Blackstone (BX) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		661,530,630

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and Cash Equivalents	$ 1,746,948	$ 1,992,497
Cash Held by Blackstone Funds and Other	703,182	1,929,531
Investments (including assets pledged of $171,182 and $169,746 at March 31, 2018 and December 31, 2017, respectively)	19,763,563	24,434,049
Accounts Receivable	738,912	875,018
Due from Affiliates	1,852,396	2,028,137
Intangible Assets, Net	395,336	409,828
Goodwill	1,778,192	1,778,192
Other Assets	236,406	242,697
Deferred Tax Assets	718,440	725,970
Total Assets	27,933,375	34,415,919
Liabilities and Partners' Capital
Loans Payable	9,307,266	14,815,436
Due to Affiliates	930,350	937,158
Accrued Compensation and Benefits	2,608,743	2,623,492
Securities Sold, Not Yet Purchased	167,457	154,380
Repurchase Agreements	142,519	118,840
Accounts Payable, Accrued Expenses and Other Liabilities	1,252,231	2,043,522
Total Liabilities	14,408,566	20,692,828
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	209,010	210,944
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 666,812,752 issued and outstanding as of March 31, 2018; 659,526,093 issued and outstanding as of December 31, 2017)	6,541,409	6,668,511
Accumulated Other Comprehensive Loss	(27,203)	(34,018)
Total The Blackstone Group L.P. Partners' Capital	6,514,206	6,634,493
Non-Controlling Interests in Consolidated Entities	3,333,954	3,253,148
Non-Controlling Interests in Blackstone Holdings	3,467,639	3,624,506
Total Partners' Capital	13,315,799	13,512,147
Total Liabilities and Partners' Capital	$ 27,933,375	$ 34,415,919

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments assets pledged	$ 171,182	$ 169,746
Partners' Capital, common units: issued	666,812,752	659,526,093
Partners' Capital, common units: outstanding	666,812,752	659,526,093
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 8,564,903	$ 15,050,406
Liabilities	6,823,783	13,158,295
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Securities Sold, Not Yet Purchased
Liabilities	98,378	89,907
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Investments
Assets	7,556,384	12,948,653
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Accounts Receivable
Assets	296,348	470,156
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | Repurchase Agreements
Liabilities	142,519	118,840
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	5,765,189	11,300,621
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	700,567	1,580,296
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	6,759	46,112
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	4,845	5,189
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	121,294	86,393
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 696,403	$ 1,562,534

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenues
Management and Advisory Fees, Net		$ 728,849	$ 645,484
Performance Fees Realized - Incentive Fees		12,566	46,511
Performance Allocations
Realized		269,640	1,111,905
Unrealized		628,089	(124,621)
Principal Investments
Realized		42,145	251,344
Unrealized		111,774	(40,188)
Total Investment Income		1,051,648	1,198,440
Interest and Dividend Revenue		35,385	28,495
Other		(59,317)	(4,212)
Total Revenues		1,769,131	1,914,718
Expenses
Compensation and Benefits Compensation		389,403	351,589
Incentive Fee Compensation		6,662	22,465
Performance Allocations Compensation
Realized		112,062	366,478
Unrealized		254,435	7,533
Total Compensation and Benefits		762,562	748,065
General, Administrative and Other		126,713	109,386
Interest Expense		38,671	40,246
Fund Expenses		54,985	24,076
Total Expenses		982,931	921,773
Other Income
Net Gains from Fund Investment Activities		110,599	66,132
Income Before Provision for Taxes		896,799	1,059,077
Provision for Taxes		54,495	57,437
Net Income		842,304	1,001,640
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(1,275)	2,000
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		155,499	138,685
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		320,208	409,046
Net Income Attributable to The Blackstone Group L.P.		$ 367,872	$ 451,909
Net Income Per Common Unit
Common Units, Basic		$ 0.55	$ 0.68
Common Units, Diluted		$ 0.53	$ 0.68
Weighted-Average Common Units Outstanding
Common Units, Basic		674,479,140	660,939,708
Common Units, Diluted		1,210,573,854	1,199,506,983
Distributions Declared Per Common Unit	[1]	$ 0.85	$ 0.47
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Income	$ 842,304	$ 1,001,640
Other Comprehensive Income, Net of Tax - Currency Translation Adjustment	4,426	11,504
Comprehensive Income	846,730	1,013,144
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(1,275)	2,000
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	153,110	142,503
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	320,208	409,046
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 374,687	$ 459,595

