Blackstone (BX) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 01, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		630,715,641

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Cash and Cash Equivalents	$ 1,315,687	$ 1,837,253
Cash Held by Blackstone Funds and Other	1,665,730	1,005,161
Investments (including assets pledged of $105,607 and $119,139 at September 30, 2017 and December 31, 2016, respectively)	22,385,192	17,694,975
Accounts Receivable	906,315	772,695
Reverse Repurchase Agreements		118,495
Due from Affiliates	2,026,751	1,442,378
Intangible Assets, Net	229,713	262,604
Goodwill	1,718,519	1,718,519
Other Assets	253,173	264,788
Deferred Tax Assets	1,260,907	1,286,469
Total Assets	31,761,987	26,403,337
Liabilities and Partners' Capital
Loans Payable	12,581,638	8,866,366
Due to Affiliates	1,319,679	1,321,772
Accrued Compensation and Benefits	2,823,773	2,327,762
Securities Sold, Not Yet Purchased	105,517	215,398
Repurchase Agreements	74,728	75,324
Accounts Payable, Accrued Expenses and Other Liabilities	1,395,030	1,081,782
Total Liabilities	18,300,365	13,888,404
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	201,377	185,390
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 657,637,533 issued and outstanding as of September 30, 2017; 643,459,542 issued and outstanding as of December 31, 2016)	6,620,434	6,523,929
Accumulated Other Comprehensive Loss	(34,421)	(62,887)
Total The Blackstone Group L.P. Partners' Capital	6,586,013	6,461,042
Non-Controlling Interests in Consolidated Entities	3,174,680	2,428,964
Non-Controlling Interests in Blackstone Holdings	3,499,552	3,439,537
Total Partners' Capital	13,260,245	12,329,543
Total Liabilities and Partners' Capital	$ 31,761,987	$ 26,403,337

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investments assets pledged	$ 105,607	$ 119,139
Partners' Capital, common units: issued	657,637,533	643,459,542
Partners' Capital, common units: outstanding	657,637,533	643,459,542
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 12,132,066	$ 7,579,381
Liabilities	10,255,650	6,232,064
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Securities Sold, Not Yet Purchased
Liabilities	75,589	81,309
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Investments
Assets	10,261,638	6,459,355
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Accounts Receivable
Assets	362,707	355,364
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Repurchase Agreements
Liabilities	74,728	66,221
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	9,070,061	5,466,444
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	1,475,964	740,760
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	27,709	21,300
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	4,048	2,602
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	75,696	72,609
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 959,576	$ 545,481

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Management and Advisory Fees, Net		$ 680,641	$ 596,154	$ 2,009,369	$ 1,812,883
Performance Fees
Performance Fees Realized - Carried Interest		369,309	503,990	2,082,725	1,058,633
Performance Fees Realized - Incentive Fees		101,186	30,295	189,151	88,155
Performance Fees Unrealized - Carried Interest		432,590	106,202	343,104	242,080
Performance Fees Unrealized - Incentive Fees		(9,241)	30,545	98,403	45,900
Total Performance Fees		893,844	671,032	2,713,383	1,434,768
Investment Income
Realized		74,805	119,351	451,207	172,387
Unrealized		96,085	23,752	63,172	67,347
Total Investment Income		170,890	143,103	514,379	239,734
Interest and Dividend Revenue		36,974	21,819	99,172	67,180
Other		(35,572)	(423)	(99,448)	1,900
Total Revenues		1,746,777	1,431,685	5,236,855	3,556,465
Expenses
Compensation and Benefits Compensation		359,209	329,634	1,078,001	1,031,061
Performance Fee Compensation
Performance Fee Compensation - Realized Carried Interest		134,014	168,427	695,494	314,511
Performance Fee Compensation - Realized Incentive Fees		46,823	15,436	91,056	44,810
Performance Fee Compensation - Unrealized Carried Interest		187,158	70,044	257,271	175,247
Performance Fee Compensation - Unrealized Incentive Fees		(7,094)	13,508	36,645	19,645
Total Compensation and Benefits		720,110	597,049	2,158,467	1,585,274
General, Administrative and Other		115,755	124,322	337,080	378,355
Interest Expense		41,545	37,278	122,880	111,512
Fund Expenses		26,350	15,128	100,095	28,949
Total Expenses		903,760	773,777	2,718,522	2,104,090
Other Income
Net Gains from Fund Investment Activities		63,448	61,395	239,634	111,240
Income Before Provision for Taxes		906,465	719,303	2,757,967	1,563,615
Provision for Taxes		59,512	27,714	146,557	84,275
Net Income		846,953	691,589	2,611,410	1,479,340
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		3,215	10,764	6,206	2,314
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		113,446	82,653	365,075	187,468
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		345,650	285,267	1,050,887	618,274
Net Income Attributable to The Blackstone Group L.P.		$ 384,642	$ 312,905	$ 1,189,242	$ 671,284
Net Income Per Common Unit
Common Units, Basic		$ 0.58	$ 0.48	$ 1.79	$ 1.04
Common Units, Diluted		$ 0.56	$ 0.47	$ 1.76	$ 1.01
Weighted-Average Common Units Outstanding
Common Units, Basic		667,384,727	650,917,510	664,331,632	647,595,189
Common Units, Diluted		1,200,502,292	1,195,805,315	1,200,092,676	1,194,862,252
Distributions Declared Per Common Unit	[1]	$ 0.54	$ 0.36	$ 1.88	$ 1.25
Revenues Earned from Affiliates
Management and Advisory Fees, Net		$ 35,928	$ 39,073	$ 100,376	$ 139,896
[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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net Income	$ 846,953	$ 691,589	$ 2,611,410	$ 1,479,340
Other Comprehensive Income, Net of Tax - Currency Translation Adjustment	26,761	1,138	73,354	12,982
Comprehensive Income	873,714	692,727	2,684,764	1,492,322
Less: Comprehensive Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	3,215	10,764	6,206	2,314
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	127,149	85,375	409,963	195,401
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	345,650	285,267	1,050,887	618,274
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 397,700	$ 311,321	$ 1,217,708	$ 676,333

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	1,477,026	$ 671,284		671,284	187,468	618,274
Currency Translation Adjustment	12,982		5,049	5,049	7,933
Capital Contributions	242,773				242,773
Capital Distributions	(1,828,323)	(801,952)		(801,952)	(319,242)	(707,129)
Transfer of Non-Controlling Interests in Consolidated Entities	(7,915)				(7,915)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	2,250	2,250		2,250
Equity-Based Compensation	240,556	123,300		123,300		117,256
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(26,462)	$ (26,426)		(26,426)		(36)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		6,131,764
Change in The Blackstone Group L.P.'s Ownership Interest	(7,929)	$ 7,929		7,929		(7,929)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 46,100		46,100		(46,100)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		7,669,834
Ending Balance at Sep. 30, 2016	12,159,885	$ 6,344,792	(47,470)	6,297,322	2,519,718	3,342,845
Ending Balance, Units at Sep. 30, 2016		638,251,760
Beginning Balance at Dec. 31, 2015	183,459
Net Income	2,314
Capital Contributions	15,000
Capital Distributions	(6,623)
Ending Balance at Sep. 30, 2016	194,150
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	2,605,204	$ 1,189,242		1,189,242	365,075	1,050,887
Currency Translation Adjustment	73,354		28,466	28,466	44,888
Consolidation of a Fund Entity	387,006				387,006
Capital Contributions	507,001				507,001
Capital Distributions	(2,862,710)	(1,241,717)		(1,241,717)	(552,440)	(1,068,553)
Transfer of Non-Controlling Interests in Consolidated Entities	(5,814)				(5,814)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	7,992	7,992		7,992
Equity-Based Compensation	247,401	135,292		135,292		112,109
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(28,732)	$ (27,027)		(27,027)		(1,705)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		6,985,219
Change in The Blackstone Group L.P.'s Ownership Interest	14,850	$ (14,850)		(14,850)		14,850
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 47,573		47,573		(47,573)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		7,192,772
Ending Balance at Sep. 30, 2017	13,260,245	$ 6,620,434	$ (34,421)	$ 6,586,013	$ 3,174,680	$ 3,499,552
Ending Balance, Units at Sep. 30, 2017		657,637,533
Beginning Balance at Dec. 31, 2016	185,390
Net Income	6,206
Capital Contributions	30,294
Capital Distributions	(20,513)
Ending Balance at Sep. 30, 2017	$ 201,377

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities
Net Income	$ 2,611,410	$ 1,479,340
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(2,833,208)	(1,368,591)
Change in Unrealized Gains on Investments	(71,122)	(153,931)
Non-Cash Performance Fees	(441,507)	(166,283)
Non-Cash Performance Fee Compensation	1,080,466	554,213
Equity-Based Compensation Expense	262,773	242,204
Amortization of Intangibles	32,891	67,328
Other Non-Cash Amounts Included in Net Income	209,605	53,920
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Held by Blackstone Funds and Other	(558,646)	(509,486)
Cash Relinquished in Deconsolidation and Liquidation of Fund Entity	(33,566)
Accounts Receivable	141,312	145,131
Reverse Repurchase Agreements	118,495	115,567
Due from Affiliates	(386,037)	21,484
Other Assets	237	(15,957)
Accrued Compensation and Benefits	(594,610)	(285,953)
Securities Sold, Not Yet Purchased	(112,921)	(7,253)
Accounts Payable, Accrued Expenses and Other Liabilities	(735,929)	(189,234)
Repurchase Agreements	(597)	21,153
Due to Affiliates	(15,433)	22,324
Investments Purchased	(12,853,487)	(4,511,740)
Cash Proceeds from Sale of Investments	12,375,565	5,148,058
Net Cash Provided by (Used in) Operating Activities	(1,804,309)	662,294
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(20,405)	(18,458)
Changes in Restricted Cash	11,442	5,843
Net Cash Used in Investing Activities	(8,963)	(12,615)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(535,072)	(325,865)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	528,175	248,665
Payments Under Tax Receivable Agreement	(59,667)	(78,985)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(28,732)	(26,462)
Proceeds from Loans Payable	3,846,577	1,302,353
Repayment and Repurchase of Loans Payable	(166,920)	(315,733)
Distributions to Unitholders	(2,310,270)	(1,509,081)
Net Cash Provided by (Used in) Financing Activities	1,274,091	(705,108)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	17,615	(13)
Net Decrease in Cash and Cash Equivalents	(521,566)	(55,442)
Cash and Cash Equivalents, Beginning of Period	1,837,253	1,837,324
Cash and Cash Equivalents, End of Period	1,315,687	1,781,882
Supplemental Disclosure of Cash Flows Information
Payments for Interest	133,535	138,605
Payments for Income Taxes	77,059	52,029
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	1,746
Non-Cash Distributions to Non-Controlling Interest Holders	(37,881)
Net Assets Related to the Consolidation of a Fund Entity	387,006
Transfer of Interests to Non-Controlling Interest Holders	(5,814)	(7,915)
Change in The Blackstone Group L.P.'s Ownership Interest	(14,850)	7,929
Net Settlement of Vested Common Units	122,590	100,301
Conversion of Blackstone Holdings Partnership Units to Common Units	47,573	46,100
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(53,151)	(40,034)
Due to Affiliates	45,159	37,784
Partners' Capital	$ 7,992	$ 2,250

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 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 by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). 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

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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. 10-K 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 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 • 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 over-the-counter 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 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 Non-Controlling Non-Controlling 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, 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. 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 Condensed 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 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 Condensed Consolidated Statement of Financial Condition. It is not expected to have a material impact on the Condensed Consolidated Statements of Operations or the Condensed Consolidated Statements of Cash Flows. In November 2016, the FASB issued amended guidance on classification and presentation of restricted cash on the statement of cash flows. Under the new guidance, reporting entities are required to explain the changes in the combined total of restricted and unrestricted balances in the statement of cash flows. Therefore, amounts generally described as restricted cash or restricted cash equivalents (hereinafter referred to as “restricted cash”) should be combined with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on the statement of cash flows. Reporting entities will also be required to disclose how the statement of cash flows reconciles to the balance sheet in any situation in which the balance sheet includes more than one line item of cash, cash equivalents, and restricted cash. The new guidance should be applied for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period using a retrospective transition method to each period presented. Early application is permitted. The Partnership is currently evaluating the impact of this guidance on the financial statements.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2017
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,400,876 $ 1,400,876 Accumulated Amortization (1,171,163 ) (1,138,272 ) Intangible Assets, Net $ 229,713 $ 262,604 Amortization expense associated with Blackstone’s intangible assets was $11.0 million and $32.9 million for the three and nine month periods ended September 30, 2017, respectively, and $21.7 million and $67.3 million for the three and nine month periods ended September 30, 2016, respectively. Amortization of Intangible Assets held at September 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 September 30, 2017 are expected to amortize over a weighted-average period of 5.4 years.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2017
INVESTMENTS	4. INVESTMENTS Investments consist of the following: September 30, December 31, Investments of Consolidated Blackstone Funds $ 10,272,075 $ 6,480,674 Equity Method Investments 3,114,059 3,092,378 Corporate Treasury Investments 2,937,993 2,518,438 Performance Fees 5,761,285 5,320,994 Other Investments 299,780 282,491 $ 22,385,192 $ 17,694,975 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $466.5 million and $384.4 million at September 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 Nine Months Ended 2017 2016 2017 2016 Realized Gains $ 2,664 $ 52,046 $ 110,349 $ 62,993 Net Change in Unrealized Gains (Losses) 16,990 (26,764 ) 7,951 (35,112 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 19,654 25,282 118,300 27,881 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 43,794 36,113 121,334 83,359 Other Income — Net Gains from Fund Investment Activities $ 63,448 $ 61,395 $ 239,634 $ 111,240 Equity Method Investments Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence. Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the nine months ended September 30, 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 $152.1 million and $50.6 million for the three months ended September 30, 2017 and 2016, respectively. The Partnership recognized net gains related to its equity method investments of $444.7 million and $120.3 million for the nine months ended September 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 Nine Months Ended 2017 2016 2017 2016 Realized Gains (Losses) $ 7,424 $ (3,159 ) $ 3,995 $ (12,404 ) Net Change in Unrealized Gains 8,258 17,689 51,553 32,384 $ 15,682 $ 14,530 $ 55,548 $ 19,980 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 781,247 1,456,472 47,944 131,781 2,417,444 Foreign Exchange Gain — 103,542 — — 103,542 Fund Distributions (936,507 ) (1,108,704 ) (4,760 ) (30,724 ) (2,080,695 ) Performance Fees, September 30, 2017 $ 1,829,532 $ 3,421,758 $ 49,316 $ 460,679 $ 5,761,285 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Realized Gains $ 2,955 $ 83 $ 5,825 $ 4,560 Net Change in Unrealized Gains (Losses) (1,783 ) 10,039 8,508 7,087 $ 1,172 $ 10,122 $ 14,333 $ 11,647

