — 2019 585,000 — 585,000 2020 — — — 2021 400,000 — 400,000 Thereafter 2,528,340 7,449,105 9,977,445 $ 3,513,340 $ 7,794,665 $ 11,308,005

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	6 Months Ended
	Jun. 30, 2017
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three and six months ended June 30, 2017 and June 30, 2016 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 342,775 $ 198,626 $ 804,600 $ 358,379 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 264,935 158,960 636,756 286,563 Net Income Attributable to The Blackstone Group L.P., Diluted $ 607,710 $ 357,586 $ 1,441,356 $ 644,942 Units Outstanding Weighted-Average Common Units Outstanding, Basic 664,681,299 646,933,698 662,820,839 645,915,774 Weighted-Average Unvested Deferred Restricted Common Units 998,974 1,309,402 904,079 1,321,087 Weighted-Average Blackstone Holdings Partnership Units 534,326,066 546,235,112 536,031,472 547,138,946 Weighted-Average Common Units Outstanding, Diluted 1,200,006,339 1,194,478,212 1,199,756,390 1,194,375,807 Net Income Per Common Unit, Basic $ 0.52 $ 0.31 $ 1.21 $ 0.55 Net Income Per Common Unit, Diluted $ 0.51 $ 0.30 $ 1.20 $ 0.54 Distributions Declared Per Common Unit (a) $ 0.87 $ 0.28 $ 1.34 $ 0.89 (a) Distributions declared reflects the calendar date of the declaration for each distribution.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and of changes during the period January 1, 2017 through June 30, 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 2,324,463 27.70 3,057 27.03 Vested (2,551,438 ) 34.58 (2,419,469 ) 25.89 (1,338 ) 28.61 Forfeited (318,879 ) 25.28 (232,126 ) 29.46 (3,770 ) 33.32 Balance, June 30, 2017 31,878,005 $ 34.09 11,878,884 $ 25.36 38,409 $ 32.89
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of June 30, 2017, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 27,505,210 3.7 Deferred Restricted Blackstone Common Units 10,750,757 1.5 Total Equity-Based Awards 38,255,967 3.1 Phantom Units 30,341 2.9

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds $ 448,151 $ 342,943 Amounts Due from Portfolio Companies and Funds 400,267 456,469 Management and Performance Fees Due from Non-Consolidated Funds 576,406 445,280 Payments Made on Behalf of Non-Consolidated Entities 279,538 196,134 Investments Redeemed in Non-Consolidated Funds of Hedge Funds 6,518 1,552 Accrual for Potential Clawback of Previously Distributed Carried Interest 694 — $ 1,711,574 $ 1,442,378 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,169,998 $ 1,186,145 Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees 45,343 28,012 Distributions Received on Behalf of Blackstone Entities 30,356 80,034 Payments Made by Non-Consolidated Entities 41,940 19,833 Due to Note Holders of Consolidated CLO Vehicles 7,088 7,748 Accrual for Potential Repayment of Previously Received Performance Fees 2,171 — $ 1,296,896 $ 1,321,772

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2017
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: June 30, 2017 December 31, 2016 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,477 $ 694 $ 2,171 $ — $ — $ —