Consolidated Statement of Chang

Consolidated Statement of Changes in Partners' Capital - USD ($) $ in Thousands	Total	Common Units	Accumulated Other Comprehensive (Loss)	Parent	Noncontrolling InterestConsolidated Entities	Noncontrolling InterestBlackstone Holdings
Beginning Balance at Dec. 31, 2016	$ 12,322,091	$ 6,521,531	$ (62,887)	$ 6,458,644	$ 2,428,964	$ 3,434,483
Beginning Balance, Units at Dec. 31, 2016		643,459,542
Net Income	999,640	$ 451,909		451,909	138,685	409,046
Currency Translation Adjustment	11,504		7,686	7,686	3,818
Capital Contributions	238,203				238,203
Capital Distributions	(750,380)	(308,925)		(308,925)	(156,819)	(284,636)
Transfer of Non-Controlling Interests in Consolidated Entities	(2,062)				(2,062)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	2,297	2,297		2,297
Equity-Based Compensation	80,058	43,703		43,703		36,355
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(12,730)	$ (11,940)		(11,940)		(790)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		3,780,081
Change in The Blackstone Group L.P.'s Ownership Interest	10,789	$ (10,789)		(10,789)		10,789
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 13,522		13,522		(13,522)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		2,112,784
Ending Balance at Mar. 31, 2017	12,888,621	$ 6,701,308	(55,201)	6,646,107	2,650,789	3,591,725
Ending Balance, Units at Mar. 31, 2017		649,352,407
Beginning Balance at Dec. 31, 2016	185,390
Net Income	2,000
Capital Contributions	11,484
Capital Distributions	(10,216)
Ending Balance at Mar. 31, 2017	188,658
Beginning Balance at Dec. 31, 2017	13,512,147	$ 6,668,511	(34,018)	6,634,493	3,253,148	3,624,506
Beginning Balance, Units at Dec. 31, 2017		659,526,093
Transfer Out Due to Deconsolidation of Fund Entities	(197,091)				(197,091)
Net Income	843,579	$ 367,872		367,872	155,499	320,208
Currency Translation Adjustment	4,426		6,815	6,815	(2,389)
Capital Contributions	223,509				223,509
Capital Distributions	(1,184,440)	(570,570)		(570,570)	(121,711)	(492,159)
Transfer of Non-Controlling Interests in Consolidated Entities	22,989				22,989
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	3,520	3,520		3,520
Equity-Based Compensation	74,541	41,439		41,439		33,102
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(12,351)	$ (11,870)		(11,870)		(481)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		3,077,431
Change in The Blackstone Group L.P.'s Ownership Interest	6,124	$ (6,124)		(6,124)		6,124
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 23,661		23,661		(23,661)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		3,458,489
Issuance of Common Units, Units		750,739
Ending Balance at Mar. 31, 2018	13,315,799	$ 6,541,409	$ (27,203)	6,514,206	$ 3,333,954	$ 3,467,639
Ending Balance, Units at Mar. 31, 2018		666,812,752
Beginning Balance at Dec. 31, 2017	210,944
Net Income	(1,275)
Capital Contributions	1,100
Capital Distributions	(1,759)
Ending Balance at Mar. 31, 2018	209,010
Issuance of Common Units	$ 24,970	$ 24,970		$ 24,970