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	9 Months Ended
	Sep. 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 September 30, 2017 is presented below: Strategy Fair Value Unfunded Redemption eligible) Redemption Diversified Instruments $ 262,922 $ 133 (a ) (a ) Credit Driven 155,584 268 (b ) (b ) Equity 57,552 — (c ) (c ) Commodities 1,981 — (d ) (d ) $ 478,039 $ 401 (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 3% 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 97% 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	9 Months Ended
	Sep. 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. 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. Blackstone uses foreign currency forward contracts to hedge portions of Blackstone’s net investments in foreign operations. The gains and losses due to change in fair value attributable to changes in spot exchange rates on foreign currency derivatives designated as net investment hedges were recognized in Other Comprehensive Income, Net of Tax — Currency Translation Adjustment. For the three months ended September 30, 2017 the resulting loss was $1.1 million. For the nine months ended September 30, 2017 the resulting loss was $6.3 million. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. September 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Notional Fair Value Notional Fair Notional Fair Notional Fair Value Net Investment Hedges Foreign Currency Contracts $ 53,837 $ 29 $ 287 $ — $ — $ — $ 51,267 $ 587 Freestanding Derivatives Blackstone Interest Rate Contracts 374,980 2,980 1,834,280 3,991 2,651,583 2,356 546,211 2,355 Foreign Currency Contracts 383,381 3,448 236,688 1,860 164,247 1,037 127,444 966 Credit Default Swaps 2,073 315 2,073 315 — — 3,819 215 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 594,214 38,292 92,298 1,356 254,162 25,050 136,025 3,903 Credit Default Swaps 25,170 3,410 42,036 4,908 — — 113,057 3,350 Total Return Swaps 24,221 559 — — — — — — Equity Options 1 84 — 16 — — — — 1,404,040 49,088 2,207,375 12,446 3,069,992 28,443 926,556 10,789 $ 1,457,877 $ 49,117 $ 2,207,662 $ 12,446 $ 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 Nine Months Ended 2017 2016 2017 2016 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (37 ) $ — $ (72 ) $ (128 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (1,195 ) $ (3,493 ) $ (5,142 ) $ (10,305 ) Foreign Currency Contracts 17,002 (4,704 ) 13,690 (9,424 ) Credit Default Swaps (1,964 ) (241 ) (3,622 ) (4,790 ) Total Return Swaps 293 — 293 — Equity Options (258 ) — (258 ) — $ 13,878 $ (8,438 ) $ 4,961 $ (24,519 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (6,273 ) $ 4,893 $ (6,916 ) $ (2,349 ) Foreign Currency Contracts 4,638 13,801 17,320 37,992 Credit Default Swaps 1,966 (719 ) 5,127 (4,201 ) Total Return Swaps (397 ) — (397 ) — Equity Options 38 — 38 — $ (28 ) $ 17,975 $ 15,172 $ 31,442 As of September 30, 2017 and December 31, 2016, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	9 Months Ended
	Sep. 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: September 30, December 31, Assets Loans and Receivables $ 371,732 $ 211,359 Equity and Preferred Securities 473,270 444,713 Debt Securities 380,556 — Assets of Consolidated CLO Vehicles Corporate Loans 8,270,151 4,762,071 Corporate Bonds 601,756 710,947 Other 500 — $ 10,097,965 $ 6,129,090 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 8,580,092 $ 5,125,804 Subordinated Notes Loans Payable 487,160 337,846 Due to Affiliates 41,189 7,748 $ 9,108,441 $ 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 September 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 298 Equity and Preferred Securities 18 3,599 27 10,200 Debt Securities 3,171 (1,425 ) — (281 ) Assets of Consolidated CLO Vehicles Corporate Loans (4,358 ) (29,172 ) 16,672 33,071 Corporate Bonds 326 (12,732 ) (662 ) 7,491 Other — 356 (2,643 ) — $ (843 ) $ (39,374 ) $ 13,394 $ 50,779 Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 39,007 $ — $ (56,690 ) Nine Months Ended September 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 7,418 $ — $ (2,395 ) Equity and Preferred Securities 19 23,824 (266 ) 11,624 Debt Securities 3,515 (3,300 ) — (1,335 ) Assets of Consolidated CLO Vehicles Corporate Loans (2,778 ) (16,974 ) (12,288 ) 70,592 Corporate Bonds 8,011 (19,477 ) (225 ) 6,548 Other — 500 (2,377 ) — $ 8,767 $ (8,009 ) $ (15,156 ) $ 85,034 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 71,719 $ — $ (58,558 ) The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2017 December 31, 2016 For Financial Assets Past Due (a) For Financial Assets Excess Fair Value Excess Excess Fair Excess Loans and Receivables $ 1,501 $ — $ — $ (6,476 ) $ — $ — Debt Securities (930 ) — — — — — Assets of Consolidated CLO Vehicles Corporate Loans (31,386 ) — — 2,616 — — Corporate Bonds (6,387 ) — — 7,259 — — $ (37,202 ) $ — $ — $ 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 September 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 non-accrual

FAIR VALUE MEASUREMENTS OF FINA

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 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: September 30, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 431,772 $ — $ — $ — $ 431,772 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 149,238 149,238 Equity Securities 62,396 44,142 127,408 — 233,946 Partnership and LLC Interests 3,974 1,741 356,324 — 362,039 Debt Instruments — 562,974 49,126 — 612,100 Freestanding Derivatives Credit Default Swaps — 3,410 — — 3,410 Total Return Swaps — 559 — — 559 Equity Options — 84 — — 84 Assets of Consolidated CLO Vehicles Corporate Loans — 7,831,754 438,397 — 8,270,151 Corporate Bonds — 601,756 — — 601,756 Freestanding Derivatives — Foreign Currency Contracts — 38,292 — — 38,292 Other — — 500 — 500 Total Investments of Consolidated Blackstone Funds 66,370 9,084,712 971,755 149,238 10,272,075 Corporate Treasury Investments Equity Securities 300,884 — — — 300,884 Debt Instruments — 2,302,498 25,735 — 2,328,233 Other — — — 308,876 308,876 Total Corporate Treasury Investments 300,884 2,302,498 25,735 308,876 2,937,993 Other Investments 172,761 12,613 94,481 19,925 299,780 Total Investments 540,015 11,399,823 1,091,971 478,039 13,509,848 Accounts Receivable — Loans and Receivables — — 371,732 — 371,732 Other Assets Freestanding Derivatives Interest Rate Contracts 1,762 1,218 — — 2,980 Foreign Currency Contracts — 3,448 — — 3,448 Credit Default Swaps — 315 — — 315 Total Freestanding Derivatives 1,762 4,981 — — 6,743 Net Investment Hedges — Foreign Currency Contracts — 29 — — 29 Total Other Assets 1,762 5,010 — — 6,772 $ 973,549 $ 11,404,833 $ 1,463,703 $ 478,039 $ 14,320,124 September 30, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 8,580,092 $ — $ 8,580,092 Subordinated Notes (b) — 487,160 — 487,160 Total Loans Payable — 9,067,252 — 9,067,252 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 41,189 — 41,189 Total Due to Affiliates — 41,189 — 41,189 Securities Sold, Not Yet Purchased — 105,517 — 105,517 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,356 — 1,356 Credit Default Swaps — 4,908 — 4,908 Equity Options — 16 — 16 Total Liabilities of Consolidated Blackstone Funds — 6,280 — 6,280 Freestanding Derivatives Interest Rate Contracts 608 3,383 — 3,991 Foreign Currency Contracts — 1,860 — 1,860 Credit Default Swaps — 315 — 315 Total Freestanding Derivatives 608 5,558 — 6,166 Total Accounts Payable, Accrued Expenses and Other Liabilities 608 11,838 — 12,446 $ 608 $ 9,225,796 $ — $ 9,226,404 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 September 30, 2017 and 2016, respectively: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Transfers from Level I into Level II (a) $ 177 $ — $ 938 $ 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 September 30, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 82,674 Discounted Cash Flows Discount Rate 7.3% - 31.6% 12.6% Revenue CAGR 1.0% - 31.3% 7.2% Exit Capitalization Rate 5.3% - 11.4% 8.4% Exit Multiple - EBITDA 4.0x - 17.1x 10.0x Exit Multiple - NOI 8.8x - 12.5x 10.1x Exit Multiple - P/E 9.5x - 17.0x 11.2x 3,400 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 0.9x Exit Multiple - EBITDA 8.0x N/A 18,860 Other N/A N/A N/A 20,892 Transaction Price N/A N/A N/A 1,582 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 311,489 Discounted Cash Flows Discount Rate 4.6% - 25.3% 9.3% Revenue CAGR -7.4% - 89.3% 5.5% Exit Capitalization Rate 1.6% - 11.8% 5.8% Exit Multiple - EBITDA 7.0x - 15.4x 9.7x Exit Multiple - NOI 12.5x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 22,619 Other N/A N/A N/A 265 Third Party Pricing N/A N/A N/A 21,421 Transaction Price N/A N/A N/A Debt Instruments 8,562 Discounted Cash Flows Discount Rate 6.6% - 18.4% 10.2% Revenue CAGR -13.4% - 5.1% -2.7% Exit Capitalization Rate 3.1% - 8.3% 6.0% Exit Multiple - NOI 12.0x N/A 39,279 Third Party Pricing N/A N/A N/A 1,285 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 438,897 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 971,755 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 6,503 Discounted Cash Flows Discount Rate 5.7% - 6.3% 5.9% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 69.2% Reinvestment Rate LIBOR + 400 bps N/A 15,982 Third Party Pricing N/A N/A N/A 3,250 Transaction Price N/A N/A N/A Loans and Receivables 337,037 Discounted Cash Flows Discount Rate 7.0% - 13.0% 9.8% 34,695 Transaction Price N/A N/A N/A Other Investments 64,908 Discounted Cash Flows Discount Rate 0.9% - 18.2% 2.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps - LIBOR + 401 LIBOR + 413 bps bps 29,573 Transaction Price N/A N/A N/A $ 1,463,703 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 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 18.5% - 76.5% 66.4% Reinvestment Rate LIBOR + 350 bps - LIBOR LIBOR + 400 bps + 390 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 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 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. NOI Net operating income. P/E Price-earnings ratio. 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 pre-payment pre-payment 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 September 30, 2017 2016 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 Transfer In to Level III (b) 145,810 — 5,859 151,669 50,836 — 5,188 56,024 Transfer Out of Level III (b) (62,821 ) — (721 ) (63,542 ) (41,852 ) — (5,917 ) (47,769 ) Purchases 300,037 241,006 3,250 544,293 174,939 44,988 12,454 232,381 Sales (154,131 ) (174,814 ) (6,723 ) (335,668 ) (151,701 ) (175,914 ) (284 ) (327,899 ) Settlements — (4,469 ) (370 ) (4,839 ) — (2,983 ) (140 ) (3,123 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 27,116 3,730 3,232 34,078 22,336 2,291 3,370 27,997 Balance, End of Period $ 971,755 $ 371,732 $ 120,216 $ 1,463,703 $ 760,990 $ 75,901 $ 142,725 $ 979,616 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 20,207 $ 3,730 $ (446 ) $ 23,491 $ (16,130 ) $ 2,292 $ 2,627 $ (11,211 ) Level III Financial Assets at Fair Value Nine Months Ended September 30, 2017 2016 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 Transfer In Due to Consolidation and Acquisition 34,651 — — 34,651 — — — — Transfer Out Due to Deconsolidation (38,629 ) — — (38,629 ) — — — — Transfer In to Level III (b) 99,042 — 22,254 121,296 76,564 — 14,515 91,079 Transfer Out of Level III (b) (138,299 ) — (18,732 ) (157,031 ) (80,550 ) — (16,121 ) (96,671 ) Purchases 584,519 578,711 24,853 1,188,083 266,229 348,645 19,427 634,301 Sales (319,350 ) (426,315 ) (50,769 ) (796,434 ) (305,502 ) (531,165 ) (30,975 ) (867,642 ) Settlements — (8,362 ) (1,463 ) (9,825 ) — (8,157 ) (394 ) (8,551 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 63,948 16,339 13,485 93,772 29,857 4,584 432 34,873 Balance, End of Period $ 971,755 $ 371,732 $ 120,216 $ 1,463,703 $ 760,990 $ 75,901 $ 142,725 $ 979,616 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 19,854 $ 16,340 $ 16 $ 36,210 $ (32,299 ) $ 4,626 $ 2,581 $ (25,092 ) (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 nine months ended September 30, 2017 and 2016.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 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 non-consolidated non-consolidated non-consolidated September 30, December 31, Cash Held by Blackstone Funds and Other $ 42,795 $ — Investments 776,135 644,546 Accounts Receivable 19,836 12,308 Due from Affiliates 53,358 35,099 Total VIE Assets 892,124 691,953 Due to Affiliates 131 577 Accounts Payable, Accrued Expenses and Other Liabilities 100 38 Potential Clawback Obligation 96,691 81,936 Maximum Exposure to Loss $ 989,046 $ 774,504

REVERSE REPURCHASE AND REPURCHA

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	9 Months Ended
	Sep. 30, 2017
REVERSE REPURCHASE AND REPURCHASE AGREEMENTS	10. REVERSE REPURCHASE AND REPURCHASE AGREEMENTS At September 30, 2017, the Partnership pledged securities with a carrying value of $105.6 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. The following tables provide information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged: September 30, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 12,033 $ 31,834 $ 30,861 $ 74,728 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 74,728 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 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	9 Months Ended
	Sep. 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 September 30, 2017: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 29 $ — $ — $ 29 Freestanding Derivatives 10,796 2,464 — 8,332 $ 10,825 $ 2,464 $ — $ 8,361 Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 11,803 $ 2,464 $ 8,503 $ 836 Repurchase Agreements 74,728 74,728 — — $ 86,531 $ 77,192 $ 8,503 $ 836 The following tables present the offsetting of assets and liabilities as of December 31, 2016: Gross and Net 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 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: September 30, 2017 December 31, 2016 Furniture, Equipment and Leasehold Improvements, Net $ 128,910 $ 126,784 Prepaid Expenses 90,779 96,888 Other Assets 26,712 37,723 Freestanding Derivatives 6,743 3,393 Net Investment Hedges 29 — $ 253,173 $ 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 September 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	9 Months Ended
	Sep. 30, 2017
BORROWINGS	12. BORROWINGS On September 25, 2017, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), commenced a cash tender offer for any and all of its 6.625% senior notes maturing on August 15, 2019 (the “2019 Notes”). On September 29, 2017, the cash tender offer expired and $259.7 million aggregate principal amount of the 2019 Notes were validly tendered. Payment for the tendered notes was made on October 4, 2017. Accordingly, the tendered notes remained outstanding as of September 30, 2017 and are included in these condensed consolidated financial statements. On November 1, 2017, in accordance with the make-whole provision under the indenture governing the 2019 Notes, Blackstone redeemed the remainder of the 2019 Notes that were not tendered. On October 2, 2017, the Issuer issued $300 million aggregate principal amount of senior notes maturing October 2, 2027 (the “2027 Notes”) and $300 million aggregate principal amount of senior notes maturing October 2, 2047 (the “2047 Notes”). The 2027 Notes have an interest rate of 3.150% per annum, accruing from October 2, 2017. The 2047 Notes have an interest rate of 4.000% per annum, accruing from October 2, 2017. Interest on the 2027 Notes and 2047 Notes is payable semi-annually in arrears on October 2 and April 2 of each year, commencing on April 2, 2018. The 2027 Notes and 2047 Notes are unsecured and unsubordinated obligations of the Issuer. The 2027 Notes and 2047 Notes are fully and unconditionally guaranteed, jointly and severally, by the Partnership and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the 2027 Notes and 2047 Notes have been capitalized and are being amortized over the life of the 2027 Notes and 2047 Notes. The 2027 Notes and 2047 Notes are not included in the September 30, 2017 Condensed Consolidated Statement of Financial Condition. The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the Notes were issued at a discount. All of the Notes accrue interest from the Issue Date and all pay interest in arrears on a semi-annual basis or annual basis. September 30, 2017 December 31, 2016 Senior Notes Carrying Fair Carrying Fair 6.625%, Due 8/15/2019 (b) $ 601,028 $ 632,502 $ 607,121 $ 648,765 5.875%, Due 3/15/2021 398,409 443,440 398,105 447,600 4.750%, Due 2/15/2023 393,887 438,920 393,158 426,520 6.250%, Due 8/15/2042 237,971 319,050 237,830 285,450 5.000%, Due 6/15/2044 488,485 556,950 488,337 497,200 4.450%, Due 7/15/2045 343,897 359,625 343,816 322,525 2.000%, Due 5/19/2025 349,985 375,650 310,805 331,096 1.000%, Due 10/5/2026 697,915 683,393 620,750 598,270 $ 3,511,577 $ 3,809,530 $ 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: September 30, 2017 December 31, 2016 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 8,712,030 2.22 % 5.2 $ 5,124,241 2.17 % 5.4 Subordinated Notes 646,059 (a ) N/A 382,735 (a) N/A $ 9,358,089 $ 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: September 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 $ 8,580,092 $ — $ — $ 5,125,804 $ — $ — Subordinated Notes 528,349 53,400 41,189 345,594 10,000 7,748 $ 9,108,441 $ 53,400 $ 41,189 $ 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 September 30, 2017 and December 31, 2016, the fair value of the consolidated CLO assets was $10.5 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 September 30, 2017 were as follows: Operating Blackstone Fund Total 2017 $ — $ 149,309 $ 149,309 2018 — — — 2019 585,000 — 585,000 2020 — 531,630 531,630 2021 400,000 — 400,000 Thereafter 2,563,260 8,679,959 11,243,219 $ 3,548,260 $ 9,360,898 $ 12,909,158