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2017
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments for the three months ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 176,555 $ 227,865 $ 128,698 $ 138,250 $ 671,368 Transaction, Advisory and Other Fees, Net 18,947 16,087 1,696 2,162 38,892 Management Fee Offsets (3,753 ) (5,018 ) — (4,653 ) (13,424 ) Total Management and Advisory Fees, Net 191,749 238,934 130,394 135,759 696,836 Performance Fees Realized Carried Interest 197,257 389,004 — 16,032 602,293 Incentive Fees — 5,315 6,995 28,796 41,106 Unrealized Carried Interest 600 77,200 143 (12,863 ) 65,080 Incentive Fees — 22,608 22,458 3,461 48,527 Total Performance Fees 197,857 494,127 29,596 35,426 757,006 Investment Income (Loss) Realized 41,168 57,599 225 1,895 100,887 Unrealized (25,014 ) (20,519 ) 11,578 788 (33,167 ) Total Investment Income 16,154 37,080 11,803 2,683 67,720 Interest and Dividend Revenue 12,451 20,998 8,769 11,037 53,255 Other (16,124 ) (22,965 ) (10,720 ) (12,660 ) (62,469 ) Total Revenues 402,087 768,174 169,842 172,245 1,512,348 Expenses Compensation and Benefits Compensation 90,844 110,266 47,361 56,786 305,257 Performance Fee Compensation Realized Carried Interest 63,060 124,292 — 7,937 195,289 Incentive Fees — 2,931 4,362 14,188 21,481 Unrealized Carried Interest 22,219 59,174 178 (7,071 ) 74,500 Incentive Fees — 9,680 9,242 1,678 20,600 Total Compensation and Benefits 176,123 306,343 61,143 73,518 617,127 Other Operating Expenses 47,665 55,373 26,240 36,406 165,684 Total Expenses 223,788 361,716 87,383 109,924 782,811 Economic Income $ 178,299 $ 406,458 $ 82,459 $ 62,321 $ 729,537 Three Months Ended June 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,477 $ 201,004 $ 130,123 $ 131,392 $ 593,996 Transaction, Advisory and Other Fees, Net 11,089 21,112 (5 ) 1,424 33,620 Management Fee Offsets (4,195 ) (1,219 ) — (9,982 ) (15,396 ) Total Management and Advisory Fees, Net 138,371 220,897 130,118 122,834 612,220 Performance Fees Realized Carried Interest 57,056 266,382 — 296 323,734 Incentive Fees — 6,099 (251 ) 23,515 29,363 Unrealized Carried Interest 85,047 (84,875 ) 801 87,295 88,268 Incentive Fees — 5,942 1,036 1,029 8,007 Total Performance Fees 142,103 193,548 1,586 112,135 449,372 Investment Income (Loss) Realized 22,926 19,929 (515 ) 11,330 53,670 Unrealized (2,766 ) (8,902 ) 9,357 8,412 6,101 Total Investment Income 20,160 11,027 8,842 19,742 59,771 Interest and Dividend Revenue 9,516 13,084 5,205 7,428 35,233 Other 3,395 2,231 1,125 1,795 8,546 Total Revenues 313,545 440,787 146,876 263,934 1,165,142 Expenses Compensation and Benefits Compensation 83,140 102,888 44,436 55,691 286,155 Performance Fee Compensation Realized Carried Interest 30,946 56,441 — 194 87,581 Incentive Fees — 3,300 1,325 10,626 15,251 Unrealized Carried Interest 19,450 14,257 238 41,257 75,202 Incentive Fees — 2,542 480 (333 ) 2,689 Total Compensation and Benefits 133,536 179,428 46,479 107,435 466,878 Other Operating Expenses 48,371 52,201 27,218 29,464 157,254 Total Expenses 181,907 231,629 73,697 136,899 624,132 Economic Income $ 131,638 $ 209,158 $ 73,179 $ 127,035 $ 541,010 The following tables present the financial data for Blackstone’s four segments as of and for the six months ended June 30, 2017 and 2016: June 30, 2017 and the Six Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 354,019 $ 425,744 $ 257,166 $ 277,397 $ 1,314,326 Transaction, Advisory and Other Fees, Net 36,147 37,366 1,955 3,646 79,114 Management Fee Offsets (15,943 ) (8,568 ) — (22,512 ) (47,023 ) Total Management and Advisory Fees, Net 374,223 454,542 259,121 258,531 1,346,417 Performance Fees Realized Carried Interest 779,938 908,845 — 24,832 1,713,615 Incentive Fees — 8,229 21,679 58,335 88,243 Unrealized Carried Interest (184,233 ) 54,932 3,940 35,694 (89,667 ) Incentive Fees — 41,321 62,769 4,453 108,543 Total Performance Fees 595,705 1,013,327 88,388 123,314 1,820,734 Investment Income (Loss) Realized 122,057 177,178 (407 ) 4,953 303,781 Unrealized (65,838 ) (104,372 ) 29,871 8,237 (132,102 ) Total Investment Income 56,219 72,806 29,464 13,190 171,679 Interest and Dividend Revenue 23,373 39,165 16,323 20,270 99,131 Other (17,924 ) (26,115 ) (12,330 ) (14,387 ) (70,756 ) Total Revenues 1,031,596 1,553,725 380,966 400,918 3,367,205 Expenses Compensation and Benefits Compensation 174,586 212,968 94,965 111,765 594,284 Performance Fee Compensation Realized Carried Interest 244,693 304,217 — 12,570 561,480 Incentive Fees — 4,295 11,679 28,259 44,233 Unrealized Carried Interest (17,137 ) 70,972 1,387 14,891 70,113 Incentive Fees — 18,189 23,246 2,304 43,739 Total Compensation and Benefits 402,142 610,641 131,277 169,789 1,313,849 Other Operating Expenses 90,487 107,342 52,040 69,107 318,976 Total Expenses 492,629 717,983 183,317 238,896 1,632,825 Economic Income $ 538,967 $ 835,742 $ 197,649 $ 162,022 $ 1,734,380 Segment Assets as of June 30, 2017 $ 5,958,821 $ 7,795,940 $ 2,368,871 $ 3,446,358 $ 19,569,990 Six Months Ended June 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 262,125 $ 400,911 $ 260,281 $ 257,382 $ 1,180,699 Transaction, Advisory and Other Fees, Net 20,009 56,906 538 2,766 80,219 Management Fee Offsets (11,043 ) (4,814 ) — (19,640 ) (35,497 ) Total Management and Advisory Fees, Net 271,091 453,003 260,819 240,508 1,225,421 Performance Fees Realized Carried Interest 87,338 467,009 — 296 554,643 Incentive Fees — 10,168 2,433 45,212 57,813 Unrealized Carried Interest 158,922 (96,397 ) 833 72,516 135,874 Incentive Fees — 15,707 (1,899 ) 1,299 15,107 Total Performance Fees 246,260 396,487 1,367 119,323 763,437 Investment Income (Loss) Realized 7,569 32,904 (5,260 ) 8,356 43,569 Unrealized 12,674 (11,039 ) (2,934 ) (9,149 ) (10,448 ) Total Investment Income (Loss) 20,243 21,865 (8,194 ) (793 ) 33,121 Interest and Dividend Revenue 19,365 26,272 10,501 14,176 70,314 Other 1,808 322 (263 ) 431 2,298 Total Revenues 558,767 897,949 264,230 373,645 2,094,591 Expenses Compensation and Benefits Compensation 163,414 203,466 98,605 108,073 573,558 Performance Fee Compensation Realized Carried Interest 46,373 99,517 — 194 146,084 Incentive Fees — 5,433 3,188 20,753 29,374 Unrealized Carried Interest 28,746 41,960 238 34,259 105,203 Incentive Fees — 6,700 (715 ) 152 6,137 Total Compensation and Benefits 238,533 357,076 101,316 163,431 860,356 Other Operating Expenses 96,434 100,298 53,364 55,684 305,780 Total Expenses 334,967 457,374 154,680 219,115 1,166,136 Economic Income $ 223,800 $ 440,575 $ 109,550 $ 154,530 $ 928,455
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,512,348 $ 37,007(a) $ 1,549,355 $ 1,165,142 $ 27,284(a) $ 1,192,426 Expenses $ 782,811 $ 102,301(b) $ 885,112 $ 624,132 $ 88,471(b) $ 712,603 Other Income $ — $ 110,054(c) $ 110,054 $ — $ 30,703(c) $ 30,703 Economic Income $ 729,537 $ 44,760(d) $ 774,297 $ 541,010 $ (30,484)(d) $ 510,526 (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 June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (36,956 ) $ (27,716 ) Fund Expenses Added in Consolidation 30,912 (3,310 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Transaction-Related Other Income (Loss) 2,163 (951 ) Total Consolidation Adjustments and Reconciling Items $ 110,054 $ 30,703 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2017 2016 Economic Income $ 729,537 $ 541,010 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (57,831 ) (69,956 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Total Consolidation Adjustments and Reconciling Items 44,760 (30,484 ) Income Before Provision for Taxes $ 774,297 $ 510,526 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2017 and 2016: June 30, 2017 and the Six Months Then Ended Six Months Ended June 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,367,205 $ 122,873(a) $ 3,490,078 $ 2,094,591 $ 30,189(a) $ 2,124,780 Expenses $ 1,632,825 $ 181,937(b) $ 1,814,762 $ 1,166,136 $ 164,177(b) $ 1,330,313 Other Income $ — $ 176,186(c) $ 176,186 $ — $ 49,845(c) $ 49,845 Economic Income $ 1,734,380 $ 117,122(d) $ 1,851,502 $ 928,455 $ (84,143)(d) $ 844,312 Total Assets $ 19,569,990 $ 10,557,941(e) $ 30,127,931 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues, non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues and the elimination of inter-segment interest income. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Six Months Ended June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (122,277 ) $ (30,473 ) Fund Expenses Added in Consolidation 38,403 (9,157 ) Income Associated with Non-Controlling Interests of Consolidated Entities 254,620 96,365 Transaction-Related Other Income (Loss) 5,440 (6,890 ) Total Consolidation Adjustments and Reconciling Items $ 176,186 $ 49,845 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2017 2016 Economic Income $ 1,734,380 $ 928,455 Adjustments Amortization of Intangibles (22,688 ) (46,416 ) Transaction-Related Charges (114,810 ) (134,092 ) Income Associated with Non-Controlling Interests of Consolidated Entities 254,620 96,365 Total Consolidation Adjustments and Reconciling Items 117,122 (84,143 ) Income Before Provision for Taxes $ 1,851,502 $ 844,312 (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.
Reconciliation of Total Assets	The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,512,348 $ 37,007(a) $ 1,549,355 $ 1,165,142 $ 27,284(a) $ 1,192,426 Expenses $ 782,811 $ 102,301(b) $ 885,112 $ 624,132 $ 88,471(b) $ 712,603 Other Income $ — $ 110,054(c) $ 110,054 $ — $ 30,703(c) $ 30,703 Economic Income $ 729,537 $ 44,760(d) $ 774,297 $ 541,010 $ (30,484)(d) $ 510,526 (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 June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (36,956 ) $ (27,716 ) Fund Expenses Added in Consolidation 30,912 (3,310 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Transaction-Related Other Income (Loss) 2,163 (951 ) Total Consolidation Adjustments and Reconciling Items $ 110,054 $ 30,703 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2017 2016 Economic Income $ 729,537 $ 541,010 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (57,831 ) (69,956 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Total Consolidation Adjustments and Reconciling Items 44,760 (30,484 ) Income Before Provision for Taxes $ 774,297 $ 510,526 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2017 and 2016: June 30, 2017 and the Six Months Then Ended Six Months Ended June 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 3,367,205 $ 122,873(a) $ 3,490,078 $ 2,094,591 $ 30,189(a) $ 2,124,780 Expenses $ 1,632,825 $ 181,937(b) $ 1,814,762 $ 1,166,136 $ 164,177(b) $ 1,330,313 Other Income $ — $ 176,186(c) $ 176,186 $ — $ 49,845(c) $ 49,845 Economic Income $ 1,734,380 $ 117,122(d) $ 1,851,502 $ 928,455 $ (84,143)(d) $ 844,312 Total Assets $ 19,569,990 $ 10,557,941(e) $ 30,127,931 (a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues, non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues and the elimination of inter-segment interest income. (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Six Months Ended June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (122,277 ) $ (30,473 ) Fund Expenses Added in Consolidation 38,403 (9,157 ) Income Associated with Non-Controlling Interests of Consolidated Entities 254,620 96,365 Transaction-Related Other Income (Loss) 5,440 (6,890 ) Total Consolidation Adjustments and Reconciling Items $ 176,186 $ 49,845 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Six Months Ended June 30, 2017 2016 Economic Income $ 1,734,380 $ 928,455 Adjustments Amortization of Intangibles (22,688 ) (46,416 ) Transaction-Related Charges (114,810 ) (134,092 ) Income Associated with Non-Controlling Interests of Consolidated Entities 254,620 96,365 Total Consolidation Adjustments and Reconciling Items 117,122 (84,143 ) Income Before Provision for Taxes $ 1,851,502 $ 844,312 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,400,876	$ 1,400,876
Accumulated Amortization	(1,160,199)	(1,138,272)
Intangible Assets, Net	$ 240,677	$ 262,604