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities
Net Income	$ 842,304	$ 1,001,640
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(306,440)	(1,464,126)
Changes in Unrealized Gains on Investments	(209,015)	63,480
Non-Cash Performance Allocations	(628,089)	129,872
Non-Cash Performance Allocations and Incentive Fee Compensation	373,159	396,476
Equity-Based Compensation Expense	92,223	91,269
Amortization of Intangibles	14,492	10,964
Other Non-Cash Amounts Included in Net Income	86,332	53,161
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entity	31,422
Cash Relinquished with Deconsolidation of Fund Entities	(899,959)
Accounts Receivable	132,711	352,788
Reverse Repurchase Agreements		73,860
Due from Affiliates	(186,713)	(146,750)
Other Assets	(5,918)	2,335
Accrued Compensation and Benefits	(403,634)	(523,779)
Securities Sold, Not Yet Purchased	16,003	(37,632)
Accounts Payable, Accrued Expenses and Other Liabilities	(391,003)	(657,002)
Repurchase Agreements	23,678	19,415
Due to Affiliates	11,469	(65,935)
Investments Purchased	(5,007,608)	(2,330,873)
Cash Proceeds from Sale of Investments	4,644,753	3,583,318
Net Cash Provided by (Used in) Operating Activities	(1,769,833)	552,481
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(4,686)	(10,007)
Net Cash Used in Investing Activities	(4,686)	(10,007)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(123,422)	(139,059)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	221,578	246,274
Payments Under Tax Receivable Agreement		(59,667)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(12,351)	(12,730)
Proceeds from Loans Payable	2,248,376	996,892
Repayment and Repurchase of Loans Payable	(1,004,660)	(125,425)
Distributions to Unitholders	(1,062,729)	(593,561)
Net Cash Provided by Financing Activities	266,792	312,724
Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash	21,368	15,954
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash
Net Increase (Decrease)	(1,486,359)	871,152
Beginning of Period	3,936,489	2,860,955
End of Period	2,450,130	3,732,107
Supplemental Disclosure of Cash Flows Information
Payments for Interest	41,764	57,339
Payments for Income Taxes	20,201	16,849
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders		1,738
Non-Cash Distributions to Non-Controlling Interest Holders		(27,976)
Transfer of Interests to Non-Controlling Interest Holders	22,989	(2,062)
Change in The Blackstone Group L.P.'s Ownership Interest	(6,124)	(10,789)
Net Settlement of Vested Common Units	98,870	60,853
Conversion of Blackstone Holdings Units to Common Units	23,661	13,522
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(23,818)	(15,129)
Due to Affiliates	20,298	12,832
Partners' Capital	3,520	$ 2,297
Issuance of Common Units	$ 24,970

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents	$ 1,746,948	$ 1,992,497
Cash Held by Blackstone Funds and Other	703,182	1,929,531
Restricted Cash included in Other Assets	0	14,461
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash	$ 2,450,130	$ 3,936,489

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2018
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	3 Months Ended
	Mar. 31, 2018
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 financial 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 control held 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 continuously reconsiders that conclusion. In determining whether the Partnership is the primary beneficiary, Blackstone evaluates its control rights as well as 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”. Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, 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. See Note 18, “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Investment Income represents the unrealized and realized gains and losses on the Partnership’s Performance Allocations and Principal Investments. Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments held by the Partnership. Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars. Management and Advisory Fees, Net The Partnership earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require the Partnership to provide investment management services, which represents a performance obligation that the Partnership satisfies over time. Management fees are a form of variable consideration because the fees the Partnership is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees (including monitoring fees) are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to the Partnership (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to the Partnership by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for the Partnership’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or the Partnership primarily for placement fees. Providing investment management services requires the Partnership to arrange for services on behalf of its customers. In those situations where the Partnership is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, the cost of those services is presented gross as an expense with any reimbursement from the limited partners of the funds recorded as revenue. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In certain fund structures across private equity, real estate, hedge fund solutions and credit-focused funds (“carry funds”), Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, the Partnership calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to the Partnership for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to the Partnership to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. The Partnership ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. The Partnership is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on the Partnership’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue 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. 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. The Partnership has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, the Partnership measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any nonfinancial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by the Partnership (other than those that represent compensation for services) and the Partnership’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling non-consolidated 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 except in cases where the fair value option has been elected. 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. In cases where the Partnership’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), the Partnership’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period the Partnership calculates the Accrued Performance Allocations that would be due to the Partnership for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to the Partnership to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. The Partnership ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. The Partnership is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Repurchase Agreements Securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. The Partnership manages credit exposure arising from 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 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 repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to 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 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 new guidance was effective for Blackstone beginning January 1, 2018 and was adopted on a full retrospective basis. 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. Blackstone has concluded that its Management and Advisory Fees and Incentive Fees are within the scope of the amended revenue recognition guidance. The adoption of the amended guidance did not have a material impact on the recognition of Management and Advisory Fees. For Incentive Fees, the amended guidance changes the presentation and d