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 6.6% and 3.9% for the three months ended September 30, 2017 and 2016, respectively, and 5.3% and 5.4% for the nine months ended September 30, 2017 and 2016, respectively. Blackstone’s income tax provision was $59.5 million and $27.7 million for the three months ended September 30, 2017 and 2016, respectively, and $146.6 million and $84.3 million for the nine months ended September 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.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 and September 30, 2016 was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 384,642 $ 312,905 $ 1,189,242 $ 671,284 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 289,134 246,086 924,406 532,116 Net Income Attributable to The Blackstone Group L.P., Diluted $ 673,776 $ 558,991 $ 2,113,648 $ 1,203,400 Units Outstanding Weighted-Average Common Units Outstanding, Basic 667,384,727 650,917,510 664,331,632 647,595,189 Weighted-Average Unvested Deferred Restricted Common Units 663,474 1,495,331 823,877 1,379,168 Weighted-Average Blackstone Holdings Partnership Units 532,454,091 543,392,474 534,937,167 545,887,895 Weighted-Average Common Units Outstanding, Diluted 1,200,502,292 1,195,805,315 1,200,092,676 1,194,862,252 Net Income Per Common Unit, Basic $ 0.58 $ 0.48 $ 1.79 $ 1.04 Net Income Per Common Unit, Diluted $ 0.56 $ 0.47 $ 1.76 $ 1.01 Distributions Declared Per Common Unit (a) $ 0.54 $ 0.36 $ 1.88 $ 1.25 (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 nine months ended September 30, 2017 and 2016, no units were repurchased. As of September 30, 2017, the amount remaining available for repurchases under this program was $335.8 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 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 non-professionals For the three and nine months ended September 30, 2017, the Partnership recorded compensation expense of $83.0 million and $262.8 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $16.9 million and $53.7 million, respectively. For the three and nine months ended September 30, 2016, the Partnership recorded compensation expense of $78.1 million and $242.2 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $8.2 million and $24.8 million, respectively. As of September 30, 2017, there was $800.2 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 4.2 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,200,789,318 as of September 30, 2017. Total outstanding unvested phantom units were 46,941 as of September 30, 2017. A summary of the status of the Partnership’s unvested equity-based awards as of September 30, 2017 and of changes during the period January 1, 2017 through September 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 2,380,539 32.87 3,390,206 29.47 12,214 30.79 Vested (5,334,789 ) 27.10 (6,094,335 ) 20.12 (3,080 ) 30.16 Forfeited (318,879 ) 25.28 (294,728 ) 29.31 (3,770 ) 33.32 Balance, September 30, 2017 31,295,597 $ 35.31 9,207,159 $ 29.99 45,824 $ 31.78 Units Expected to Vest The following unvested units, after expected forfeitures, as of September 30, 2017, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 26,297,212 3.9 Deferred Restricted Blackstone Common Units 7,701,863 2.2 Total Equity-Based Awards 33,999,075 3.5 Phantom Units 35,368 3.1

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling $ 393,525 $ 342,943 Amounts Due from Portfolio Companies and Funds 646,252 456,469 Management and Performance Fees Due from Non-Consolidated 632,445 445,280 Payments Made on Behalf of Non-Consolidated 345,704 196,134 Investments Redeemed in Non-Consolidated 7,713 1,552 Accrual for Potential Clawback of Previously Distributed Carried Interest 1,112 — $ 2,026,751 $ 1,442,378 September 30, December 31, Due to Affiliates Due to Certain Non-Controlling $ 1,175,223 $ 1,186,145 Distributions Received on Behalf of Certain Non-Controlling 53,421 28,012 Distributions Received on Behalf of Blackstone Entities 6,473 80,034 Payments Made by Non-Consolidated 41,202 19,833 Due to Note Holders of Consolidated CLO Vehicles 41,189 7,748 Accrual for Potential Repayment of Previously Received Performance Fees 2,171 — $ 1,319,679 $ 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 September 30, 2017 and December 31, 2016, such investments aggregated $834.4 million and $740.3 million, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling Non-Controlling Revenues Earned from Affiliates Management and Advisory Fees, Net earned from affiliates totaled $35.9 million and $39.1 million for the three months ended September 30, 2017 and 2016, respectively. Management and Advisory Fees, Net earned from affiliates totaled $100.4 million and $139.9 million for the nine months ended September 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 $0.6 million for the three months ended September 30, 2017 and 2016, respectively, and $2.4 million and $0.9 million for the nine months ended September 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 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 another senior managing director; an aircraft owned as a personal asset by 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 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 one-for-one 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 pre-IPO 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 Non-Cash Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 17. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.7 billion of investment commitments as of September 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 $644.5 million as of September 30, 2017 which includes $150.9 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 The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Group International Partners LLP. The amount guaranteed as of September 30, 2017 was $175.2 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: September 30, 2017 December 31, 2016 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,059 $ 1,112 $ 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 September 30, 2017, $585.6 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. In the Credit segment, payment of carried interest to the Partnership by the majority of the 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 September 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 $5.4 billion, on an after-tax

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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 • 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 September 30, 2017 and 2016: Three Months Ended September 30, 2017 Private Real Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 182,108 $ 224,048 $ 129,410 $ 134,336 $ 669,902 Transaction, Advisory and Other Fees, Net 10,269 20,616 48 1,362 32,295 Management Fee Offsets (1,088 ) (4,232 ) (28 ) (4,867 ) (10,215 ) Total Management and Advisory Fees, Net 191,289 240,432 129,430 130,831 691,982 Performance Fees Realized Carried Interest 101,918 261,122 — 6,269 369,309 Incentive Fees — 50,588 14,217 36,393 101,198 Unrealized Carried Interest 80,003 292,544 635 59,415 432,597 Incentive Fees — (21,977 ) 29,349 (15,844 ) (8,472 ) Total Performance Fees 181,921 582,277 44,201 86,233 894,632 Investment Income (Loss) Realized 7,077 44,449 1,316 7,346 60,188 Unrealized 17,440 (8,319 ) 12,723 (4,460 ) 17,384 Total Investment Income 24,517 36,130 14,039 2,886 77,572 Interest and Dividend Revenue 15,089 24,283 10,594 14,132 64,098 Other (8,346 ) (13,108 ) (5,859 ) (6,831 ) (34,144 ) Total Revenues 404,470 870,014 192,405 227,251 1,694,140 Expenses Compensation and Benefits Compensation 96,409 105,753 44,347 56,289 302,798 Performance Fee Compensation Realized Carried Interest 48,019 84,192 — 1,803 134,014 Incentive Fees — 21,887 6,884 18,052 46,823 Unrealized Carried Interest 45,484 113,731 216 27,727 187,158 Incentive Fees — (10,005 ) 10,397 (7,486 ) (7,094 ) Total Compensation and Benefits 189,912 315,558 61,844 96,385 663,699 Other Operating Expenses 49,773 58,012 29,047 36,747 173,579 Total Expenses 239,685 373,570 90,891 133,132 837,278 Economic Income $ 164,785 $ 496,444 $ 101,514 $ 94,119 $ 856,862 Three Months Ended September 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,708 $ 197,629 $ 130,305 $ 133,867 $ 593,509 Transaction, Advisory and Other Fees, Net 12,892 14,190 116 1,823 29,021 Management Fee Offsets (12,917 ) (842 ) — (7,091 ) (20,850 ) Total Management and Advisory Fees, Net 131,683 210,977 130,421 128,599 601,680 Performance Fees Realized Carried Interest 26,398 461,980 — 15,644 504,022 Incentive Fees — 3,857 4,572 21,866 30,295 Unrealized Carried Interest 144,597 (113,449 ) (84 ) 75,093 106,157 Incentive Fees — 14,445 12,038 5,689 32,172 Total Performance Fees 170,995 366,833 16,526 118,292 672,646 Investment Income (Loss) Realized 15,469 46,704 (1,211 ) (328 ) 60,634 Unrealized 8,884 (6,725 ) 12,219 12,875 27,253 Total Investment Income 24,353 39,979 11,008 12,547 87,887 Interest and Dividend Revenue 9,160 12,460 4,692 6,769 33,081 Other 411 (548 ) (260 ) (28 ) (425 ) Total Revenues 336,602 629,701 162,387 266,179 1,394,869 Expenses Compensation and Benefits Compensation 73,889 99,886 47,206 47,614 268,595 Performance Fee Compensation Realized Carried Interest 13,741 147,419 — 7,267 168,427 Incentive Fees — 1,764 2,902 10,770 15,436 Unrealized Carried Interest 69,300 (38,972 ) 35 39,681 70,044 Incentive Fees — 6,229 4,557 2,722 13,508 Total Compensation and Benefits 156,930 216,326 54,700 108,054 536,010 Other Operating Expenses 47,534 47,908 27,432 28,016 150,890 Total Expenses 204,464 264,234 82,132 136,070 686,900 Economic Income $ 132,138 $ 365,467 $ 80,255 $ 130,109 $ 707,969 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,694,140 $ 52,637(a) $ 1,746,777 $ 1,394,869 $ 36,816(a) $ 1,431,685 Expenses $ 837,278 $ 66,482(b) $ 903,760 $ 686,900 $ 86,877(b) $ 773,777 Other Income $ — $ 63,448(c) $ 63,448 $ — $ 61,395(c) $ 61,395 Economic Income $ 856,862 $ 49,603(d) $ 906,465 $ 707,969 $ 11,334(d) $ 719,303 (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 (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (51,984 ) $ (37,835 ) Fund Expenses Added in Consolidation 931 5,141 Income Associated with Non-Controlling 116,661 93,417 Transaction-Related Other Income (Loss) (2,160 ) 672 Total Consolidation Adjustments and Reconciling Items $ 63,448 $ 61,395 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2017 2016 Economic Income $ 856,862 $ 707,969 Adjustments Amortization of Intangibles (11,344 ) (22,054 ) Transaction-Related Charges (55,714 ) (60,029 ) Income Associated with Non-Controlling 116,661 93,417 Total Consolidation Adjustments and Reconciling Items 49,603 11,334 Income Before Provision for Taxes $ 906,465 $ 719,303 The following tables present the financial data for Blackstone’s four segments as of and for the nine months ended September 30, 2017 and 2016: September 30, 2017 and the Nine Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 536,127 $ 649,792 $ 386,576 $ 411,733 $ 1,984,228 Transaction, Advisory and Other Fees, Net 46,416 57,982 2,003 5,008 111,409 Management Fee Offsets (17,031 ) (12,800 ) (28 ) (27,379 ) (57,238 ) Total Management and Advisory Fees, Net 565,512 694,974 388,551 389,362 2,038,399 Performance Fees Realized Carried Interest 881,856 1,169,967 — 31,101 2,082,924 Incentive Fees — 58,817 35,896 94,728 189,441 Unrealized Carried Interest (104,230 ) 347,476 4,575 95,109 342,930 Incentive Fees — 19,344 92,118 (11,391 ) 100,071 Total Performance Fees 777,626 1,595,604 132,589 209,547 2,715,366 Investment Income (Loss) Realized 129,134 221,627 909 12,299 363,969 Unrealized (48,398 ) (112,691 ) 42,594 3,777 (114,718 ) Total Investment Income 80,736 108,936 43,503 16,076 249,251 Interest and Dividend Revenue 38,462 63,448 26,917 34,402 163,229 Other (26,270 ) (39,223 ) (18,189 ) (21,218 ) (104,900 ) Total Revenues 1,436,066 2,423,739 573,371 628,169 5,061,345 Expenses Compensation and Benefits Compensation 270,995 318,721 139,312 168,054 897,082 Performance Fee Compensation Realized Carried Interest 292,712 388,409 — 14,373 695,494 Incentive Fees — 26,182 18,563 46,311 91,056 Unrealized Carried Interest 28,347 184,703 1,603 42,618 257,271 Incentive Fees — 8,184 33,643 (5,182 ) 36,645 Total Compensation and Benefits 592,054 926,199 193,121 266,174 1,977,548 Other Operating Expenses 140,260 165,354 81,087 105,854 492,555 Total Expenses 732,314 1,091,553 274,208 372,028 2,470,103 Economic Income $ 703,752 $ 1,332,186 $ 299,163 $ 256,141 $ 2,591,242 Segment Assets as of September 30, 2017 $ 6,102,906 $ 8,152,984 $ 2,363,565 $ 3,558,146 $ 20,177,601 Nine Months Ended September 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 393,833 $ 598,540 $ 390,586 $ 391,249 $ 1,774,208 Transaction, Advisory and Other Fees, Net 32,901 71,096 654 4,589 109,240 Management Fee Offsets (23,960 ) (5,656 ) — (26,731 ) (56,347 ) Total Management and Advisory Fees, Net 402,774 663,980 391,240 369,107 1,827,101 Performance Fees Realized Carried Interest 113,736 928,989 — 15,940 1,058,665 Incentive Fees — 14,025 7,005 67,078 88,108 Unrealized Carried Interest 303,519 (209,846 ) 749 147,609 242,031 Incentive Fees — 30,152 10,139 6,988 47,279 Total Performance Fees 417,255 763,320 17,893 237,615 1,436,083 Investment Income (Loss) Realized 23,038 79,608 (6,471 ) 8,028 104,203 Unrealized 21,558 (17,764 ) 9,285 3,726 16,805 Total Investment Income 44,596 61,844 2,814 11,754 121,008 Interest and Dividend Revenue 28,525 38,732 15,193 20,945 103,395 Other 2,219 (226 ) (523 ) 403 1,873 Total Revenues 895,369 1,527,650 426,617 639,824 3,489,460 Expenses Compensation and Benefits Compensation 237,303 303,352 145,811 155,687 842,153 Performance Fee Compensation Realized Carried Interest 60,114 246,936 — 7,461 314,511 Incentive Fees — 7,197 6,090 31,523 44,810 Unrealized Carried Interest 98,046 2,988 273 73,940 175,247 Incentive Fees — 12,929 3,842 2,874 19,645 Total Compensation and Benefits 395,463 573,402 156,016 271,485 1,396,366 Other Operating Expenses 143,968 148,206 80,796 83,700 456,670 Total Expenses 539,431 721,608 236,812 355,185 1,853,036 Economic Income $ 355,938 $ 806,042 $ 189,805 $ 284,639 $ 1,636,424 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2017 and 2016: September 30, 2017 and the Nine Months Then Ended Nine Months Ended September 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 5,061,345 $ 175,510(a) $ 5,236,855 $ 3,489,460 $ 67,005(a) $ 3,556,465 Expenses $ 2,470,103 $ 248,419(b) $ 2,718,522 $ 1,853,036 $ 251,054(b) $ 2,104,090 Other Income $ — $ 239,634(c) $ 239,634 $ — $ 111,240(c) $ 111,240 Economic Income $ 2,591,242 $ 166,725(d) $ 2,757,967 $ 1,636,424 $ (72,809)(d) $ 1,563,615 Total Assets $ 20,177,601 $ 11,584,386(e) $ 31,761,987 (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 (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Nine Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (174,261 ) $ (68,308 ) Fund Expenses Added in Consolidation 39,334 (4,016 ) Income Associated with Non-Controlling 371,281 189,782 Transaction-Related Other Income (Loss) 3,280 (6,218 ) Total Consolidation Adjustments and Reconciling Items $ 239,634 $ 111,240 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Nine Months Ended September 30, 2017 2016 Economic Income $ 2,591,242 $ 1,636,424 Adjustments Amortization of Intangibles (34,032 ) (68,470 ) Transaction-Related Charges (170,524 ) (194,121 ) Income Associated with Non-Controlling 371,281 189,782 Total Consolidation Adjustments and Reconciling Items 166,725 (72,809 ) Income Before Provision for Taxes $ 2,757,967 $ 1,563,615 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS On September 25, 2017, Blackstone commenced a cash tender offer for any and all of its 2019 Notes. On September 29, 2017, the cash tender offer expired and $259.7 million aggregate principal amount of the 2019 Notes were validly tendered. Payment for the tendered notes was made on October 4, 2017. On November 1, 2017, in accordance with the make-whole provision under the indenture governing the 2019 Notes, Blackstone redeemed the remainder of the 2019 Notes that were not tendered. On October 2, 2017, Blackstone issued $300 million in aggregate principal amount of 3.150% Senior Notes which will mature on October 2, 2027 and $300 million in aggregate principal amount of 4.000% Senior Notes which will mature on October 2, 2047. See Note 12. “Borrowings” for additional information. On October 16, 2017, Blackstone closed on its previously announced acquisition of Harvest Fund Advisors LLC (“Harvest”). Harvest primarily invests capital raised from institutional investors in separately managed accounts and pooled vehicles, investing in public master limited partnerships holding U.S. midstream energy assets.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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. 10-K 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 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 • 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 over-the-counter 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 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 Non-Controlling Non-Controlling 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, 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. 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 Condensed 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 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 Condensed Consolidated Statement of Financial Condition. It is not expected to have a material impact on the Condensed Consolidated Statements of Operations or the Condensed Consolidated Statements of Cash Flows. In November 2016, the FASB issued amended guidance on classification and presentation of restricted cash on the statement of cash flows. Under the new guidance, reporting entities are required to explain the changes in the combined total of restricted and unrestricted balances in the statement of cash flows. Therefore, amounts generally described as restricted cash or restricted cash equivalents (hereinafter referred to as “restricted cash”) should be combined with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on the statement of cash flows. Reporting entities will also be required to disclose how the statement of cash flows reconciles to the balance sheet in any situation in which the balance sheet includes more than one line item of cash, cash equivalents, and restricted cash. The new guidance should be applied for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period using a retrospective transition method to each period presented. Early application is permitted. The Partnership is currently evaluating the impact of this guidance on the financial statements.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2017
Intangible Assets, Net	Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets/Contractual Rights $ 1,400,876 $ 1,400,876 Accumulated Amortization (1,171,163 ) (1,138,272 ) Intangible Assets, Net $ 229,713 $ 262,604