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Intangible Assets [Line Items]
Amortization Expense	$ 11,000	$ 22,800	$ 21,927	$ 45,655
Expected amortization of intangibles, 2017	43,900		43,900
Expected amortization of intangibles, 2018	43,800		43,800
Expected amortization of intangibles, 2019	43,800		43,800
Expected amortization of intangibles, 2020	43,800		43,800
Expected amortization of intangibles, 2021	$ 43,800		$ 43,800
Intangible assets expected to amortize over a weighted-average period			5 years 7 months 6 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Investments	$ 20,549,367	$ 17,694,975
Performance Fees
Schedule of Investments [Line Items]
Investments	5,233,854	5,320,994
Other Investments
Schedule of Investments [Line Items]
Investments	304,378	282,491
Equity Method Investments
Schedule of Investments [Line Items]
Investments	2,990,128	3,092,378
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	9,171,258	6,480,674
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,849,749	$ 2,518,438

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investment [Line Items]
Investments	$ 20,549,367		$ 20,549,367		$ 17,694,975
Recognized net gains related to equity method investments	124,100	$ 52,000	292,600	$ 69,700
Consolidated Blackstone Funds
Investment [Line Items]
Investments	9,171,258		9,171,258		6,480,674
Consolidated Blackstone Funds | Blackstone
Investment [Line Items]
Investments	$ 475,400		$ 475,400		$ 384,400

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ 125,058	$ 65,037	$ 376,402	$ 53,036
Net Change in Unrealized Gains (Losses)	7,275	40,102	(32,913)	43,595
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	132,333	105,139	343,489	96,631
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	33,703	22,286	62,198	45,361
Consolidated Blackstone Funds
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	51,777	(2,435)	107,685	10,947
Net Change in Unrealized Gains (Losses)	19,483	16,893	(9,039)	(8,348)
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	71,260	14,458	98,646	2,599
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	38,794	16,245	77,540	47,246
Other Income - Net Gains from Fund Investment Activities	$ 110,054	$ 30,703	$ 176,186	$ 49,845

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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ 125,058	$ 65,037	$ 376,402	$ 53,036
Net Change in Unrealized Gains	7,275	40,102	(32,913)	43,595
Total realized and net change in unrealized gains (losses)	132,333	105,139	343,489	96,631
Corporate Treasury Investments
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	2,252	9,364	(3,429)	(9,245)
Net Change in Unrealized Gains	12,815	12,913	43,295	14,695
Total realized and net change in unrealized gains (losses)	$ 15,067	$ 22,277	$ 39,866	$ 5,450

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 17,694,975
Ending Balance	20,549,367
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	5,320,994
Performance Fees Allocated as a Result of Changes in Fund Fair Values	1,646,268
Foreign Exchange Gain	43,968
Fund Distributions	(1,777,376)
Ending Balance	5,233,854
Private Equity Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	1,984,792
Performance Fees Allocated as a Result of Changes in Fund Fair Values	598,107
Fund Distributions	(857,819)
Ending Balance	1,725,080
Real Estate Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,970,448
Performance Fees Allocated as a Result of Changes in Fund Fair Values	945,904
Foreign Exchange Gain	43,968
Fund Distributions	(896,060)
Ending Balance	3,064,260
Hedge Fund Solutions Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	6,132
Performance Fees Allocated as a Result of Changes in Fund Fair Values	34,693
Fund Distributions	(3,347)
Ending Balance	37,478
Credit Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	359,622
Performance Fees Allocated as a Result of Changes in Fund Fair Values	67,564
Fund Distributions	(20,150)
Ending Balance	$ 407,036

Realized and Net Change in Un51

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ 125,058	$ 65,037	$ 376,402	$ 53,036
Net Change in Unrealized Gains (Losses)	7,275	40,102	(32,913)	43,595
Total realized and net change in unrealized gains (losses) on other investments	132,333	105,139	343,489	96,631
Other Investments
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	2,865	(256)	2,870	4,477
Net Change in Unrealized Gains (Losses)	4,803	3,283	10,291	(2,952)
Total realized and net change in unrealized gains (losses) on other investments	$ 7,668	$ 3,027	$ 13,161	$ 1,525

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 395,671
Unfunded Commitments	393
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	182,910	[1]
Unfunded Commitments	125	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	151,555	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	59,082	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 2,124	[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 58% 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 42% 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)	Jun. 30, 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	58.00%
Percentage of investments redeemable as of reporting date	42.00%
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	$ 35,089	$ (5,768)	$ 46,593	$ 11,844
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	$ (4,600)		$ (5,200)

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 973,805	$ 3,069,992
Derivative Liabilities, Notional	771,376	977,823
Derivative Assets, Fair Value	46,906	28,443
Derivative Liabilities, Fair Value	17,922	11,376
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	465
Derivative Liabilities, Notional	53,664	51,267
Derivative Assets, Fair Value	7
Derivative Liabilities, Fair Value	1,260	587
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	973,340	3,069,992
Derivative Liabilities, Notional	717,712	926,556
Derivative Assets, Fair Value	46,899	28,443
Derivative Liabilities, Fair Value	16,662	10,789
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,073
Derivative Liabilities, Notional	2,073	3,819
Derivative Liabilities, Fair Value		215
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	37,598
Derivative Liabilities, Notional	54,990	113,057
Derivative Assets, Fair Value	5,521
Derivative Liabilities, Fair Value	7,187	3,350
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	208,266	164,247
Derivative Liabilities, Notional	257,758	127,444
Derivative Assets, Fair Value	4,160	1,037
Derivative Liabilities, Fair Value	5,109	966
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	455,303	254,162
Derivative Liabilities, Notional	97,611	136,025
Derivative Assets, Fair Value	36,591	25,050
Derivative Liabilities, Fair Value	2,493	3,903
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	270,100	2,651,583
Derivative Liabilities, Notional	305,280	546,211
Derivative Assets, Fair Value	627	2,356
Derivative Liabilities, Fair Value	$ 1,873	$ 2,355