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2018
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, December 31, Finite-Lived Intangible Assets / Contractual Rights $ 1,594,876 $ 1,594,876 Accumulated Amortization (1,199,540 ) (1,185,048 ) Intangible Assets, Net $ 395,336 $ 409,828 Amortization expense associated with Blackstone’s intangible assets was $14.5 million and $11.0 million for the three months ended March 31, 2018 and 2017, respectively. Amortization of Intangible Assets held at March 31, 2018 is expected to be $57.9 million, $57.9 million, $57.9 million, $57.9 million, and $50.2 million for each of the years ending December 31, 2018, 2019, 2020, 2021, and 2022, respectively. Blackstone’s intangible assets as of March 31, 2018 are expected to amortize over a weighted-average period of 9.0 years.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2018
INVESTMENTS	4. INVESTMENTS Investments consist of the following: March 31, December 31, Investments of Consolidated Blackstone Funds $ 7,560,831 $ 12,954,121 Equity Method Investments Partnership Investments 3,511,982 3,263,131 Accrued Performance Allocations 5,914,150 5,328,280 Corporate Treasury Investments 2,449,863 2,566,043 Other Investments 326,737 322,474 $ 19,763,563 $ 24,434,049 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $348.7 million and $488.4 million at March 31, 2018 and December 31, 2017, 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 2018 2017 Realized Gains (Losses) $ (17,858 ) $ 55,908 Net Change in Unrealized Gains (Losses) 97,241 (28,522 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 79,383 27,386 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 31,216 38,746 Other Income — Net Gains from Fund Investment Activities $ 110,599 $ 66,132 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations in private equity funds, real estate funds, funds of hedge funds and credit-focused funds. Partnership Investments also includes the 40% non-controlling Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended March 31, 2018 and 2017, 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. Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $162.5 million and $168.5 million for the three months ended March 31, 2018 and 2017, respectively. Accrued Performance Allocations Accrued Performance Allocations to the Partnership in respect of performance of certain Blackstone Funds were as follows: Private Real Hedge Fund Equity Estate Solutions Credit Total Accrued Performance Allocations, December 31, 2017 $ 1,916,971 $ 2,859,307 $ 13,802 $ 538,200 $ 5,328,280 Performance Allocations as a Result of Changes in Fund Fair Values 474,439 357,680 7,072 38,724 877,915 Foreign Exchange Gain — 19,814 — — 19,814 Fund Distributions (76,203 ) (168,717 ) (5,977 ) (60,962 ) (311,859 ) Accrued Performance Allocations, March 31, 2018 $ 2,315,207 $ 3,068,084 $ 14,897 $ 515,962 $ 5,914,150 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 2018 2017 Realized Gains (Losses) $ 2,339 $ (5,681 ) Net Change in Unrealized Gains (Losses) (8,194 ) 30,480 $(5,855) $24,799 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended March 31, 2018 2017 Realized Gains $ 112 $ 5 Net Change in Unrealized Gains (Losses) (4,232 ) 5,488 $ (4,120 ) $ 5,493