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Investments	Investments consist of the following: September 30, December 31, Investments of Consolidated Blackstone Funds $ 10,272,075 $ 6,480,674 Equity Method Investments 3,114,059 3,092,378 Corporate Treasury Investments 2,937,993 2,518,438 Performance Fees 5,761,285 5,320,994 Other Investments 299,780 282,491 $ 22,385,192 $ 17,694,975
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income – Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Realized Gains $ 2,664 $ 52,046 $ 110,349 $ 62,993 Net Change in Unrealized Gains (Losses) 16,990 (26,764 ) 7,951 (35,112 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 19,654 25,282 118,300 27,881 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 43,794 36,113 121,334 83,359 Other Income — Net Gains from Fund Investment Activities $ 63,448 $ 61,395 $ 239,634 $ 111,240
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 Nine Months Ended 2017 2016 2017 2016 Realized Gains (Losses) $ 7,424 $ (3,159 ) $ 3,995 $ (12,404 ) Net Change in Unrealized Gains 8,258 17,689 51,553 32,384 $ 15,682 $ 14,530 $ 55,548 $ 19,980
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 781,247 1,456,472 47,944 131,781 2,417,444 Foreign Exchange Gain — 103,542 — — 103,542 Fund Distributions (936,507 ) (1,108,704 ) (4,760 ) (30,724 ) (2,080,695 ) Performance Fees, September 30, 2017 $ 1,829,532 $ 3,421,758 $ 49,316 $ 460,679 $ 5,761,285
Realized and Net Change in Unrealized Gains (Losses), Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Realized Gains $ 2,955 $ 83 $ 5,825 $ 4,560 Net Change in Unrealized Gains (Losses) (1,783 ) 10,039 8,508 7,087 $ 1,172 $ 10,122 $ 14,333 $ 11,647

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 is presented below: Strategy Fair Value Unfunded Redemption eligible) Redemption Diversified Instruments $ 262,922 $ 133 (a ) (a ) Credit Driven 155,584 268 (b ) (b ) Equity 57,552 — (c ) (c ) Commodities 1,981 — (d ) (d ) $ 478,039 $ 401 (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 3% 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 97% 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)	9 Months Ended
	Sep. 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. September 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Notional Fair Value Notional Fair Notional Fair Notional Fair Value Net Investment Hedges Foreign Currency Contracts $ 53,837 $ 29 $ 287 $ — $ — $ — $ 51,267 $ 587 Freestanding Derivatives Blackstone Interest Rate Contracts 374,980 2,980 1,834,280 3,991 2,651,583 2,356 546,211 2,355 Foreign Currency Contracts 383,381 3,448 236,688 1,860 164,247 1,037 127,444 966 Credit Default Swaps 2,073 315 2,073 315 — — 3,819 215 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 594,214 38,292 92,298 1,356 254,162 25,050 136,025 3,903 Credit Default Swaps 25,170 3,410 42,036 4,908 — — 113,057 3,350 Total Return Swaps 24,221 559 — — — — — — Equity Options 1 84 — 16 — — — — 1,404,040 49,088 2,207,375 12,446 3,069,992 28,443 926,556 10,789 $ 1,457,877 $ 49,117 $ 2,207,662 $ 12,446 $ 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 Nine Months Ended 2017 2016 2017 2016 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (37 ) $ — $ (72 ) $ (128 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (1,195 ) $ (3,493 ) $ (5,142 ) $ (10,305 ) Foreign Currency Contracts 17,002 (4,704 ) 13,690 (9,424 ) Credit Default Swaps (1,964 ) (241 ) (3,622 ) (4,790 ) Total Return Swaps 293 — 293 — Equity Options (258 ) — (258 ) — $ 13,878 $ (8,438 ) $ 4,961 $ (24,519 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (6,273 ) $ 4,893 $ (6,916 ) $ (2,349 ) Foreign Currency Contracts 4,638 13,801 17,320 37,992 Credit Default Swaps 1,966 (719 ) 5,127 (4,201 ) Total Return Swaps (397 ) — (397 ) — Equity Options 38 — 38 — $ (28 ) $ 17,975 $ 15,172 $ 31,442

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	9 Months Ended
	Sep. 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: September 30, December 31, Assets Loans and Receivables $ 371,732 $ 211,359 Equity and Preferred Securities 473,270 444,713 Debt Securities 380,556 — Assets of Consolidated CLO Vehicles Corporate Loans 8,270,151 4,762,071 Corporate Bonds 601,756 710,947 Other 500 — $ 10,097,965 $ 6,129,090 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ 8,580,092 $ 5,125,804 Subordinated Notes Loans Payable 487,160 337,846 Due to Affiliates 41,189 7,748 $ 9,108,441 $ 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 September 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 298 Equity and Preferred Securities 18 3,599 27 10,200 Debt Securities 3,171 (1,425 ) — (281 ) Assets of Consolidated CLO Vehicles Corporate Loans (4,358 ) (29,172 ) 16,672 33,071 Corporate Bonds 326 (12,732 ) (662 ) 7,491 Other — 356 (2,643 ) — $ (843 ) $ (39,374 ) $ 13,394 $ 50,779 Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 39,007 $ — $ (56,690 ) Nine Months Ended September 30, 2017 2016 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ 7,418 $ — $ (2,395 ) Equity and Preferred Securities 19 23,824 (266 ) 11,624 Debt Securities 3,515 (3,300 ) — (1,335 ) Assets of Consolidated CLO Vehicles Corporate Loans (2,778 ) (16,974 ) (12,288 ) 70,592 Corporate Bonds 8,011 (19,477 ) (225 ) 6,548 Other — 500 (2,377 ) — $ 8,767 $ (8,009 ) $ (15,156 ) $ 85,034 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 71,719 $ — $ (58,558 )
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2017 December 31, 2016 For Financial Assets Past Due (a) For Financial Assets Excess Fair Value Excess Excess Fair Excess Loans and Receivables $ 1,501 $ — $ — $ (6,476 ) $ — $ — Debt Securities (930 ) — — — — — Assets of Consolidated CLO Vehicles Corporate Loans (31,386 ) — — 2,616 — — Corporate Bonds (6,387 ) — — 7,259 — — $ (37,202 ) $ — $ — $ 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)	9 Months Ended
	Sep. 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: September 30, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 431,772 $ — $ — $ — $ 431,772 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 149,238 149,238 Equity Securities 62,396 44,142 127,408 — 233,946 Partnership and LLC Interests 3,974 1,741 356,324 — 362,039 Debt Instruments — 562,974 49,126 — 612,100 Freestanding Derivatives Credit Default Swaps — 3,410 — — 3,410 Total Return Swaps — 559 — — 559 Equity Options — 84 — — 84 Assets of Consolidated CLO Vehicles Corporate Loans — 7,831,754 438,397 — 8,270,151 Corporate Bonds — 601,756 — — 601,756 Freestanding Derivatives — Foreign Currency Contracts — 38,292 — — 38,292 Other — — 500 — 500 Total Investments of Consolidated Blackstone Funds 66,370 9,084,712 971,755 149,238 10,272,075 Corporate Treasury Investments Equity Securities 300,884 — — — 300,884 Debt Instruments — 2,302,498 25,735 — 2,328,233 Other — — — 308,876 308,876 Total Corporate Treasury Investments 300,884 2,302,498 25,735 308,876 2,937,993 Other Investments 172,761 12,613 94,481 19,925 299,780 Total Investments 540,015 11,399,823 1,091,971 478,039 13,509,848 Accounts Receivable — Loans and Receivables — — 371,732 — 371,732 Other Assets Freestanding Derivatives Interest Rate Contracts 1,762 1,218 — — 2,980 Foreign Currency Contracts — 3,448 — — 3,448 Credit Default Swaps — 315 — — 315 Total Freestanding Derivatives 1,762 4,981 — — 6,743 Net Investment Hedges — Foreign Currency Contracts — 29 — — 29 Total Other Assets 1,762 5,010 — — 6,772 $ 973,549 $ 11,404,833 $ 1,463,703 $ 478,039 $ 14,320,124 September 30, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 8,580,092 $ — $ 8,580,092 Subordinated Notes (b) — 487,160 — 487,160 Total Loans Payable — 9,067,252 — 9,067,252 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Subordinated Notes (b) — 41,189 — 41,189 Total Due to Affiliates — 41,189 — 41,189 Securities Sold, Not Yet Purchased — 105,517 — 105,517 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,356 — 1,356 Credit Default Swaps — 4,908 — 4,908 Equity Options — 16 — 16 Total Liabilities of Consolidated Blackstone Funds — 6,280 — 6,280 Freestanding Derivatives Interest Rate Contracts 608 3,383 — 3,991 Foreign Currency Contracts — 1,860 — 1,860 Credit Default Swaps — 315 — 315 Total Freestanding Derivatives 608 5,558 — 6,166 Total Accounts Payable, Accrued Expenses and Other Liabilities 608 11,838 — 12,446 $ 608 $ 9,225,796 $ — $ 9,226,404 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 September 30, 2017 and 2016, respectively: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Transfers from Level I into Level II (a) $ 177 $ — $ 938 $ 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 September 30, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 82,674 Discounted Cash Flows Discount Rate 7.3% - 31.6% 12.6% Revenue CAGR 1.0% - 31.3% 7.2% Exit Capitalization Rate 5.3% - 11.4% 8.4% Exit Multiple - EBITDA 4.0x - 17.1x 10.0x Exit Multiple - NOI 8.8x - 12.5x 10.1x Exit Multiple - P/E 9.5x - 17.0x 11.2x 3,400 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 0.9x Exit Multiple - EBITDA 8.0x N/A 18,860 Other N/A N/A N/A 20,892 Transaction Price N/A N/A N/A 1,582 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 311,489 Discounted Cash Flows Discount Rate 4.6% - 25.3% 9.3% Revenue CAGR -7.4% - 89.3% 5.5% Exit Capitalization Rate 1.6% - 11.8% 5.8% Exit Multiple - EBITDA 7.0x - 15.4x 9.7x Exit Multiple - NOI 12.5x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 22,619 Other N/A N/A N/A 265 Third Party Pricing N/A N/A N/A 21,421 Transaction Price N/A N/A N/A Debt Instruments 8,562 Discounted Cash Flows Discount Rate 6.6% - 18.4% 10.2% Revenue CAGR -13.4% - 5.1% -2.7% Exit Capitalization Rate 3.1% - 8.3% 6.0% Exit Multiple - NOI 12.0x N/A 39,279 Third Party Pricing N/A N/A N/A 1,285 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 438,897 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 971,755 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 6,503 Discounted Cash Flows Discount Rate 5.7% - 6.3% 5.9% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 69.2% Reinvestment Rate LIBOR + 400 bps N/A 15,982 Third Party Pricing N/A N/A N/A 3,250 Transaction Price N/A N/A N/A Loans and Receivables 337,037 Discounted Cash Flows Discount Rate 7.0% - 13.0% 9.8% 34,695 Transaction Price N/A N/A N/A Other Investments 64,908 Discounted Cash Flows Discount Rate 0.9% - 18.2% 2.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps - LIBOR + 401 LIBOR + 413 bps bps 29,573 Transaction Price N/A N/A N/A $ 1,463,703 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 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 18.5% - 76.5% 66.4% Reinvestment Rate LIBOR + 350 bps - LIBOR LIBOR + 400 bps + 390 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 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 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. NOI Net operating income. P/E Price-earnings ratio. 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 September 30, 2017 2016 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 $ 706,432 $ 207,519 $ 128,054 $ 1,042,005 Transfer In to Level III (b) 145,810 — 5,859 151,669 50,836 — 5,188 56,024 Transfer Out of Level III (b) (62,821 ) — (721 ) (63,542 ) (41,852 ) — (5,917 ) (47,769 ) Purchases 300,037 241,006 3,250 544,293 174,939 44,988 12,454 232,381 Sales (154,131 ) (174,814 ) (6,723 ) (335,668 ) (151,701 ) (175,914 ) (284 ) (327,899 ) Settlements — (4,469 ) (370 ) (4,839 ) — (2,983 ) (140 ) (3,123 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 27,116 3,730 3,232 34,078 22,336 2,291 3,370 27,997 Balance, End of Period $ 971,755 $ 371,732 $ 120,216 $ 1,463,703 $ 760,990 $ 75,901 $ 142,725 $ 979,616 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 20,207 $ 3,730 $ (446 ) $ 23,491 $ (16,130 ) $ 2,292 $ 2,627 $ (11,211 ) Level III Financial Assets at Fair Value Nine Months Ended September 30, 2017 2016 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 $ 774,392 $ 261,994 $ 155,841 $ 1,192,227 Transfer In Due to Consolidation and Acquisition 34,651 — — 34,651 — — — — Transfer Out Due to Deconsolidation (38,629 ) — — (38,629 ) — — — — Transfer In to Level III (b) 99,042 — 22,254 121,296 76,564 — 14,515 91,079 Transfer Out of Level III (b) (138,299 ) — (18,732 ) (157,031 ) (80,550 ) — (16,121 ) (96,671 ) Purchases 584,519 578,711 24,853 1,188,083 266,229 348,645 19,427 634,301 Sales (319,350 ) (426,315 ) (50,769 ) (796,434 ) (305,502 ) (531,165 ) (30,975 ) (867,642 ) Settlements — (8,362 ) (1,463 ) (9,825 ) — (8,157 ) (394 ) (8,551 ) Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss) 63,948 16,339 13,485 93,772 29,857 4,584 432 34,873 Balance, End of Period $ 971,755 $ 371,732 $ 120,216 $ 1,463,703 $ 760,990 $ 75,901 $ 142,725 $ 979,616 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 19,854 $ 16,340 $ 16 $ 36,210 $ (32,299 ) $ 4,626 $ 2,581 $ (25,092 ) (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)	9 Months Ended
	Sep. 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 non-consolidated September 30, December 31, Cash Held by Blackstone Funds and Other $ 42,795 $ — Investments 776,135 644,546 Accounts Receivable 19,836 12,308 Due from Affiliates 53,358 35,099 Total VIE Assets 892,124 691,953 Due to Affiliates 131 577 Accounts Payable, Accrued Expenses and Other Liabilities 100 38 Potential Clawback Obligation 96,691 81,936 Maximum Exposure to Loss $ 989,046 $ 774,504