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative [Line Items]
Realized Gains (Losses)	$ (9,402)	$ (602)	$ (8,917)	$ (16,081)
Net Change in Unrealized Gain (Loss)	15,430	5,087	15,200	13,467
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(13)	(257)	(35)	(128)
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	268	(738)	(1,658)	(4,549)
Net Change in Unrealized Gain (Loss)	1,214	794	3,161	(3,482)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(6,663)	(410)	(3,312)	(4,720)
Net Change in Unrealized Gain (Loss)	14,642	8,869	12,682	24,191
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(3,007)	546	(3,947)	(6,812)
Net Change in Unrealized Gain (Loss)	$ (426)	$ (4,576)	$ (643)	$ (7,242)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Loans and Receivables	$ 306,279	$ 211,359
Assets	8,957,629	6,129,090
Liabilities	7,714,815	5,471,398
Other
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	1,708
Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	472,299	444,713
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	7,477,166	4,762,071
Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	700,177	710,947
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Fair value of Loan payable	7,254,854	5,125,804
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Fair value of Loan payable	452,873	337,846
Fair value of due to Affiliates	$ 7,088	$ 7,748

Realized and Net Change in Un58

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Realized Gains (Losses) | Assets
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 2,103	$ (15,214)	$ 9,609	$ (28,550)
Realized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1	(296)	1	(293)
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(543)	(15,253)	1,329	(28,960)
Realized Gains (Losses) | Corporate Bonds
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	2,580	247	8,214	437
Realized Gains (Losses) | Other
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	65	88	65	266
Net Change In Unrealized Gains (Losses) | Loans and Receivables
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		1,085	7,418	(2,693)
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(365)		(1,054)
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	31,402	41,326	34,666	34,255
Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	7,116	5,256	20,225	1,424
Net Change In Unrealized Gains (Losses) | Corporate Loans
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	25,084	36,564	13,695	37,521
Net Change In Unrealized Gains (Losses) | Corporate Bonds
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(927)	(1,214)	(6,801)	(943)
Net Change In Unrealized Gains (Losses) | Subordinated Notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	24,800	$ (14,281)	32,712	$ (1,868)
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 129		$ 129

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		$ 28,196	$ 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		7,729	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		18,273	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		2,240	(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
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		(46)
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)	6 Months Ended	12 Months Ended
	Jun. 30, 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 ($)		Jun. 30, 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		Jun. 30, 2017		Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 306,279		$ 211,359
Assets		8,957,629		6,129,090
Securities Sold, Not Yet Purchased		143,819		215,398
Liabilities		7,714,815		5,471,398
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		12,080		5,720
Derivatives liabilities		14,583		6,886
Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		7
Derivatives liabilities		1,260		587
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,708
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,477,166		4,762,071
Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		700,177		710,947
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable		7,254,854		5,125,804
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable		452,873		337,846
Fair value of due to Affiliates		7,088		7,748
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		560,893		443,442
Total Investments		12,325,385		9,281,603
Accounts Receivable - Loans and Receivables		306,279		211,359
Total Other Assets		4,794		3,393
Assets		13,197,351		9,939,797
Securities Sold, Not Yet Purchased		143,819		215,398
Total Accounts Payable, Accrued Expenses and Other Liabilities		17,922		11,376
Liabilities		7,876,556		5,698,172
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		4,787		3,393
Derivatives liabilities		6,982		3,536
Fair Value, Measurements, Recurring | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		4,160		1,037
Derivatives liabilities		5,109		966
Fair Value, Measurements, Recurring | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		627		2,356
Derivatives liabilities		1,873		2,355
Fair Value, Measurements, Recurring | Net Investment Hedges | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		7
Derivatives liabilities		1,260		587
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities				215
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		304,378		282,491
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		9,171,258	[1]	6,480,674
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	9,680		7,253
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,772	[1]	2,327
Derivatives liabilities	[1]	2,493		3,903
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	5,521
Derivatives liabilities	[1]	7,187		3,350
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		34,819	[1]	22,723
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	1,708
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		147,778	[1]	148,993
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		212,640	[1]	240,582
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		353,453	[1]	366,660
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		236,224	[1]	226,371
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,477,166	[1]	4,762,071
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		700,177	[1]	710,947
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,849,749		2,518,438
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		227,709		207,431
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		295,956		281,505
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,326,084		2,029,502
Fair Value, Measurements, Recurring | Liabilities of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1]	7,707,727		5,463,650
Fair value of due to Affiliates	[1]	7,088		7,748
Fair Value, Measurements, Recurring | Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	7,254,854		5,125,804
Fair Value, Measurements, Recurring | Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	452,873		337,846
Fair value of due to Affiliates	[1],[2]	7,088		7,748
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		395,671		430,110
Assets		395,671		430,110
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		20,184		18,779
Fair Value, Measurements, Recurring | Net Asset Value | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		147,778	[1]	148,993
Fair Value, Measurements, Recurring | Net Asset Value | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		147,778	[1]	148,993
Fair Value, Measurements, Recurring | Net Asset Value | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		227,709		262,338
Fair Value, Measurements, Recurring | Net Asset Value | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		227,709		207,431
Fair Value, Measurements, Recurring | Net Asset Value | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				54,907
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		560,893		443,442
Total Investments		524,908		521,434
Total Other Assets		574		1,883
Assets		1,086,375		966,759
Total Accounts Payable, Accrued Expenses and Other Liabilities		140		750
Liabilities		140		750
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		574		1,883
Derivatives liabilities		140		750
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		574		1,883
Derivatives liabilities		140		750
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		176,744		163,548
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		52,208	[1]	76,381
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		52,208	[1]	76,381
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		295,956		281,505
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		295,956		281,505
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		10,573,373		7,513,598
Total Other Assets		4,220		1,510
Assets		10,577,593		7,515,108
Securities Sold, Not Yet Purchased		143,819		215,398
Total Accounts Payable, Accrued Expenses and Other Liabilities		17,782		10,626
Liabilities		7,876,416		5,697,422
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		4,213		1,510
Derivatives liabilities		6,842		2,786
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		4,160		1,037
Derivatives liabilities		5,109		966
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		53		473
Derivatives liabilities		1,733		1,605
Fair Value, Measurements, Recurring | Level 2 | Net Investment Hedges | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		7
Derivatives liabilities		1,260		587
Fair Value, Measurements, Recurring | Level 2 | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities				215
Fair Value, Measurements, Recurring | Level 2 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		11,500
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,255,528	[1]	5,569,427
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	9,680		7,253
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,772	[1]	2,327
Derivatives liabilities	[1]	2,493		3,903
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	5,521
Derivatives liabilities	[1]	7,187		3,350
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		34,819	[1]	22,723
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		50,435	[1]	70,544
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,588	[1]	29,430
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		229,238	[1]	219,049
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,231,978	[1]	4,514,407
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		700,177	[1]	710,947
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,306,345		1,944,171
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,306,345		1,944,171
Fair Value, Measurements, Recurring | Level 2 | Liabilities of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1]	7,707,727		5,463,650
Fair value of due to Affiliates	[1]	7,088		7,748
Fair Value, Measurements, Recurring | Level 2 | Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	7,254,854		5,125,804
Fair Value, Measurements, Recurring | Level 2 | Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	452,873		337,846
Fair value of due to Affiliates	[1],[2]	7,088		7,748
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		831,433		816,461
Accounts Receivable - Loans and Receivables		306,279		211,359
Assets		1,137,712		1,027,820
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		95,950		100,164
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		715,744	[1]	685,873
Assets		715,744		685,873
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	1,708
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		109,997	[1]	93,657
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		351,865	[1]	337,230
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		6,986	[1]	7,322
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		245,188	[1]	247,664
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		19,739		30,424
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 19,739		$ 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) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]	$ 762	$ 762	$ 2,114
Transfers from Level II into Level I	[2]			$ 28,346
[1]	Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.
[2]	Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 8,957,629	$ 6,129,090
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	13,197,351	9,939,797
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,137,712	1,027,820
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	306,279	211,359
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 63,379	$ 78,619
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%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 32,571	$ 21,545
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 715,744	685,873
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	6.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 11,727	$ 13,723
EBITDA Multiple	7	9.6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 232,028	$ 233,941
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	68,064	58,826
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 3,098	$ 2,032
Book Value Multiple		0.9
EBITDA Multiple	8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 17,262	$ 22,843
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,678
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	19,895	9,956
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 307,299	$ 303,281
Exit Multiple - P/E	9.3	9.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 530	$ 13,945
Book Value Multiple	0.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 23,508	12,916
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	236	1,238
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	20,292	5,850
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 5,072	5,002
Exit Multiple - EBITDA	12
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,914	2,227
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	3,141	93
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 6,911	$ 9,783
Default Rate	2.00%
Pre-payment Rate	20.00%	20.00%
Recovery Lag	12 months	12 months
Reinvestment Rate	4.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 12,828	$ 20,641
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.10%	12.00%
Fair Value, Measurements, Recurring | Level 3 | Minimum | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	0.90%	1.20%
Fair Value, Measurements, Recurring | Level 3 | Minimum | Consolidated Blackstone Funds | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		6.10%
Fair Value, Measurements, Recurring | Level 3 | Minimum | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	7.30%	7.30%
Revenue CAGR	0.00%	(0.20%)
Exit Capitalization Rate	5.30%	5.00%
Exit Multiple - EBITDA	4	4
Exit Multiple - P/E	9.5	10.5
Fair Value, Measurements, Recurring | Level 3 | Minimum | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.8
Fair Value, Measurements, Recurring | Level 3 | Minimum | Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	4.70%	3.40%
Revenue CAGR	(20.00%)	(27.10%)
Exit Capitalization Rate	1.60%	3.00%
Exit Multiple - EBITDA	0.1	3.9
Fair Value, Measurements, Recurring | Level 3 | Minimum | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalization Rate		5.00%
Fair Value, Measurements, Recurring | Level 3 | Minimum | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	7.80%	8.30%
Revenue CAGR	(3.80%)	4.80%
Exit Capitalization Rate	4.20%	4.70%
Exit Multiple - EBITDA		9.6
Fair Value, Measurements, Recurring | Level 3 | Minimum | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	5.10%
Default Rate		1.00%
Recovery Rate	30.00%	18.50%
Reinvestment Rate		3.50%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	15.10%	16.40%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	13.10%	15.00%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Consolidated Blackstone Funds | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		10.00%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	31.70%	28.70%
Revenue CAGR	41.70%	20.10%
Exit Capitalization Rate	11.40%	11.40%
Exit Multiple - EBITDA	19	20
Exit Multiple - P/E	17	17
Fair Value, Measurements, Recurring | Level 3 | Maximum | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9
Fair Value, Measurements, Recurring | Level 3 | Maximum | Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	26.40%	27.60%
Revenue CAGR	31.50%	47.30%
Exit Capitalization Rate	11.50%	11.00%
Exit Multiple - EBITDA	18.7	18.3
Fair Value, Measurements, Recurring | Level 3 | Maximum | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalization Rate		5.60%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	20.00%	20.00%
Revenue CAGR	5.10%	70.80%
Exit Capitalization Rate	8.30%	8.30%
Exit Multiple - EBITDA		12
Fair Value, Measurements, Recurring | Level 3 | Maximum | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	6.20%
Default Rate		2.00%
Recovery Rate	70.00%	76.50%
Reinvestment Rate		4.00%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	11.50%	13.30%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	2.60%	3.10%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Consolidated Blackstone Funds | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		7.10%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.50%	12.70%
Revenue CAGR	6.60%	6.30%
Exit Capitalization Rate	8.40%	8.50%
Exit Multiple - EBITDA	10	10
Exit Multiple - P/E	10.1	11
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.50%	9.40%
Revenue CAGR	5.70%	7.20%
Exit Capitalization Rate	5.90%	6.00%
Exit Multiple - EBITDA	10.1	10.5
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalization Rate		5.20%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	10.60%	12.90%
Revenue CAGR	1.90%	33.80%
Exit Capitalization Rate	7.20%	7.50%
Exit Multiple - EBITDA		11
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	5.80%
Default Rate		1.80%
Recovery Rate	68.40%	66.40%
Reinvestment Rate		3.90%

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 936,455	$ 1,154,820	$ 1,027,820	$ 1,192,227
Transfer In Due to Consolidation and Acquisition		35,040		34,651
Transfer In (Out) Due to Deconsolidation		(44,095)		(38,629)
Transfer In to Level III	[1]	74,600	27,214	79,521	61,659
Transfer Out of Level III	[1]	(117,095)	(45,064)	(158,581)	(92,041)
Purchases		389,782	46,134	578,556	406,836
Sales		(155,496)	(151,155)	(441,437)	(528,121)
Settlements		(2,385)	(2,545)	(4,987)	(6,176)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		20,906	12,601	60,798	7,621
Balance, End of Period		1,137,712	1,042,005	1,137,712	1,042,005
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		695	8,652	14,103	(13,756)
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	138,433	130,264	130,588	155,841
Transfer In to Level III	[1],[2]	6,473	9,037	16,396	9,327
Transfer Out of Level III	[1],[2]	(11,930)	(6,199)	(18,010)	(10,204)
Purchases	[2]	9,155	6,973	21,603	6,973
Sales	[2]	(34,014)	(10,683)	(44,045)	(30,690)
Settlements	[2]	(993)	(114)	(1,093)	(254)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)	[2]	8,565	(1,224)	10,250	(2,939)
Balance, End of Period	[2]	115,689	128,054	115,689	128,054
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	123	1,255	462	(46)
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		112,056	287,858	211,359	261,994
Purchases		268,222	5,278	337,705	303,657
Sales		(75,342)	(87,696)	(251,502)	(355,251)
Settlements		(1,392)	(2,431)	(3,894)	(5,922)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		2,735	4,510	12,611	3,041
Balance, End of Period		306,279	207,519	306,279	207,519
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		2,735	4,552	12,610	3,083
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		685,966	736,698	685,873	774,392
Transfer In Due to Consolidation and Acquisition		35,040		34,651
Transfer In (Out) Due to Deconsolidation		(44,095)		(38,629)
Transfer In to Level III	[1]	68,127	18,177	63,125	52,332
Transfer Out of Level III	[1]	(105,165)	(38,865)	(140,571)	(81,837)
Purchases		112,405	33,883	219,248	96,206
Sales		(46,140)	(52,776)	(145,890)	(142,180)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		9,606	9,315	37,937	7,519
Balance, End of Period		715,744	706,432	715,744	706,432
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		$ (2,163)	$ 2,845	$ 1,031	$ (16,793)
[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 ($)	Jun. 30, 2017	Jun. 30, 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) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
VIE Assets	$ 818,087	$ 691,953
Maximum Exposure to Loss	913,176	774,504
Investments
Variable Interest Entity [Line Items]
VIE Assets	698,777	644,546
Accounts Receivable
Variable Interest Entity [Line Items]
VIE Assets	27,136	12,308
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	92,174	35,099
Due to Affiliates
Variable Interest Entity [Line Items]
VIE Liabilities	491	577
Accounts Payable, Accrued Expenses and Other Liabilities
Variable Interest Entity [Line Items]
VIE Liabilities	66	38
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	$ 94,532	$ 81,936