REVERSE REPURCHASE AND REPURC35

REVERSE REPURCHASE AND REPURCHASE AGREEMENTS (Tables)	9 Months Ended
	Sep. 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: September 30, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 12,033 $ 31,834 $ 30,861 $ 74,728 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 74,728 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 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)	9 Months Ended
	Sep. 30, 2017
Offsetting of Assets	The following tables present the offsetting of assets as of September 30, 2017: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Net Investment Hedges $ 29 $ — $ — $ 29 Freestanding Derivatives 10,796 2,464 — 8,332 $ 10,825 $ 2,464 $ — $ 8,361 The following tables present the offsetting of assets as of December 31, 2016: Gross and Net 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 December 31, 2017: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 11,803 $ 2,464 $ 8,503 $ 836 Repurchase Agreements 74,728 74,728 — — $ 86,531 $ 77,192 $ 8,503 $ 836 The following tables present the offsetting of liabilities as of December 31, 2016: Gross and Net 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: September 30, 2017 December 31, 2016 Furniture, Equipment and Leasehold Improvements, Net $ 128,910 $ 126,784 Prepaid Expenses 90,779 96,888 Other Assets 26,712 37,723 Freestanding Derivatives 6,743 3,393 Net Investment Hedges 29 — $ 253,173 $ 264,788

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 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. September 30, 2017 December 31, 2016 Senior Notes Carrying Fair Carrying Fair 6.625%, Due 8/15/2019 (b) $ 601,028 $ 632,502 $ 607,121 $ 648,765 5.875%, Due 3/15/2021 398,409 443,440 398,105 447,600 4.750%, Due 2/15/2023 393,887 438,920 393,158 426,520 6.250%, Due 8/15/2042 237,971 319,050 237,830 285,450 5.000%, Due 6/15/2044 488,485 556,950 488,337 497,200 4.450%, Due 7/15/2045 343,897 359,625 343,816 322,525 2.000%, Due 5/19/2025 349,985 375,650 310,805 331,096 1.000%, Due 10/5/2026 697,915 683,393 620,750 598,270 $ 3,511,577 $ 3,809,530 $ 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: September 30, 2017 December 31, 2016 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 8,712,030 2.22 % 5.2 $ 5,124,241 2.17 % 5.4 Subordinated Notes 646,059 (a ) N/A 382,735 (a) N/A $ 9,358,089 $ 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: September 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 $ 8,580,092 $ — $ — $ 5,125,804 $ — $ — Subordinated Notes 528,349 53,400 41,189 345,594 10,000 7,748 $ 9,108,441 $ 53,400 $ 41,189 $ 5,471,398 $10,000 $7,748
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of September 30, 2017 were as follows: Operating Blackstone Fund Total 2017 $ — $ 149,309 $ 149,309 2018 — — — 2019 585,000 — 585,000 2020 — 531,630 531,630 2021 400,000 — 400,000 Thereafter 2,563,260 8,679,959 11,243,219 $ 3,548,260 $ 9,360,898 $ 12,909,158

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2017
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three and nine months ended September 30, 2017 and September 30, 2016 was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 384,642 $ 312,905 $ 1,189,242 $ 671,284 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 289,134 246,086 924,406 532,116 Net Income Attributable to The Blackstone Group L.P., Diluted $ 673,776 $ 558,991 $ 2,113,648 $ 1,203,400 Units Outstanding Weighted-Average Common Units Outstanding, Basic 667,384,727 650,917,510 664,331,632 647,595,189 Weighted-Average Unvested Deferred Restricted Common Units 663,474 1,495,331 823,877 1,379,168 Weighted-Average Blackstone Holdings Partnership Units 532,454,091 543,392,474 534,937,167 545,887,895 Weighted-Average Common Units Outstanding, Diluted 1,200,502,292 1,195,805,315 1,200,092,676 1,194,862,252 Net Income Per Common Unit, Basic $ 0.58 $ 0.48 $ 1.79 $ 1.04 Net Income Per Common Unit, Diluted $ 0.56 $ 0.47 $ 1.76 $ 1.01 Distributions Declared Per Common Unit (a) $ 0.54 $ 0.36 $ 1.88 $ 1.25 (a) Distributions declared reflects the calendar date of the declaration for each distribution.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 and of changes during the period January 1, 2017 through September 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 2,380,539 32.87 3,390,206 29.47 12,214 30.79 Vested (5,334,789 ) 27.10 (6,094,335 ) 20.12 (3,080 ) 30.16 Forfeited (318,879 ) 25.28 (294,728 ) 29.31 (3,770 ) 33.32 Balance, September 30, 2017 31,295,597 $ 35.31 9,207,159 $ 29.99 45,824 $ 31.78
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of September 30, 2017, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 26,297,212 3.9 Deferred Restricted Blackstone Common Units 7,701,863 2.2 Total Equity-Based Awards 33,999,075 3.5 Phantom Units 35,368 3.1

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling $ 393,525 $ 342,943 Amounts Due from Portfolio Companies and Funds 646,252 456,469 Management and Performance Fees Due from Non-Consolidated 632,445 445,280 Payments Made on Behalf of Non-Consolidated 345,704 196,134 Investments Redeemed in Non-Consolidated 7,713 1,552 Accrual for Potential Clawback of Previously Distributed Carried Interest 1,112 — $ 2,026,751 $ 1,442,378 September 30, December 31, Due to Affiliates Due to Certain Non-Controlling $ 1,175,223 $ 1,186,145 Distributions Received on Behalf of Certain Non-Controlling 53,421 28,012 Distributions Received on Behalf of Blackstone Entities 6,473 80,034 Payments Made by Non-Consolidated 41,202 19,833 Due to Note Holders of Consolidated CLO Vehicles 41,189 7,748 Accrual for Potential Repayment of Previously Received Performance Fees 2,171 — $ 1,319,679 $ 1,321,772

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2017
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: September 30, 2017 December 31, 2016 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,059 $ 1,112 $ 2,171 $ — $ — $ —

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2017
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments for the three months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 Private Real Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 182,108 $ 224,048 $ 129,410 $ 134,336 $ 669,902 Transaction, Advisory and Other Fees, Net 10,269 20,616 48 1,362 32,295 Management Fee Offsets (1,088 ) (4,232 ) (28 ) (4,867 ) (10,215 ) Total Management and Advisory Fees, Net 191,289 240,432 129,430 130,831 691,982 Performance Fees Realized Carried Interest 101,918 261,122 — 6,269 369,309 Incentive Fees — 50,588 14,217 36,393 101,198 Unrealized Carried Interest 80,003 292,544 635 59,415 432,597 Incentive Fees — (21,977 ) 29,349 (15,844 ) (8,472 ) Total Performance Fees 181,921 582,277 44,201 86,233 894,632 Investment Income (Loss) Realized 7,077 44,449 1,316 7,346 60,188 Unrealized 17,440 (8,319 ) 12,723 (4,460 ) 17,384 Total Investment Income 24,517 36,130 14,039 2,886 77,572 Interest and Dividend Revenue 15,089 24,283 10,594 14,132 64,098 Other (8,346 ) (13,108 ) (5,859 ) (6,831 ) (34,144 ) Total Revenues 404,470 870,014 192,405 227,251 1,694,140 Expenses Compensation and Benefits Compensation 96,409 105,753 44,347 56,289 302,798 Performance Fee Compensation Realized Carried Interest 48,019 84,192 — 1,803 134,014 Incentive Fees — 21,887 6,884 18,052 46,823 Unrealized Carried Interest 45,484 113,731 216 27,727 187,158 Incentive Fees — (10,005 ) 10,397 (7,486 ) (7,094 ) Total Compensation and Benefits 189,912 315,558 61,844 96,385 663,699 Other Operating Expenses 49,773 58,012 29,047 36,747 173,579 Total Expenses 239,685 373,570 90,891 133,132 837,278 Economic Income $ 164,785 $ 496,444 $ 101,514 $ 94,119 $ 856,862 Three Months Ended September 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 131,708 $ 197,629 $ 130,305 $ 133,867 $ 593,509 Transaction, Advisory and Other Fees, Net 12,892 14,190 116 1,823 29,021 Management Fee Offsets (12,917 ) (842 ) — (7,091 ) (20,850 ) Total Management and Advisory Fees, Net 131,683 210,977 130,421 128,599 601,680 Performance Fees Realized Carried Interest 26,398 461,980 — 15,644 504,022 Incentive Fees — 3,857 4,572 21,866 30,295 Unrealized Carried Interest 144,597 (113,449 ) (84 ) 75,093 106,157 Incentive Fees — 14,445 12,038 5,689 32,172 Total Performance Fees 170,995 366,833 16,526 118,292 672,646 Investment Income (Loss) Realized 15,469 46,704 (1,211 ) (328 ) 60,634 Unrealized 8,884 (6,725 ) 12,219 12,875 27,253 Total Investment Income 24,353 39,979 11,008 12,547 87,887 Interest and Dividend Revenue 9,160 12,460 4,692 6,769 33,081 Other 411 (548 ) (260 ) (28 ) (425 ) Total Revenues 336,602 629,701 162,387 266,179 1,394,869 Expenses Compensation and Benefits Compensation 73,889 99,886 47,206 47,614 268,595 Performance Fee Compensation Realized Carried Interest 13,741 147,419 — 7,267 168,427 Incentive Fees — 1,764 2,902 10,770 15,436 Unrealized Carried Interest 69,300 (38,972 ) 35 39,681 70,044 Incentive Fees — 6,229 4,557 2,722 13,508 Total Compensation and Benefits 156,930 216,326 54,700 108,054 536,010 Other Operating Expenses 47,534 47,908 27,432 28,016 150,890 Total Expenses 204,464 264,234 82,132 136,070 686,900 Economic Income $ 132,138 $ 365,467 $ 80,255 $ 130,109 $ 707,969 The following tables present the financial data for Blackstone’s four segments as of and for the nine months ended September 30, 2017 and 2016: September 30, 2017 and the Nine Months Then Ended Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 536,127 $ 649,792 $ 386,576 $ 411,733 $ 1,984,228 Transaction, Advisory and Other Fees, Net 46,416 57,982 2,003 5,008 111,409 Management Fee Offsets (17,031 ) (12,800 ) (28 ) (27,379 ) (57,238 ) Total Management and Advisory Fees, Net 565,512 694,974 388,551 389,362 2,038,399 Performance Fees Realized Carried Interest 881,856 1,169,967 — 31,101 2,082,924 Incentive Fees — 58,817 35,896 94,728 189,441 Unrealized Carried Interest (104,230 ) 347,476 4,575 95,109 342,930 Incentive Fees — 19,344 92,118 (11,391 ) 100,071 Total Performance Fees 777,626 1,595,604 132,589 209,547 2,715,366 Investment Income (Loss) Realized 129,134 221,627 909 12,299 363,969 Unrealized (48,398 ) (112,691 ) 42,594 3,777 (114,718 ) Total Investment Income 80,736 108,936 43,503 16,076 249,251 Interest and Dividend Revenue 38,462 63,448 26,917 34,402 163,229 Other (26,270 ) (39,223 ) (18,189 ) (21,218 ) (104,900 ) Total Revenues 1,436,066 2,423,739 573,371 628,169 5,061,345 Expenses Compensation and Benefits Compensation 270,995 318,721 139,312 168,054 897,082 Performance Fee Compensation Realized Carried Interest 292,712 388,409 — 14,373 695,494 Incentive Fees — 26,182 18,563 46,311 91,056 Unrealized Carried Interest 28,347 184,703 1,603 42,618 257,271 Incentive Fees — 8,184 33,643 (5,182 ) 36,645 Total Compensation and Benefits 592,054 926,199 193,121 266,174 1,977,548 Other Operating Expenses 140,260 165,354 81,087 105,854 492,555 Total Expenses 732,314 1,091,553 274,208 372,028 2,470,103 Economic Income $ 703,752 $ 1,332,186 $ 299,163 $ 256,141 $ 2,591,242 Segment Assets as of September 30, 2017 $ 6,102,906 $ 8,152,984 $ 2,363,565 $ 3,558,146 $ 20,177,601 Nine Months Ended September 30, 2016 Private Real Estate Hedge Fund Credit Total Segment Revenues Management and Advisory Fees, Net Base Management Fees $ 393,833 $ 598,540 $ 390,586 $ 391,249 $ 1,774,208 Transaction, Advisory and Other Fees, Net 32,901 71,096 654 4,589 109,240 Management Fee Offsets (23,960 ) (5,656 ) — (26,731 ) (56,347 ) Total Management and Advisory Fees, Net 402,774 663,980 391,240 369,107 1,827,101 Performance Fees Realized Carried Interest 113,736 928,989 — 15,940 1,058,665 Incentive Fees — 14,025 7,005 67,078 88,108 Unrealized Carried Interest 303,519 (209,846 ) 749 147,609 242,031 Incentive Fees — 30,152 10,139 6,988 47,279 Total Performance Fees 417,255 763,320 17,893 237,615 1,436,083 Investment Income (Loss) Realized 23,038 79,608 (6,471 ) 8,028 104,203 Unrealized 21,558 (17,764 ) 9,285 3,726 16,805 Total Investment Income 44,596 61,844 2,814 11,754 121,008 Interest and Dividend Revenue 28,525 38,732 15,193 20,945 103,395 Other 2,219 (226 ) (523 ) 403 1,873 Total Revenues 895,369 1,527,650 426,617 639,824 3,489,460 Expenses Compensation and Benefits Compensation 237,303 303,352 145,811 155,687 842,153 Performance Fee Compensation Realized Carried Interest 60,114 246,936 — 7,461 314,511 Incentive Fees — 7,197 6,090 31,523 44,810 Unrealized Carried Interest 98,046 2,988 273 73,940 175,247 Incentive Fees — 12,929 3,842 2,874 19,645 Total Compensation and Benefits 395,463 573,402 156,016 271,485 1,396,366 Other Operating Expenses 143,968 148,206 80,796 83,700 456,670 Total Expenses 539,431 721,608 236,812 355,185 1,853,036 Economic Income $ 355,938 $ 806,042 $ 189,805 $ 284,639 $ 1,636,424
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 September 30, 2017 and 2016: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,694,140 $ 52,637(a) $ 1,746,777 $ 1,394,869 $ 36,816(a) $ 1,431,685 Expenses $ 837,278 $ 66,482(b) $ 903,760 $ 686,900 $ 86,877(b) $ 773,777 Other Income $ — $ 63,448(c) $ 63,448 $ — $ 61,395(c) $ 61,395 Economic Income $ 856,862 $ 49,603(d) $ 906,465 $ 707,969 $ 11,334(d) $ 719,303 (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 (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (51,984 ) $ (37,835 ) Fund Expenses Added in Consolidation 931 5,141 Income Associated with Non-Controlling 116,661 93,417 Transaction-Related Other Income (Loss) (2,160 ) 672 Total Consolidation Adjustments and Reconciling Items $ 63,448 $ 61,395 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2017 2016 Economic Income $ 856,862 $ 707,969 Adjustments Amortization of Intangibles (11,344 ) (22,054 ) Transaction-Related Charges (55,714 ) (60,029 ) Income Associated with Non-Controlling 116,661 93,417 Total Consolidation Adjustments and Reconciling Items 49,603 11,334 Income Before Provision for Taxes $ 906,465 $ 719,303 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2017 and 2016: September 30, 2017 and the Nine Months Then Ended Nine Months Ended September 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 5,061,345 $ 175,510(a) $ 5,236,855 $ 3,489,460 $ 67,005(a) $ 3,556,465 Expenses $ 2,470,103 $ 248,419(b) $ 2,718,522 $ 1,853,036 $ 251,054(b) $ 2,104,090 Other Income $ — $ 239,634(c) $ 239,634 $ — $ 111,240(c) $ 111,240 Economic Income $ 2,591,242 $ 166,725(d) $ 2,757,967 $ 1,636,424 $ (72,809)(d) $ 1,563,615 Total Assets $ 20,177,601 $ 11,584,386(e) $ 31,761,987 (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 (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Nine Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (174,261 ) $ (68,308 ) Fund Expenses Added in Consolidation 39,334 (4,016 ) Income Associated with Non-Controlling 371,281 189,782 Transaction-Related Other Income (Loss) 3,280 (6,218 ) Total Consolidation Adjustments and Reconciling Items $ 239,634 $ 111,240 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Nine Months Ended September 30, 2017 2016 Economic Income $ 2,591,242 $ 1,636,424 Adjustments Amortization of Intangibles (34,032 ) (68,470 ) Transaction-Related Charges (170,524 ) (194,121 ) Income Associated with Non-Controlling 371,281 189,782 Total Consolidation Adjustments and Reconciling Items 166,725 (72,809 ) Income Before Provision for Taxes $ 2,757,967 $ 1,563,615 (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 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 September 30, 2017 and 2016: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,694,140 $ 52,637(a) $ 1,746,777 $ 1,394,869 $ 36,816(a) $ 1,431,685 Expenses $ 837,278 $ 66,482(b) $ 903,760 $ 686,900 $ 86,877(b) $ 773,777 Other Income $ — $ 63,448(c) $ 63,448 $ — $ 61,395(c) $ 61,395 Economic Income $ 856,862 $ 49,603(d) $ 906,465 $ 707,969 $ 11,334(d) $ 719,303 (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 (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Three Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (51,984 ) $ (37,835 ) Fund Expenses Added in Consolidation 931 5,141 Income Associated with Non-Controlling 116,661 93,417 Transaction-Related Other Income (Loss) (2,160 ) 672 Total Consolidation Adjustments and Reconciling Items $ 63,448 $ 61,395 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2017 2016 Economic Income $ 856,862 $ 707,969 Adjustments Amortization of Intangibles (11,344 ) (22,054 ) Transaction-Related Charges (55,714 ) (60,029 ) Income Associated with Non-Controlling 116,661 93,417 Total Consolidation Adjustments and Reconciling Items 49,603 11,334 Income Before Provision for Taxes $ 906,465 $ 719,303 The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2017 and 2016: September 30, 2017 and the Nine Months Then Ended Nine Months Ended September 30, 2016 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 5,061,345 $ 175,510(a) $ 5,236,855 $ 3,489,460 $ 67,005(a) $ 3,556,465 Expenses $ 2,470,103 $ 248,419(b) $ 2,718,522 $ 1,853,036 $ 251,054(b) $ 2,104,090 Other Income $ — $ 239,634(c) $ 239,634 $ — $ 111,240(c) $ 111,240 Economic Income $ 2,591,242 $ 166,725(d) $ 2,757,967 $ 1,636,424 $ (72,809)(d) $ 1,563,615 Total Assets $ 20,177,601 $ 11,584,386(e) $ 31,761,987 (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 (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles, expenses related to transaction-related equity-based compensation and the elimination of inter-segment interest expense to arrive at Blackstone consolidated expenses. (c) The Other Income adjustment results from the following: Nine Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (174,261 ) $ (68,308 ) Fund Expenses Added in Consolidation 39,334 (4,016 ) Income Associated with Non-Controlling 371,281 189,782 Transaction-Related Other Income (Loss) 3,280 (6,218 ) Total Consolidation Adjustments and Reconciling Items $ 239,634 $ 111,240 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Nine Months Ended September 30, 2017 2016 Economic Income $ 2,591,242 $ 1,636,424 Adjustments Amortization of Intangibles (34,032 ) (68,470 ) Transaction-Related Charges (170,524 ) (194,121 ) Income Associated with Non-Controlling 371,281 189,782 Total Consolidation Adjustments and Reconciling Items 166,725 (72,809 ) Income Before Provision for Taxes $ 2,757,967 $ 1,563,615 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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	Sep. 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	(1,171,163)	(1,138,272)
Intangible Assets, Net	$ 229,713	$ 262,604