Reverse Repurchase and Repurc68

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2017
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 119.1	$ 91.3
U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt	117.8
Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased	$ 68.8

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 60,611	$ 75,324
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	60,611	75,324
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	60,611	68,290
Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		7,034
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		7,034
Overnight and Continuous | Us Treasury And Agencies
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		7,034
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		12,805
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	26,746	12,805
30 - 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		30,796
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	17,339	30,796
Greater than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		24,689
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 16,526	$ 24,689

Offsetting of Assets and Liab70

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 12,087	$ 124,215
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	515	118,839
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	7,294	2,892
Net Amount	4,278	2,484
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	60,611	75,324
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	56,880	72,195
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	3,731	3,129
Repurchase agreements Net Amount	0	0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	76,454	82,797
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	57,395	73,259
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	16,057	8,767
Net Amount	3,002	771
Reverse repurchase agreements gross and Net Amounts of Assets Presented in the Statement of Financial Condition		118,495
Reverse repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments		117,775
Reverse repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		0
Reverse repurchase agreements Net Amount		720
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	7
Derivatives Net Amount	7
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	1,260	587
Derivatives Net Amount	1,260	587
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	12,080	5,720
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	515	1,064
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	7,294	2,892
Derivatives Net Amount	4,271	1,764
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	14,583	6,886
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	515	1,064
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	12,326	5,638
Derivatives Net Amount	$ 1,742	$ 184

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 128,075	$ 126,784
Prepaid Expenses	81,646	96,888
Other Assets	19,660	37,723
Freestanding Derivatives	4,787	3,393
Net Investment Hedges	7
Total	$ 234,175	$ 264,788

Offsetting Of Assets And Liab72

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Jun. 30, 2017USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.3
Overdraft facility	$ 1.3

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying Value		$ 3,478,272	$ 3,399,922
Debt instrument, fair value	[1]	3,735,715	3,557,426
6.625% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	603,071	607,121
Debt instrument, fair value	[1],[2]	637,299	648,765
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		398,306	398,105
Debt instrument, fair value	[1]	444,240	447,600
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		393,641	393,158
Debt instrument, fair value	[1]	437,320	426,520
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		237,923	237,830
Debt instrument, fair value	[1]	311,925	285,450
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,435	488,337
Debt instrument, fair value	[1]	547,100	497,200
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,870	343,816
Debt instrument, fair value	[1]	351,155	322,525
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		338,348	310,805
Debt instrument, fair value	[1]	358,822	331,096
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		674,678	620,750
Debt instrument, fair value	[1]	$ 647,854	$ 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	6 Months Ended
	Jun. 30, 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) - Liabilities of Consolidated CLO Vehicles - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Borrowing Outstanding		$ 7,791,885	$ 5,506,976
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 7,263,332	$ 5,124,241
Weighted Average Interest Rate		2.23%	2.17%
Weighted Average Remaining Maturity in Years		5 years 2 months 12 days	5 years 4 months 24 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 528,553	$ 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	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Fair Value	$ 7,714,815	$ 5,471,398
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	3,478,272	3,399,922
Fair Value	7,254,854	5,125,804
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	459,961	345,594
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	7,088	7,748
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	10,000	10,000
Fair Value	$ 7,088	$ 7,748

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 10	$ 6.4

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
2,017	$ 345,560
2,018	0
2,019	585,000
2,020	0
2,021	400,000
Thereafter	9,977,445
Total	11,308,005
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
2,020	0
2,021	400,000
Thereafter	2,528,340
Total	3,513,340
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2,017	345,560
2,018	0
2,020	0
Thereafter	7,449,105
Total	$ 7,794,665

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Taxes [Line Items]
Effective tax rate	3.80%	9.30%	4.70%	6.70%
Provision for Taxes	$ 29,608	$ 47,415	$ 87,045	$ 56,561

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P., Basic		$ 342,775	$ 198,626	$ 804,600	$ 358,379
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		264,935	158,960	636,756	286,563
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 607,710	$ 357,586	$ 1,441,356	$ 644,942
Weighted-Average Common Units Outstanding, Basic		664,681,299	646,933,698	662,820,839	645,915,774
Weighted-Average Unvested Deferred Restricted Common Units		998,974	1,309,402	904,079	1,321,087
Weighted-Average Blackstone Holdings Partnership Units		534,326,066	546,235,112	536,031,472	547,138,946
Weighted-Average Common Units Outstanding, Diluted		1,200,006,339	1,194,478,212	1,199,756,390	1,194,375,807
Net Income Per Common Unit, Basic		$ 0.52	$ 0.31	$ 1.21	$ 0.55
Net Income Per Common Unit, Diluted		0.51	0.30	1.20	0.54
Distributions Declared Per Common Unit	[1]	$ 0.87	$ 0.28	$ 1.34	$ 0.89
[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 ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 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	$ 88,500	$ 84,300	$ 179,729	$ 164,124
Tax benefits in relation to equity-based awards	22,700	$ 8,400	36,800	$ 16,600
Estimated unrecognized compensation expense related to unvested awards	$ 849,200		$ 849,200
Weighted-average period for recognized compensation expense related to unvested awards, years			4 years 3 months 19 days
Total vested and unvested outstanding units	1,198,049,700		1,198,049,700
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	39,023		39,023

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	6 Months Ended
	Jun. 30, 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	(2,551,438)
Forfeited (Units) | shares	(318,879)
Ending Balance | shares	31,878,005
Beginning Balance | $ / shares	$ 33.58
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	27.03
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	34.58
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	25.28
Ending Balance | $ / shares	34.09
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	27.70
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	25.89
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	29.46
Ending Balance | $ / shares	25.36
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
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	33.32
Ending Balance | $ / shares	$ 32.89
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	2,324,463
Vested (Units) | shares	(2,419,469)
Forfeited (Units) | shares	(232,126)
Ending Balance | shares	11,878,884
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)
Forfeited (Units) | shares	(3,770)
Ending Balance | shares	38,409

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	6 Months Ended
	Jun. 30, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	27,505,210
Deferred Restricted Blackstone Common Units (Units)	10,750,757
Total Equity-Based Awards (Units)	38,255,967
Phantom Units (Units)	30,341
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years 8 months 12 days
Deferred Restricted Blackstone Common Units (Weighted-Average Service in Years)	1 year 6 months
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 1 month 6 days
Phantom Units (Weighted-Average Service Period in Years)	2 years 10 months 25 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 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	$ 448,151	$ 342,943
Amounts Due from Portfolio Companies and Funds	400,267	456,469
Management and Performance Fees Due from Non-Consolidated Funds	576,406	445,280
Payments Made on Behalf of Non-Consolidated Entities	279,538	196,134
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	6,518	1,552
Accrual for Potential Clawback of Previously Distributed Carried Interest	694
Due from Affiliates, total	1,711,574	1,442,378
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,169,998	1,186,145
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	45,343	28,012
Distributions Received on Behalf of Blackstone Entities	30,356	80,034
Payments Made by Non-Consolidated Entities	41,940	19,833
Due to Note Holders of Consolidated CLO Vehicles	7,088	7,748
Accrual for Potential Repayment of Previously Received Performance Fees	2,171
Due to Affiliates, total	$ 1,296,896	$ 1,321,772

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Investments	$ 20,549,367		$ 20,549,367		$ 17,694,975
Net Income Attributable to Non-Controlling Interests	(113,935)	$ (62,680)	(254,620)	$ (96,365)
Management and Advisory Fees, Net from Affiliates	30,051	44,148	$ 64,448	100,823
Partnership Unit to Blackstone Common Unit ratio			100.00%
Cash saving in tax receivable agreements, percentage			85.00%
Expected future payments under the tax receivable agreements	1,200,000		$ 1,200,000
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 382,700		$ 382,700
After-tax net present value discount rate assumption	15.00%		15.00%
Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 9,171,258		$ 9,171,258		6,480,674
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	20,000	25,500	50,500	28,600
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	802,900		802,900		$ 740,300
Affiliates
Related Party Transaction [Line Items]
Management and Advisory Fees, Net from Affiliates	30,051	44,148	64,448	100,823
Interest from loans to affiliates	$ 1,100	$ 100	$ 1,300	$ 200

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,400
Total investments at risk in respect of guarantees extended	$ 3.8
Contingent obligations currently anticipated to expire end	2,028
Provision for cash clawback	$ 570.2
Contingent Obligations (Clawback)	5,300
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	156.1
Contingent Obligations (Clawback)	4,900
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	305.4
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 15.7

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) $ in Thousands	Jun. 30, 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
Product Liability Contingency [Line Items]
Clawback obligations	1,477
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	$ 694

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 686,586	$ 607,823	$ 1,328,728	$ 1,216,729
Performance Fees Realized - Carried Interest	602,160	323,734	1,713,416	554,643
Performance Fees Realized - Incentive Fees	40,805	29,441	87,965	57,860
Performance Fees Unrealized - Carried Interest	65,197	88,292	(89,486)	135,878
Performance Fees Unrealized - Incentive Fees	48,235	7,776	107,644	15,355
Total Performance Fees	756,397	449,243	1,819,539	763,736
Investment Income (Loss), Realized	125,058	65,037	376,402	53,036
Investment Income (Loss), Unrealized	7,275	40,102	(32,913)	43,595
Total Investment Income (Loss)	132,333	105,139	343,489	96,631
Interest and Dividend Revenue	33,703	22,286	62,198	45,361
Other	(59,664)	7,935	(63,876)	2,323
Total Revenues	1,549,355	1,192,426	3,490,078	2,124,780
Compensation and Benefits Compensation	367,203	355,424	718,792	701,427
Performance Fee Compensation - Realized Carried Interest	195,289	87,580	561,480	146,084
Performance Fee Compensation - Realized Incentive Fees	21,481	15,250	44,233	29,374
Performance Fee Compensation - Unrealized Carried Interest	74,500	75,202	70,113	105,203
Performance Fee Compensation - Unrealized Incentive Fees	20,600	2,689	43,739	6,137
Total Compensation and Benefits	679,073	536,145	1,438,357	988,225
Total Expenses	885,112	712,603	1,814,762	1,330,313
Economic Income	774,297	510,526	1,851,502	844,312
Segment Assets	30,127,931		30,127,931		$ 26,403,337
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	671,368	593,996	1,314,326	1,180,699
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	38,892	33,620	79,114	80,219
Management and Advisory Fees, Net, Management Fee Offsets	(13,424)	(15,396)	(47,023)	(35,497)
Total Management and Advisory Fees, Net	696,836	612,220	1,346,417	1,225,421
Performance Fees Realized - Carried Interest	602,293	323,734	1,713,615	554,643
Performance Fees Realized - Incentive Fees	41,106	29,363	88,243	57,813
Performance Fees Unrealized - Carried Interest	65,080	88,268	(89,667)	135,874
Performance Fees Unrealized - Incentive Fees	48,527	8,007	108,543	15,107
Total Performance Fees	757,006	449,372	1,820,734	763,437
Investment Income (Loss), Realized	100,887	53,670	303,781	43,569
Investment Income (Loss), Unrealized	(33,167)	6,101	(132,102)	(10,448)
Total Investment Income (Loss)	67,720	59,771	171,679	33,121
Interest and Dividend Revenue	53,255	35,233	99,131	70,314
Other	(62,469)	8,546	(70,756)	2,298
Total Revenues	1,512,348	1,165,142	3,367,205	2,094,591
Compensation and Benefits Compensation	305,257	286,155	594,284	573,558
Performance Fee Compensation - Realized Carried Interest	195,289	87,581	561,480	146,084
Performance Fee Compensation - Realized Incentive Fees	21,481	15,251	44,233	29,374
Performance Fee Compensation - Unrealized Carried Interest	74,500	75,202	70,113	105,203
Performance Fee Compensation - Unrealized Incentive Fees	20,600	2,689	43,739	6,137
Total Compensation and Benefits	617,127	466,878	1,313,849	860,356
Other Operating Expenses	165,684	157,254	318,976	305,780
Total Expenses	782,811	624,132	1,632,825	1,166,136
Economic Income	729,537	541,010	1,734,380	928,455
Segment Assets	19,569,990		19,569,990
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	176,555	131,477	354,019	262,125
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	18,947	11,089	36,147	20,009
Management and Advisory Fees, Net, Management Fee Offsets	(3,753)	(4,195)	(15,943)	(11,043)
Total Management and Advisory Fees, Net	191,749	138,371	374,223	271,091
Performance Fees Realized - Carried Interest	197,257	57,056	779,938	87,338
Performance Fees Unrealized - Carried Interest	600	85,047	(184,233)	158,922
Total Performance Fees	197,857	142,103	595,705	246,260
Investment Income (Loss), Realized	41,168	22,926	122,057	7,569
Investment Income (Loss), Unrealized	(25,014)	(2,766)	(65,838)	12,674
Total Investment Income (Loss)	16,154	20,160	56,219	20,243
Interest and Dividend Revenue	12,451	9,516	23,373	19,365
Other	(16,124)	3,395	(17,924)	1,808
Total Revenues	402,087	313,545	1,031,596	558,767
Compensation and Benefits Compensation	90,844	83,140	174,586	163,414
Performance Fee Compensation - Realized Carried Interest	63,060	30,946	244,693	46,373
Performance Fee Compensation - Unrealized Carried Interest	22,219	19,450	(17,137)	28,746
Total Compensation and Benefits	176,123	133,536	402,142	238,533
Other Operating Expenses	47,665	48,371	90,487	96,434
Total Expenses	223,788	181,907	492,629	334,967
Economic Income	178,299	131,638	538,967	223,800
Segment Assets	5,958,821		5,958,821
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	227,865	201,004	425,744	400,911
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	16,087	21,112	37,366	56,906
Management and Advisory Fees, Net, Management Fee Offsets	(5,018)	(1,219)	(8,568)	(4,814)
Total Management and Advisory Fees, Net	238,934	220,897	454,542	453,003
Performance Fees Realized - Carried Interest	389,004	266,382	908,845	467,009
Performance Fees Realized - Incentive Fees	5,315	6,099	8,229	10,168
Performance Fees Unrealized - Carried Interest	77,200	(84,875)	54,932	(96,397)
Performance Fees Unrealized - Incentive Fees	22,608	5,942	41,321	15,707
Total Performance Fees	494,127	193,548	1,013,327	396,487
Investment Income (Loss), Realized	57,599	19,929	177,178	32,904
Investment Income (Loss), Unrealized	(20,519)	(8,902)	(104,372)	(11,039)
Total Investment Income (Loss)	37,080	11,027	72,806	21,865
Interest and Dividend Revenue	20,998	13,084	39,165	26,272
Other	(22,965)	2,231	(26,115)	322
Total Revenues	768,174	440,787	1,553,725	897,949
Compensation and Benefits Compensation	110,266	102,888	212,968	203,466
Performance Fee Compensation - Realized Carried Interest	124,292	56,441	304,217	99,517
Performance Fee Compensation - Realized Incentive Fees	2,931	3,300	4,295	5,433
Performance Fee Compensation - Unrealized Carried Interest	59,174	14,257	70,972	41,960
Performance Fee Compensation - Unrealized Incentive Fees	9,680	2,542	18,189	6,700
Total Compensation and Benefits	306,343	179,428	610,641	357,076
Other Operating Expenses	55,373	52,201	107,342	100,298
Total Expenses	361,716	231,629	717,983	457,374
Economic Income	406,458	209,158	835,742	440,575
Segment Assets	7,795,940		7,795,940
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	128,698	130,123	257,166	260,281
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	1,696	(5)	1,955	538
Total Management and Advisory Fees, Net	130,394	130,118	259,121	260,819
Performance Fees Realized - Incentive Fees	6,995	(251)	21,679	2,433
Performance Fees Unrealized - Carried Interest	143	801	3,940	833
Performance Fees Unrealized - Incentive Fees	22,458	1,036	62,769	(1,899)
Total Performance Fees	29,596	1,586	88,388	1,367
Investment Income (Loss), Realized	225	(515)	(407)	(5,260)
Investment Income (Loss), Unrealized	11,578	9,357	29,871	(2,934)
Total Investment Income (Loss)	11,803	8,842	29,464	(8,194)
Interest and Dividend Revenue	8,769	5,205	16,323	10,501
Other	(10,720)	1,125	(12,330)	(263)
Total Revenues	169,842	146,876	380,966	264,230
Compensation and Benefits Compensation	47,361	44,436	94,965	98,605
Performance Fee Compensation - Realized Incentive Fees	4,362	1,325	11,679	3,188
Performance Fee Compensation - Unrealized Carried Interest	178	238	1,387	238
Performance Fee Compensation - Unrealized Incentive Fees	9,242	480	23,246	(715)
Total Compensation and Benefits	61,143	46,479	131,277	101,316
Other Operating Expenses	26,240	27,218	52,040	53,364
Total Expenses	87,383	73,697	183,317	154,680
Economic Income	82,459	73,179	197,649	109,550
Segment Assets	2,368,871		2,368,871
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	138,250	131,392	277,397	257,382
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	2,162	1,424	3,646	2,766
Management and Advisory Fees, Net, Management Fee Offsets	(4,653)	(9,982)	(22,512)	(19,640)
Total Management and Advisory Fees, Net	135,759	122,834	258,531	240,508
Performance Fees Realized - Carried Interest	16,032	296	24,832	296
Performance Fees Realized - Incentive Fees	28,796	23,515	58,335	45,212
Performance Fees Unrealized - Carried Interest	(12,863)	87,295	35,694	72,516
Performance Fees Unrealized - Incentive Fees	3,461	1,029	4,453	1,299
Total Performance Fees	35,426	112,135	123,314	119,323
Investment Income (Loss), Realized	1,895	11,330	4,953	8,356
Investment Income (Loss), Unrealized	788	8,412	8,237	(9,149)
Total Investment Income (Loss)	2,683	19,742	13,190	(793)
Interest and Dividend Revenue	11,037	7,428	20,270	14,176
Other	(12,660)	1,795	(14,387)	431
Total Revenues	172,245	263,934	400,918	373,645
Compensation and Benefits Compensation	56,786	55,691	111,765	108,073
Performance Fee Compensation - Realized Carried Interest	7,937	194	12,570	194
Performance Fee Compensation - Realized Incentive Fees	14,188	10,626	28,259	20,753
Performance Fee Compensation - Unrealized Carried Interest	(7,071)	41,257	14,891	34,259
Performance Fee Compensation - Unrealized Incentive Fees	1,678	(333)	2,304	152
Total Compensation and Benefits	73,518	107,435	169,789	163,431
Other Operating Expenses	36,406	29,464	69,107	55,684
Total Expenses	109,924	136,899	238,896	219,115
Economic Income	62,321	$ 127,035	162,022	$ 154,530
Segment Assets	$ 3,446,358		$ 3,446,358