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Intangible Assets [Line Items]
Amortization Expense	$ 11,000	$ 21,700	$ 32,891	$ 67,328
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 4 months 24 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Investments	$ 22,385,192	$ 17,694,975
Performance Fees
Schedule of Investments [Line Items]
Investments	5,761,285	5,320,994
Other Investments
Schedule of Investments [Line Items]
Investments	299,780	282,491
Equity Method Investments
Schedule of Investments [Line Items]
Investments	3,114,059	3,092,378
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	10,272,075	6,480,674
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,937,993	$ 2,518,438

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Investment [Line Items]
Investments	$ 22,385,192		$ 22,385,192		$ 17,694,975
Recognized net gains related to equity method investments	152,100	$ 50,600	444,700	$ 120,300
Consolidated Blackstone Funds
Investment [Line Items]
Investments	10,272,075		10,272,075		6,480,674
Consolidated Blackstone Funds | Blackstone
Investment [Line Items]
Investments	$ 466,500		$ 466,500		$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 74,805	$ 119,351	$ 451,207	$ 172,387
Net Change in Unrealized Gains (Losses)	96,085	23,752	63,172	67,347
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	170,890	143,103	514,379	239,734
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	36,974	21,819	99,172	67,180
Consolidated Blackstone Funds
Gain (Loss) on Investments [Line Items]
Realized Gains	2,664	52,046	110,349	62,993
Net Change in Unrealized Gains (Losses)	16,990	(26,764)	7,951	(35,112)
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	19,654	25,282	118,300	27,881
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	43,794	36,113	121,334	83,359
Other Income - Net Gains from Fund Investment Activities	$ 63,448	$ 61,395	$ 239,634	$ 111,240

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	$ 74,805	$ 119,351	$ 451,207	$ 172,387
Net Change in Unrealized Gains	96,085	23,752	63,172	67,347
Total realized and net change in unrealized gains (losses)	170,890	143,103	514,379	239,734
Corporate Treasury Investments
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	7,424	(3,159)	3,995	(12,404)
Net Change in Unrealized Gains	8,258	17,689	51,553	32,384
Total realized and net change in unrealized gains (losses)	$ 15,682	$ 14,530	$ 55,548	$ 19,980

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 17,694,975
Ending Balance	22,385,192
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	2,417,444
Foreign Exchange Gain	103,542
Fund Distributions	(2,080,695)
Ending Balance	5,761,285
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	781,247
Fund Distributions	(936,507)
Ending Balance	1,829,532
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	1,456,472
Foreign Exchange Gain	103,542
Fund Distributions	(1,108,704)
Ending Balance	3,421,758
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	47,944
Fund Distributions	(4,760)
Ending Balance	49,316
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	131,781
Fund Distributions	(30,724)
Ending Balance	$ 460,679

Realized and Net Change in Un51

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gain (Loss) on Investments [Line Items]
Realized Gains	$ 74,805	$ 119,351	$ 451,207	$ 172,387
Net Change in Unrealized Gains (Losses)	96,085	23,752	63,172	67,347
Total realized and net change in unrealized gains (losses) on other investments	170,890	143,103	514,379	239,734
Other Investments
Gain (Loss) on Investments [Line Items]
Realized Gains	2,955	83	5,825	4,560
Net Change in Unrealized Gains (Losses)	(1,783)	10,039	8,508	7,087
Total realized and net change in unrealized gains (losses) on other investments	$ 1,172	$ 10,122	$ 14,333	$ 11,647

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 478,039
Unfunded Commitments	401
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	262,922	[1]
Unfunded Commitments	133	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	155,584	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	57,552	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,981	[4]
[1]	Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 3% 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 97% 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)	Sep. 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	3.00%
Percentage of investments side pocketed as of reporting date	97.00%
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	$ 26,761	$ 1,138	$ 73,354	$ 12,982
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	$ (1,100)		$ (6,300)

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,457,877	$ 3,069,992
Derivative Liabilities, Notional	2,207,662	977,823
Derivative Assets, Fair Value	49,117	28,443
Derivative Liabilities, Fair Value	12,446	11,376
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	53,837
Derivative Liabilities, Notional	287	51,267
Derivative Assets, Fair Value	29
Derivative Liabilities, Fair Value		587
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,404,040	3,069,992
Derivative Liabilities, Notional	2,207,375	926,556
Derivative Assets, Fair Value	49,088	28,443
Derivative Liabilities, Fair Value	12,446	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 Assets, Fair Value	315
Derivative Liabilities, Fair Value	315	215
Freestanding Derivatives | Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	24,221
Derivative Assets, Fair Value	559
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	25,170
Derivative Liabilities, Notional	42,036	113,057
Derivative Assets, Fair Value	3,410
Derivative Liabilities, Fair Value	4,908	3,350
Freestanding Derivatives | Equity Options | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1
Derivative Assets, Fair Value	84
Derivative Liabilities, Fair Value	16
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	383,381	164,247
Derivative Liabilities, Notional	236,688	127,444
Derivative Assets, Fair Value	3,448	1,037
Derivative Liabilities, Fair Value	1,860	966
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	594,214	254,162
Derivative Liabilities, Notional	92,298	136,025
Derivative Assets, Fair Value	38,292	25,050
Derivative Liabilities, Fair Value	1,356	3,903
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	374,980	2,651,583
Derivative Liabilities, Notional	1,834,280	546,211
Derivative Assets, Fair Value	2,980	2,356
Derivative Liabilities, Fair Value	$ 3,991	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	$ (37)		$ (72)	$ (128)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	13,878	$ (8,438)	4,961	(24,519)
Net Change in Unrealized Gain (Loss)	(28)	17,975	15,172	31,442
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	293		293
Net Change in Unrealized Gain (Loss)	(397)		(397)
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(1,964)	(241)	(3,622)	(4,790)
Net Change in Unrealized Gain (Loss)	1,966	(719)	5,127	(4,201)
Freestanding Derivatives | Equity Options
Derivative [Line Items]
Realized Gains (Losses)	(258)		(258)
Net Change in Unrealized Gain (Loss)	38		38
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	17,002	(4,704)	13,690	(9,424)
Net Change in Unrealized Gain (Loss)	4,638	13,801	17,320	37,992
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(1,195)	(3,493)	(5,142)	(10,305)
Net Change in Unrealized Gain (Loss)	$ (6,273)	$ 4,893	$ (6,916)	$ (2,349)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Loans and Receivables	$ 371,732	$ 211,359
Assets	10,097,965	6,129,090
Liabilities	9,108,441	5,471,398
Debt Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	380,556
Other
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	500
Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	473,270	444,713
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	8,270,151	4,762,071
Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	601,756	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	8,580,092	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	487,160	337,846
Fair value of due to Affiliates	$ 41,189	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Realized 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	$ 3,171		$ 3,515
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	(843)	$ 13,394	8,767	$ (15,156)
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	18	27	19	(266)
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	(4,358)	16,672	(2,778)	(12,288)
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	326	(662)	8,011	(225)
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		(2,643)		(2,377)
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		298	7,418	(2,395)
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	(1,425)	(281)	(3,300)	(1,335)
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	(39,374)	50,779	(8,009)	85,034
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	3,599	10,200	23,824	11,624
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	(29,172)	33,071	(16,974)	70,592
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	(12,732)	7,491	(19,477)	6,548
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	39,007	$ (56,690)	71,719	$ (58,558)
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	$ 356		$ 500

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		$ (37,202)	$ 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
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		(930)
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		(6,387)	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		(31,386)	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		1,501	(6,476)
Fair value of financial instruments more than one day past due	[1]	0	0
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]	$ 0	$ 0
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Information for Financial Ins60