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues		$ 1,549,355	$ 1,192,426	$ 3,490,078	$ 2,124,780
Expenses		885,112	712,603	1,814,762	1,330,313
Other Income		110,054	30,703	176,186	49,845
Economic Income		774,297	510,526	1,851,502	844,312
Total Assets		30,127,931		30,127,931		$ 26,403,337
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,512,348	1,165,142	3,367,205	2,094,591
Expenses		782,811	624,132	1,632,825	1,166,136
Economic Income		729,537	541,010	1,734,380	928,455
Total Assets		19,569,990		19,569,990
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues	[1]	37,007	27,284	122,873	30,189
Expenses	[2]	102,301	88,471	181,937	164,177
Other Income	[3]	110,054	30,703	176,186	49,845
Economic Income	[4]	44,760	$ (30,484)	117,122	$ (84,143)
Total Assets	[5]	$ 10,557,941		$ 10,557,941
[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 June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (36,956 ) $ (27,716 ) Fund Expenses Added in Consolidation 30,912 (3,310 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Transaction-Related Other Income (Loss) 2,163 (951 ) Total Consolidation Adjustments and Reconciling Items $ 110,054 $ 30,703
[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 June 30, 2017 2016 Economic Income $ 729,537 $ 541,010 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (57,831 ) (69,956 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Total Consolidation Adjustments and Reconciling Items 44,760 (30,484 ) Income Before Provision for Taxes $ 774,297 $ 510,526
[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		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Income (Loss)		$ (36,956)	$ (27,716)	$ (122,277)	$ (30,473)
Fund Expenses Added in Consolidation		30,912	(3,310)	38,403	(9,157)
Income Associated with Non-Controlling Interests of Consolidated Entities		113,935	62,680	254,620	96,365
Transaction-Related Other Income (Loss)		2,163	(951)	5,440	(6,890)
Total Other Income		110,054	30,703	176,186	49,845
Amortization of Intangibles		(11,344)	(23,208)	(22,688)	(46,416)
Transaction-Related Charges		(57,831)	(69,956)	(114,810)	(134,092)
Income Associated with Non-Controlling Interests of Consolidated Entities		113,935	62,680	254,620	96,365
Economic Income		774,297	510,526	1,851,502	844,312
Operating Segments
Segment Reporting Information [Line Items]
Economic Income		729,537	541,010	1,734,380	928,455
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Total Other Income	[1]	110,054	30,703	176,186	49,845
Economic Income	[2]	$ 44,760	$ (30,484)	$ 117,122	$ (84,143)
[1]	The Other Income adjustment results from the following: Three Months Ended June 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (36,956 ) $ (27,716 ) Fund Expenses Added in Consolidation 30,912 (3,310 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Transaction-Related Other Income (Loss) 2,163 (951 ) Total Consolidation Adjustments and Reconciling Items $ 110,054 $ 30,703
[2]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, 2017 2016 Economic Income $ 729,537 $ 541,010 Adjustments Amortization of Intangibles (11,344 ) (23,208 ) Transaction-Related Charges (57,831 ) (69,956 ) Income Associated with Non-Controlling Interests of Consolidated Entities 113,935 62,680 Total Consolidation Adjustments and Reconciling Items 44,760 (30,484 ) Income Before Provision for Taxes $ 774,297 $ 510,526