Information for Financial Instruments on Which Fair Value Option was Elected (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Sep. 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 ($)		Sep. 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		Sep. 30, 2017		Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 371,732		$ 211,359
Assets		10,097,965		6,129,090
Securities Sold, Not Yet Purchased		105,517		215,398
Liabilities		9,108,441		5,471,398
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		10,796		5,720
Derivatives liabilities		11,803		6,886
Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		29
Derivatives liabilities				587
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		500
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,270,151		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		601,756		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		8,580,092		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		487,160		337,846
Fair value of due to Affiliates		41,189		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		431,772		443,442
Total Other Assets				3,393
Total Investments		13,509,848		9,281,603
Accounts Receivable - Loans and Receivables		371,732		211,359
Derivatives assets		6,772
Assets		14,320,124		9,939,797
Securities Sold, Not Yet Purchased		105,517		215,398
Total Accounts Payable, Accrued Expenses and Other Liabilities		12,446		11,376
Liabilities		9,226,404		5,698,172
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		6,743		3,393
Derivatives liabilities		6,166		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		3,448		1,037
Derivatives liabilities		1,860		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		2,980		2,356
Derivatives liabilities		3,991		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		29
Derivatives liabilities				587
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		315
Derivatives liabilities		315		215
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		299,780		282,491
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	10,272,075		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]	6,280		7,253
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	559
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]			2,327
Derivatives liabilities	[1]	1,356		3,903
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives | Equity Options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	84
Derivatives liabilities	[1]	16
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]	3,410
Derivatives liabilities	[1]	4,908		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	[1]	38,292		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]	500
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	149,238		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	[1]	233,946		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	[1]	362,039		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	[1]	612,100		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	[1]	8,270,151		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	[1]	601,756		710,947
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,937,993		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		308,876		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		300,884		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		2,328,233		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]	9,067,252	[2]	5,463,650
Fair value of due to Affiliates	[1]	41,189	[2]	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]	8,580,092		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]	487,160		337,846
Fair value of due to Affiliates	[1],[2]	41,189		7,748
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		478,039		430,110
Assets		478,039		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		19,925		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	[1]	149,238		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	[1]	149,238		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		308,876		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		308,876		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		431,772		443,442
Total Other Assets				1,883
Total Investments		540,015		521,434
Derivatives assets		1,762
Assets		973,549		966,759
Total Accounts Payable, Accrued Expenses and Other Liabilities		608		750
Liabilities		608		750
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		1,762		1,883
Derivatives liabilities		608		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		1,762		1,883
Derivatives liabilities		608		750
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		172,761		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	[1]	66,370		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	[1]	62,396		76,381
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	3,974
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		300,884		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		300,884		281,505
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Other Assets				1,510
Total Investments		11,399,823		7,513,598
Derivatives assets		5,010
Assets		11,404,833		7,515,108
Securities Sold, Not Yet Purchased		105,517		215,398
Total Accounts Payable, Accrued Expenses and Other Liabilities		11,838		10,626
Liabilities		9,225,796		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		4,981		1,510
Derivatives liabilities		5,558		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		3,448		1,037
Derivatives liabilities		1,860		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		1,218		473
Derivatives liabilities		3,383		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		29
Derivatives liabilities				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 assets		315
Derivatives liabilities		315		215
Fair Value, Measurements, Recurring | Level 2 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		12,613
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	9,084,712		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]	6,280		7,253
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Freestanding Derivatives | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	559
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]			2,327
Derivatives liabilities	[1]	1,356		3,903
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Freestanding Derivatives | Equity Options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	84
Derivatives liabilities	[1]	16
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]	3,410
Derivatives liabilities	[1]	4,908		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	[1]	38,292		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	[1]	44,142		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]	1,741		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	[1]	562,974		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	[1]	7,831,754		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	[1]	601,756		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		2,302,498		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		2,302,498		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]	9,067,252	[2]	5,463,650
Fair value of due to Affiliates	[1]	41,189	[2]	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]	8,580,092		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]	487,160		337,846
Fair value of due to Affiliates	[1],[2]	41,189		7,748
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,091,971		816,461
Accounts Receivable - Loans and Receivables		371,732		211,359
Assets		1,463,703		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		94,481		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	[1]	971,755		685,873
Assets		971,755		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]	500
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	[1]	127,408		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	[1]	356,324		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	[1]	49,126		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	[1]	438,397		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		25,735		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		$ 25,735		$ 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	9 Months Ended
		Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]	$ 177	$ 938	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 10,097,965	$ 6,129,090
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	14,320,124	9,939,797
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,463,703	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	337,037	211,359
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	34,695
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 64,908	$ 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%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 29,573	$ 21,545
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	971,755	685,873
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		$ 13,723
EBITDA Multiple		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	438,897	$ 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	82,674	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	$ 3,400	$ 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	$ 18,860	$ 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	1,582
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	20,892	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	$ 311,489	$ 303,281
Exit Multiple - NOI	12.5
Exit Multiple - P/E		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	1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 22,619	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	265	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	21,421	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	$ 8,562	5,002
Exit Multiple - NOI	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	$ 39,279	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	1,285	93
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 6,503	$ 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	$ 15,982	$ 20,641
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 3,250
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	7.00%	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%
Reinvestment Rate	4.00%
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	1.00%	(0.20%)
Exit Capitalization Rate	5.30%	5.00%
Exit Multiple - EBITDA	4	4
Exit Multiple - NOI	8.8
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	4.60%	3.40%
Revenue CAGR	(7.40%)	(27.10%)
Exit Capitalization Rate	1.60%	3.00%
Exit Multiple - EBITDA	7	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	6.60%	8.30%
Revenue CAGR	(13.40%)	4.80%
Exit Capitalization Rate	3.10%	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	5.70%
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	13.00%	16.40%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	18.20%	15.00%
Reinvestment Rate	4.13%
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	31.60%	28.70%
Revenue CAGR	31.30%	20.10%
Exit Capitalization Rate	11.40%	11.40%
Exit Multiple - EBITDA	17.1	20
Exit Multiple - NOI	12.5
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	25.30%	27.60%
Revenue CAGR	89.30%	47.30%
Exit Capitalization Rate	11.80%	11.00%
Exit Multiple - EBITDA	15.4	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	18.40%	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	6.30%
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	9.80%	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%
Reinvestment Rate	4.01%
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	12.60%	12.70%
Revenue CAGR	7.20%	6.30%
Exit Capitalization Rate	8.40%	8.50%
Exit Multiple - EBITDA	10	10
Exit Multiple - NOI	10.1
Exit Multiple - P/E	11.2	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	9.30%	9.40%
Revenue CAGR	5.50%	7.20%
Exit Capitalization Rate	5.80%	6.00%
Exit Multiple - EBITDA	9.7	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	10.20%	12.90%
Revenue CAGR	(2.70%)	33.80%
Exit Capitalization Rate	6.00%	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	5.90%
Default Rate		1.80%
Recovery Rate	69.20%	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		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,137,712	$ 1,042,005	$ 1,027,820	$ 1,192,227
Transfer In Due to Consolidation and Acquisition				34,651
Transfer Out Due to Deconsolidation				(38,629)
Transfer In to Level III	[1]	151,669	56,024	121,296	91,079
Transfer Out of Level III	[1]	(63,542)	(47,769)	(157,031)	(96,671)
Purchases		544,293	232,381	1,188,083	634,301
Sales		(335,668)	(327,899)	(796,434)	(867,642)
Settlements		(4,839)	(3,123)	(9,825)	(8,551)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		34,078	27,997	93,772	34,873
Balance, End of Period		1,463,703	979,616	1,463,703	979,616
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		23,491	(11,211)	36,210	(25,092)
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	115,689	128,054	130,588	155,841
Transfer In to Level III	[1],[2]	5,859	5,188	22,254	14,515
Transfer Out of Level III	[1],[2]	(721)	(5,917)	(18,732)	(16,121)
Purchases	[2]	3,250	12,454	24,853	19,427
Sales	[2]	(6,723)	(284)	(50,769)	(30,975)
Settlements	[2]	(370)	(140)	(1,463)	(394)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)	[2]	3,232	3,370	13,485	432
Balance, End of Period	[2]	120,216	142,725	120,216	142,725
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	(446)	2,627	16	2,581
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		306,279	207,519	211,359	261,994
Purchases		241,006	44,988	578,711	348,645
Sales		(174,814)	(175,914)	(426,315)	(531,165)
Settlements		(4,469)	(2,983)	(8,362)	(8,157)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		3,730	2,291	16,339	4,584
Balance, End of Period		371,732	75,901	371,732	75,901
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		3,730	2,292	16,340	4,626
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		715,744	706,432	685,873	774,392
Transfer In Due to Consolidation and Acquisition				34,651
Transfer Out Due to Deconsolidation				(38,629)
Transfer In to Level III	[1]	145,810	50,836	99,042	76,564
Transfer Out of Level III	[1]	(62,821)	(41,852)	(138,299)	(80,550)
Purchases		300,037	174,939	584,519	266,229
Sales		(154,131)	(151,701)	(319,350)	(305,502)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)		27,116	22,336	63,948	29,857
Balance, End of Period		971,755	760,990	971,755	760,990
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		$ 20,207	$ (16,130)	$ 19,854	$ (32,299)
[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 ($)	Sep. 30, 2017	Sep. 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	Sep. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
VIE Assets	$ 892,124	$ 691,953
Maximum Exposure to Loss	989,046	774,504
Investments
Variable Interest Entity [Line Items]
VIE Assets	776,135	644,546
Accounts Receivable
Variable Interest Entity [Line Items]
VIE Assets	19,836	12,308
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	53,358	35,099
Due to Affiliates
Variable Interest Entity [Line Items]
VIE Liabilities	131	577
Accounts Payable, Accrued Expenses and Other Liabilities
Variable Interest Entity [Line Items]
VIE Liabilities	100	38
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	96,691	$ 81,936
Cash Held by Blackstone Funds and Other
Variable Interest Entity [Line Items]
VIE Assets	$ 42,795

Reverse Repurchase and Repurc68

Reverse Repurchase and Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2017
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 119.1	$ 105.6
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	Sep. 30, 2017	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 74,728	$ 75,324
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	74,728	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	74,728	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	12,033	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	31,834	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	$ 30,861	$ 24,689

Offsetting of Assets and Liab70

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 10,825	$ 124,215
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	2,464	118,839
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		2,892
Net Amount	8,361	2,484
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	74,728	75,324
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	74,728	72,195
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		3,129
Repurchase agreements Net Amount	0	0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	86,531	82,797
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	77,192	73,259
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	8,503	8,767
Net Amount	836	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	29
Derivatives Net Amount	29
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		587
Derivatives Net Amount		587
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	10,796	5,720
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	2,464	1,064
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		2,892
Derivatives Net Amount	8,332	1,764
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	11,803	6,886
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	2,464	1,064
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	8,503	5,638
Derivatives Net Amount	$ 836	$ 184

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 128,910	$ 126,784
Prepaid Expenses	90,779	96,888
Other Assets	26,712	37,723
Freestanding Derivatives	6,743	3,393
Net Investment Hedges	29
Total	$ 253,173	$ 264,788

Offsetting Of Assets And Liab72

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

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($)	Oct. 02, 2017	Sep. 29, 2017	Sep. 25, 2017	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Fair value of the CLO assets				$ 10,500,000,000	$ 6,400,000,000
Senior Notes Due 2019
Debt Instrument [Line Items]
Debt instrument, interest rate			6.625%
Debt instrument maturity date			Aug. 15, 2019
Cash consideration offered for tendered notes		$ 259,700,000
Cash tender offer expiration date		Sep. 29, 2017
Senior Notes Due 2027 | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument maturity date	Oct. 2, 2027
Debt instrument face amount	$ 300,000,000
Debt Instrument, frequency of periodic payment	Notes is payable semi-annually in arrears on October 2 and April 2 of each year, commencing on April 2, 2018
Debt instrument, date of first required payment	Apr. 2, 2018
Senior Notes Due 2047 | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%
Debt instrument maturity date	Oct. 2, 2047
Debt instrument face amount	$ 300,000,000
Debt Instrument, frequency of periodic payment	Notes is payable semi-annually in arrears on October 2 and April 2 of each year, commencing on April 2, 2018
Debt instrument, date of first required payment	Apr. 2, 2018
Senior Notes Due 2047 | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying Value		$ 3,511,577	$ 3,399,922
Debt instrument, fair value	[1]	3,809,530	3,557,426
6.625% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	601,028	607,121
Debt instrument, fair value	[1],[2]	632,502	648,765
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		398,409	398,105
Debt instrument, fair value	[1]	443,440	447,600
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		393,887	393,158
Debt instrument, fair value	[1]	438,920	426,520
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		237,971	237,830
Debt instrument, fair value	[1]	319,050	285,450
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,485	488,337
Debt instrument, fair value	[1]	556,950	497,200
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,897	343,816
Debt instrument, fair value	[1]	359,625	322,525
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		349,985	310,805
Debt instrument, fair value	[1]	375,650	331,096
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		697,915	620,750
Debt instrument, fair value	[1]	$ 683,393	$ 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 Value75

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 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		9 Months Ended	12 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Borrowing Outstanding		$ 9,358,089	$ 5,506,976
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 8,712,030	$ 5,124,241
Weighted Average Interest Rate		2.22%	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		$ 646,059	$ 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	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Fair Value	$ 9,108,441	$ 5,471,398
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	3,511,577	3,399,922
Fair Value	8,580,092	5,125,804
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	528,349	345,594
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	53,400	10,000
Fair Value	41,189	7,748
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	53,400	10,000
Fair Value	$ 41,189	$ 7,748

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
2,017	$ 149,309
2,018	0
2,019	585,000
2,020	531,630
2,021	400,000
Thereafter	11,243,219
Total	12,909,158
Operating Borrowings
Debt Instrument [Line Items]
2,018	0
2,019	585,000
2,021	400,000
Thereafter	2,563,260
Total	3,548,260
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2,017	149,309
2,018	0
2,020	531,630
Thereafter	8,679,959
Total	$ 9,360,898

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Taxes [Line Items]
Effective tax rate	6.60%	3.90%	5.30%	5.40%
Provision for Taxes	$ 59,512	$ 27,714	$ 146,557	$ 84,275

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P., Basic		$ 384,642	$ 312,905	$ 1,189,242	$ 671,284
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		289,134	246,086	924,406	532,116
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 673,776	$ 558,991	$ 2,113,648	$ 1,203,400
Weighted-Average Common Units Outstanding, Basic		667,384,727	650,917,510	664,331,632	647,595,189
Weighted-Average Unvested Deferred Restricted Common Units		663,474	1,495,331	823,877	1,379,168
Weighted-Average Blackstone Holdings Partnership Units		532,454,091	543,392,474	534,937,167	545,887,895
Weighted-Average Common Units Outstanding, Diluted		1,200,502,292	1,195,805,315	1,200,092,676	1,194,862,252
Net Income Per Common Unit, Basic		$ 0.58	$ 0.48	$ 1.79	$ 1.04
Net Income Per Common Unit, Diluted		0.56	0.47	1.76	1.01
Distributions Declared Per Common Unit	[1]	$ 0.54	$ 0.36	$ 1.88	$ 1.25
[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 ($)	9 Months Ended
	Sep. 30, 2017	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 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	$ 83,000	$ 78,100	$ 262,773	$ 242,204
Tax benefits in relation to equity-based awards	16,900	$ 8,200	53,700	$ 24,800
Estimated unrecognized compensation expense related to unvested awards	$ 800,200		$ 800,200
Weighted-average period for recognized compensation expense related to unvested awards, years			4 years 2 months 12 days
Total vested and unvested outstanding units	1,200,789,318		1,200,789,318
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	46,941		46,941

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	9 Months Ended
	Sep. 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	2,380,539
Vested (Units) | shares	(5,334,789)
Forfeited (Units) | shares	(318,879)
Ending Balance | shares	31,295,597
Beginning Balance | $ / shares	$ 33.58
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	32.87
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	27.10
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	25.28
Ending Balance | $ / shares	35.31
Blackstone Group L P | Equity Settled Awards Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | $ / shares	24.65
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	29.47
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	20.12
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	29.31
Ending Balance | $ / shares	29.99
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	30.79
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	30.16
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	33.32
Ending Balance | $ / shares	$ 31.78
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	3,390,206
Vested (Units) | shares	(6,094,335)
Forfeited (Units) | shares	(294,728)
Ending Balance | shares	9,207,159
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	12,214
Vested (Units) | shares	(3,080)
Forfeited (Units) | shares	(3,770)
Ending Balance | shares	45,824

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	9 Months Ended
	Sep. 30, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	26,297,212
Deferred Restricted Blackstone Common Units (Units)	7,701,863
Total Equity-Based Awards (Units)	33,999,075
Phantom Units (Units)	35,368
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years 10 months 25 days
Deferred Restricted Blackstone Common Units (Weighted-Average Service in Years)	2 years 2 months 12 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 6 months
Phantom Units (Weighted-Average Service Period in Years)	3 years 1 month 6 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Sep. 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	$ 393,525	$ 342,943
Amounts Due from Portfolio Companies and Funds	646,252	456,469
Management and Performance Fees Due from Non-Consolidated Funds	632,445	445,280
Payments Made on Behalf of Non-Consolidated Entities	345,704	196,134
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	7,713	1,552
Accrual for Potential Clawback of Previously Distributed Carried Interest	1,112
Due from Affiliates, total	2,026,751	1,442,378
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,175,223	1,186,145
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	53,421	28,012
Distributions Received on Behalf of Blackstone Entities	6,473	80,034
Payments Made by Non-Consolidated Entities	41,202	19,833
Due to Note Holders of Consolidated CLO Vehicles	41,189	7,748
Accrual for Potential Repayment of Previously Received Performance Fees	2,171
Due to Affiliates, total	$ 1,319,679	$ 1,321,772

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Investments	$ 22,385,192		$ 22,385,192		$ 17,694,975
Net Income Attributable to Non-Controlling Interests	(116,661)	$ (93,417)	(371,281)	$ (189,782)
Management and Advisory Fees, Net from Affiliates	35,928	39,073	$ 100,376	139,896
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	$ 397,300		$ 397,300
After-tax net present value discount rate assumption	15.00%		15.00%
Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 10,272,075		$ 10,272,075		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	32,600	24,500	83,100	53,000
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	834,400		834,400		$ 740,300
Affiliates
Related Party Transaction [Line Items]
Management and Advisory Fees, Net from Affiliates	35,900	39,100	100,400	139,900
Interest from loans to affiliates	$ 1,100	$ 600	$ 2,400	$ 900

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,700
Total investments at risk in respect of guarantees extended	$ 3.5
Contingent obligations currently anticipated to expire end	2,028
Provision for cash clawback	$ 585.6
Contingent Obligations (Clawback)	5,400
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	175.2
Contingent Obligations (Clawback)	5,000
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	644.5
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 150.9

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) $ in Thousands	Sep. 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	1,059
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	$ 1,112

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 680,641	$ 596,154	$ 2,009,369	$ 1,812,883
Performance Fees Realized - Carried Interest	369,309	503,990	2,082,725	1,058,633
Performance Fees Realized - Incentive Fees	101,186	30,295	189,151	88,155
Performance Fees Unrealized - Carried Interest	432,590	106,202	343,104	242,080
Performance Fees Unrealized - Incentive Fees	(9,241)	30,545	98,403	45,900
Total Performance Fees	893,844	671,032	2,713,383	1,434,768
Investment Income (Loss), Realized	74,805	119,351	451,207	172,387
Investment Income (Loss), Unrealized	96,085	23,752	63,172	67,347
Total Investment Income	170,890	143,103	514,379	239,734
Interest and Dividend Revenue	36,974	21,819	99,172	67,180
Other	(35,572)	(423)	(99,448)	1,900
Total Revenues	1,746,777	1,431,685	5,236,855	3,556,465
Compensation and Benefits Compensation	359,209	329,634	1,078,001	1,031,061
Performance Fee Compensation - Realized Carried Interest	134,014	168,427	695,494	314,511
Performance Fee Compensation - Realized Incentive Fees	46,823	15,436	91,056	44,810
Performance Fee Compensation - Unrealized Carried Interest	187,158	70,044	257,271	175,247
Performance Fee Compensation - Unrealized Incentive Fees	(7,094)	13,508	36,645	19,645
Total Compensation and Benefits	720,110	597,049	2,158,467	1,585,274
Total Expenses	903,760	773,777	2,718,522	2,104,090
Economic Income	906,465	719,303	2,757,967	1,563,615
Segment Assets	31,761,987		31,761,987		$ 26,403,337
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	669,902	593,509	1,984,228	1,774,208
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	32,295	29,021	111,409	109,240
Management and Advisory Fees, Net, Management Fee Offsets	(10,215)	(20,850)	(57,238)	(56,347)
Total Management and Advisory Fees, Net	691,982	601,680	2,038,399	1,827,101
Performance Fees Realized - Carried Interest	369,309	504,022	2,082,924	1,058,665
Performance Fees Realized - Incentive Fees	101,198	30,295	189,441	88,108
Performance Fees Unrealized - Carried Interest	432,597	106,157	342,930	242,031
Performance Fees Unrealized - Incentive Fees	(8,472)	32,172	100,071	47,279
Total Performance Fees	894,632	672,646	2,715,366	1,436,083
Investment Income (Loss), Realized	60,188	60,634	363,969	104,203
Investment Income (Loss), Unrealized	17,384	27,253	(114,718)	16,805
Total Investment Income	77,572	87,887	249,251	121,008
Interest and Dividend Revenue	64,098	33,081	163,229	103,395
Other	(34,144)	(425)	(104,900)	1,873
Total Revenues	1,694,140	1,394,869	5,061,345	3,489,460
Compensation and Benefits Compensation	302,798	268,595	897,082	842,153
Performance Fee Compensation - Realized Carried Interest	134,014	168,427	695,494	314,511
Performance Fee Compensation - Realized Incentive Fees	46,823	15,436	91,056	44,810
Performance Fee Compensation - Unrealized Carried Interest	187,158	70,044	257,271	175,247
Performance Fee Compensation - Unrealized Incentive Fees	(7,094)	13,508	36,645	19,645
Total Compensation and Benefits	663,699	536,010	1,977,548	1,396,366
Other Operating Expenses	173,579	150,890	492,555	456,670
Total Expenses	837,278	686,900	2,470,103	1,853,036
Economic Income	856,862	707,969	2,591,242	1,636,424
Segment Assets	20,177,601		20,177,601
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	182,108	131,708	536,127	393,833
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	10,269	12,892	46,416	32,901
Management and Advisory Fees, Net, Management Fee Offsets	(1,088)	(12,917)	(17,031)	(23,960)
Total Management and Advisory Fees, Net	191,289	131,683	565,512	402,774
Performance Fees Realized - Carried Interest	101,918	26,398	881,856	113,736
Performance Fees Unrealized - Carried Interest	80,003	144,597	(104,230)	303,519
Total Performance Fees	181,921	170,995	777,626	417,255
Investment Income (Loss), Realized	7,077	15,469	129,134	23,038
Investment Income (Loss), Unrealized	17,440	8,884	(48,398)	21,558
Total Investment Income	24,517	24,353	80,736	44,596
Interest and Dividend Revenue	15,089	9,160	38,462	28,525
Other	(8,346)	411	(26,270)	2,219
Total Revenues	404,470	336,602	1,436,066	895,369
Compensation and Benefits Compensation	96,409	73,889	270,995	237,303
Performance Fee Compensation - Realized Carried Interest	48,019	13,741	292,712	60,114
Performance Fee Compensation - Unrealized Carried Interest	45,484	69,300	28,347	98,046
Total Compensation and Benefits	189,912	156,930	592,054	395,463
Other Operating Expenses	49,773	47,534	140,260	143,968
Total Expenses	239,685	204,464	732,314	539,431
Economic Income	164,785	132,138	703,752	355,938
Segment Assets	6,102,906		6,102,906
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	224,048	197,629	649,792	598,540
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	20,616	14,190	57,982	71,096
Management and Advisory Fees, Net, Management Fee Offsets	(4,232)	(842)	(12,800)	(5,656)
Total Management and Advisory Fees, Net	240,432	210,977	694,974	663,980
Performance Fees Realized - Carried Interest	261,122	461,980	1,169,967	928,989
Performance Fees Realized - Incentive Fees	50,588	3,857	58,817	14,025
Performance Fees Unrealized - Carried Interest	292,544	(113,449)	347,476	(209,846)
Performance Fees Unrealized - Incentive Fees	(21,977)	14,445	19,344	30,152
Total Performance Fees	582,277	366,833	1,595,604	763,320
Investment Income (Loss), Realized	44,449	46,704	221,627	79,608
Investment Income (Loss), Unrealized	(8,319)	(6,725)	(112,691)	(17,764)
Total Investment Income	36,130	39,979	108,936	61,844
Interest and Dividend Revenue	24,283	12,460	63,448	38,732
Other	(13,108)	(548)	(39,223)	(226)
Total Revenues	870,014	629,701	2,423,739	1,527,650
Compensation and Benefits Compensation	105,753	99,886	318,721	303,352
Performance Fee Compensation - Realized Carried Interest	84,192	147,419	388,409	246,936
Performance Fee Compensation - Realized Incentive Fees	21,887	1,764	26,182	7,197
Performance Fee Compensation - Unrealized Carried Interest	113,731	(38,972)	184,703	2,988
Performance Fee Compensation - Unrealized Incentive Fees	(10,005)	6,229	8,184	12,929
Total Compensation and Benefits	315,558	216,326	926,199	573,402
Other Operating Expenses	58,012	47,908	165,354	148,206
Total Expenses	373,570	264,234	1,091,553	721,608
Economic Income	496,444	365,467	1,332,186	806,042
Segment Assets	8,152,984		8,152,984
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	129,410	130,305	386,576	390,586
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	48	116	2,003	654
Management and Advisory Fees, Net, Management Fee Offsets	(28)		(28)
Total Management and Advisory Fees, Net	129,430	130,421	388,551	391,240
Performance Fees Realized - Incentive Fees	14,217	4,572	35,896	7,005
Performance Fees Unrealized - Carried Interest	635	(84)	4,575	749
Performance Fees Unrealized - Incentive Fees	29,349	12,038	92,118	10,139
Total Performance Fees	44,201	16,526	132,589	17,893
Investment Income (Loss), Realized	1,316	(1,211)	909	(6,471)
Investment Income (Loss), Unrealized	12,723	12,219	42,594	9,285
Total Investment Income	14,039	11,008	43,503	2,814
Interest and Dividend Revenue	10,594	4,692	26,917	15,193
Other	(5,859)	(260)	(18,189)	(523)
Total Revenues	192,405	162,387	573,371	426,617
Compensation and Benefits Compensation	44,347	47,206	139,312	145,811
Performance Fee Compensation - Realized Incentive Fees	6,884	2,902	18,563	6,090
Performance Fee Compensation - Unrealized Carried Interest	216	35	1,603	273
Performance Fee Compensation - Unrealized Incentive Fees	10,397	4,557	33,643	3,842
Total Compensation and Benefits	61,844	54,700	193,121	156,016
Other Operating Expenses	29,047	27,432	81,087	80,796
Total Expenses	90,891	82,132	274,208	236,812
Economic Income	101,514	80,255	299,163	189,805
Segment Assets	2,363,565		2,363,565
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net, Base Management Fees	134,336	133,867	411,733	391,249
Management and Advisory Fees, Net, Transaction, Advisory and Other Fees, Net	1,362	1,823	5,008	4,589
Management and Advisory Fees, Net, Management Fee Offsets	(4,867)	(7,091)	(27,379)	(26,731)
Total Management and Advisory Fees, Net	130,831	128,599	389,362	369,107
Performance Fees Realized - Carried Interest	6,269	15,644	31,101	15,940
Performance Fees Realized - Incentive Fees	36,393	21,866	94,728	67,078
Performance Fees Unrealized - Carried Interest	59,415	75,093	95,109	147,609
Performance Fees Unrealized - Incentive Fees	(15,844)	5,689	(11,391)	6,988
Total Performance Fees	86,233	118,292	209,547	237,615
Investment Income (Loss), Realized	7,346	(328)	12,299	8,028
Investment Income (Loss), Unrealized	(4,460)	12,875	3,777	3,726
Total Investment Income	2,886	12,547	16,076	11,754
Interest and Dividend Revenue	14,132	6,769	34,402	20,945
Other	(6,831)	(28)	(21,218)	403
Total Revenues	227,251	266,179	628,169	639,824
Compensation and Benefits Compensation	56,289	47,614	168,054	155,687
Performance Fee Compensation - Realized Carried Interest	1,803	7,267	14,373	7,461
Performance Fee Compensation - Realized Incentive Fees	18,052	10,770	46,311	31,523
Performance Fee Compensation - Unrealized Carried Interest	27,727	39,681	42,618	73,940
Performance Fee Compensation - Unrealized Incentive Fees	(7,486)	2,722	(5,182)	2,874
Total Compensation and Benefits	96,385	108,054	266,174	271,485
Other Operating Expenses	36,747	28,016	105,854	83,700
Total Expenses	133,132	136,070	372,028	355,185
Economic Income	94,119	$ 130,109	256,141	$ 284,639
Segment Assets	$ 3,558,146		$ 3,558,146

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2017		Sep. 30, 2016		Sep. 30, 2017		Sep. 30, 2016		Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues		$ 1,746,777		$ 1,431,685		$ 5,236,855		$ 3,556,465
Expenses		903,760		773,777		2,718,522		2,104,090
Other Income		63,448		61,395		239,634		111,240
Economic Income		906,465		719,303		2,757,967		1,563,615
Total Assets		31,761,987				31,761,987				$ 26,403,337
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,694,140		1,394,869		5,061,345		3,489,460
Expenses		837,278		686,900		2,470,103		1,853,036
Economic Income		856,862		707,969		2,591,242		1,636,424
Total Assets		20,177,601				20,177,601
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues	[1]	52,637		36,816		175,510		67,005
Expenses	[2]	66,482		86,877		248,419		251,054
Other Income		63,448	[3]	61,395	[3]	239,634	[4]	111,240	[4]
Economic Income		49,603	[5]	$ 11,334	[5]	166,725	[6]	$ (72,809)	[6]
Total Assets	[7]	$ 11,584,386				$ 11,584,386
[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 September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (51,984 ) $ (37,835 ) Fund Expenses Added in Consolidation 931 5,141 Income Associated with Non-Controlling Interests of Consolidated Entities 116,661 93,417 Transaction-Related Other Income (Loss) (2,160 ) 672 Total Consolidation Adjustments and Reconciling Items $ 63,448 $ 61,395
[4]	The Other Income adjustment results from the following: Nine Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (174,261 ) $ (68,308 ) Fund Expenses Added in Consolidation 39,334 (4,016 ) Income Associated with Non-Controlling Interests of Consolidated Entities 371,281 189,782 Transaction-Related Other Income (Loss) 3,280 (6,218 ) Total Consolidation Adjustments and Reconciling Items $ 239,634 $ 111,240
[5]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2017 2016 Economic Income $ 856,862 $ 707,969 Adjustments Amortization of Intangibles (11,344 ) (22,054 ) Transaction-Related Charges (55,714 ) (60,029 ) Income Associated with Non-Controlling Interests of Consolidated Entities 116,661 93,417 Total Consolidation Adjustments and Reconciling Items 49,603 11,334 Income Before Provision for Taxes $ 906,465 $ 719,303
[6]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Nine Months Ended September 30, 2017 2016 Economic Income $ 2,591,242 $ 1,636,424 Adjustments Amortization of Intangibles (34,032 ) (68,470 ) Transaction-Related Charges (170,524 ) (194,121 ) Income Associated with Non-Controlling Interests of Consolidated Entities 371,281 189,782 Total Consolidation Adjustments and Reconciling Items 166,725 (72,809 ) Income Before Provision for Taxes $ 2,757,967 $ 1,563,615
[7]	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				9 Months Ended
	Sep. 30, 2017		Sep. 30, 2016		Sep. 30, 2017		Sep. 30, 2016
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Income (Loss)	$ (51,984)		$ (37,835)		$ (174,261)		$ (68,308)
Fund Expenses Added in Consolidation	931		5,141		39,334		(4,016)
Income Associated with Non-Controlling Interests of Consolidated Entities	116,661		93,417		371,281		189,782
Transaction-Related Other Income (Loss)	(2,160)		672		3,280		(6,218)
Total Other Income	63,448		61,395		239,634		111,240
Amortization of Intangibles	(11,344)		(22,054)		(34,032)		(68,470)
Transaction-Related Charges	(55,714)		(60,029)		(170,524)		(194,121)
Income Associated with Non-Controlling Interests of Consolidated Entities	116,661		93,417		371,281		189,782
Economic Income	906,465		719,303		2,757,967		1,563,615
Operating Segments
Segment Reporting Information [Line Items]
Economic Income	856,862		707,969		2,591,242		1,636,424
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Total Other Income	63,448	[1]	61,395	[1]	239,634	[2]	111,240	[2]
Economic Income	$ 49,603	[3]	$ 11,334	[3]	$ 166,725	[4]	$ (72,809)	[4]
[1]	The Other Income adjustment results from the following: Three Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (51,984 ) $ (37,835 ) Fund Expenses Added in Consolidation 931 5,141 Income Associated with Non-Controlling Interests of Consolidated Entities 116,661 93,417 Transaction-Related Other Income (Loss) (2,160 ) 672 Total Consolidation Adjustments and Reconciling Items $ 63,448 $ 61,395
[2]	The Other Income adjustment results from the following: Nine Months Ended September 30, 2017 2016 Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss $ (174,261 ) $ (68,308 ) Fund Expenses Added in Consolidation 39,334 (4,016 ) Income Associated with Non-Controlling Interests of Consolidated Entities 371,281 189,782 Transaction-Related Other Income (Loss) 3,280 (6,218 ) Total Consolidation Adjustments and Reconciling Items $ 239,634 $ 111,240
[3]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended September 30, 2017 2016 Economic Income $ 856,862 $ 707,969 Adjustments Amortization of Intangibles (11,344 ) (22,054 ) Transaction-Related Charges (55,714 ) (60,029 ) Income Associated with Non-Controlling Interests of Consolidated Entities 116,661 93,417 Total Consolidation Adjustments and Reconciling Items 49,603 11,334 Income Before Provision for Taxes $ 906,465 $ 719,303
[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: Nine Months Ended September 30, 2017 2016 Economic Income $ 2,591,242 $ 1,636,424 Adjustments Amortization of Intangibles (34,032 ) (68,470 ) Transaction-Related Charges (170,524 ) (194,121 ) Income Associated with Non-Controlling Interests of Consolidated Entities 371,281 189,782 Total Consolidation Adjustments and Reconciling Items 166,725 (72,809 ) Income Before Provision for Taxes $ 2,757,967 $ 1,563,615

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Oct. 02, 2017	Sep. 29, 2017	Sep. 25, 2017
Senior Notes Due 2027 | Subsequent Event
Subsequent Event [Line Items]
Debt instrument face amount	$ 300,000,000
Debt instrument maturity date	Oct. 2, 2027
Debt instrument, interest rate	3.15%
Senior Notes Due 2047 | Subsequent Event
Subsequent Event [Line Items]
Debt instrument face amount	$ 300,000,000
Debt instrument maturity date	Oct. 2, 2047
Debt instrument, interest rate	4.00%
Senior Notes Due 2019
Subsequent Event [Line Items]
Cash consideration offered for tendered notes		$ 259,700,000
Cash tender offer expiration date		Sep. 29, 2017
Debt instrument maturity date			Aug. 15, 2019
Debt instrument, interest rate			6.625%