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	3 Months Ended
	Mar. 31, 2018
NET ASSET VALUE AS FAIR VALUE	5. NET ASSET VALUE AS FAIR VALUE A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of March 31, 2018 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 270,119 $ 135 (a ) (a ) Credit Driven 135,370 268 (b ) (b ) Equity 55,082 — (c ) (c ) Commodities 1,865 — (d ) (d ) $ 462,436 $ 403 (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 51% 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 49% of investments in this category are redeemable as of the reporting date. (c) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 the resulting loss was $1.4 million. During the three months ended March 31, 2018, Blackstone deconsolidated the foreign investment vehicle for which the foreign currency derivatives were designated as net investment hedges. As a result, $0.8 million was reclassified from Accumulated Other Comprehensive Loss on the Condensed Consolidated Statement of Financial Condition to Other Revenue on the Condensed Consolidated Statement of Operations. Following their de-designation, Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2018 December 31, 2017 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ — $ — $ — $ — $ — $ — $ 50,857 $ 453 Freestanding Derivatives Blackstone Interest Rate Contracts 404,005 570 1,599,198 63,103 225,550 2,042 1,530,751 27,275 Foreign Currency Contracts 465,677 2,151 345,181 1,093 279,050 2,097 296,252 2,975 Credit Default Swaps 446 50 1,852 264 2,073 304 2,073 304 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 101,863 2,922 33,380 1,014 493,181 24,087 264,693 5,628 Credit Default Swaps 35,768 1,819 40,570 4,319 45,670 3,731 45,582 5,163 Total Return Swaps 27,520 772 — — 25,645 526 — — 1,035,279 8,284 2,020,181 69,793 1,071,169 32,787 2,139,351 41,345 $ 1,035,279 $ 8,284 $ 2,020,181 $ 69,793 $ 1,071,169 $ 32,787 $ 2,190,208 $ 41,798 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended 2018 2017 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (8 ) $ (22 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 1,621 $ (940 ) Foreign Currency Contracts (4,083 ) 1,420 Credit Default Swaps (401 ) 5 Total Return Swaps 1 — $ (2,862 ) $ 485 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (37,300 ) $ (217 ) Foreign Currency Contracts (3,728 ) (1,960 ) Credit Default Swaps (127 ) 1,947 Total Return Swaps 57 — $ (41,098 ) $ (230 ) As of March 31, 2018 and December 31, 2017, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	3 Months Ended
	Mar. 31, 2018
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, Assets Loans and Receivables $ 163,135 $ 239,659 Equity and Preferred Securities 476,499 475,485 Debt Securities 489,950 418,061 Assets of Consolidated CLO Vehicles Corporate Loans 6,057,153 10,825,759 Corporate Bonds — 690,125 Other — 458 $ 7,186,737 $ 12,649,547 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 5,612,150 $ 10,594,656 Due to Affiliates 3,269 996 Subordinated Notes Loans Payable 150,220 703,164 Due to Affiliates 65,334 40,390 $ 5,830,973 $ 11,339,206 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2018 2017 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 7,418 Equity and Preferred Securities — 228 — 13,109 Debt Securities 812 581 — — Assets of Consolidated CLO Vehicles Corporate Loans (5,473 ) 18,850 1,872 (11,389 ) Corporate Bonds (24,056 ) 9,693 5,634 (5,874 ) Other — 6 — — $ (28,717 ) $ 29,358 $ 7,506 $ 3,264 Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 43,614 $ — $ 7,912 The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2018 December 31, 2017 For Financial Assets Past Due (a) For Financial Assets Excess Fair Value Excess Excess Fair (Deficiency) Loans and Receivables $ 1,215 $ — $ — $ 1,207 $ — $ — Debt Securities 78 — — (372 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 19,027 — — (13,495 ) 57,778 (19,633 ) Corporate Bonds — — — (21,455 ) — — $ 20,320 $ — $ — $ (34,115 ) $ 57,778 $ (19,633 ) (a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due. As of March 31, 2018 and December 31, 2017, 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	3 Months Ended
	Mar. 31, 2018
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	8. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy: March 31, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 492,345 $ — $ — $ — $ 492,345 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 124,736 124,736 Equity Securities 57,381 52,225 140,272 — 249,878 Partnership and LLC Interests — 1,956 327,949 — 329,905 Debt Instruments — 709,597 84,049 — 793,646 Freestanding Derivatives Foreign Currency Contracts — 2,922 — — 2,922 Credit Default Swaps — 1,819 — — 1,819 Total Return Swaps — 772 — — 772 Assets of Consolidated CLO Vehicles — Corporate Loans — 5,646,272 410,881 — 6,057,153 Total Investments of Consolidated Blackstone Funds 57,381 6,415,563 963,151 124,736 7,560,831 Corporate Treasury Investments Equity Securities 281,273 — — — 281,273 Debt Instruments — 1,830,676 19,946 — 1,850,622 Other — — — 317,968 317,968 Total Corporate Treasury Investments 281,273 1,830,676 19,946 317,968 2,449,863 Other Investments 195,685 13,917 97,403 19,732 326,737 Total Investments 534,339 8,260,156 1,080,500 462,436 10,337,431 Accounts Receivable — Loans and Receivables — — 163,135 — 163,135 Other Assets Freestanding Derivatives Interest Rate Contracts 303 267 — — 570 Foreign Currency Contracts — 2,151 — — 2,151 Credit Default Swaps — 50 — — 50 Total Other Assets 303 2,468 — — 2,771 $ 1,026,987 $ 8,262,624 $ 1,243,635 $ 462,436 $ 10,995,682 March 31, 2018 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 5,612,150 $ — $ 5,612,150 Subordinated Notes (b) — 150,220 — 150,220 Total Loans Payable — 5,762,370 — 5,762,370 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 3,269 — 3,269 Subordinated Notes (b) — 65,334 — 65,334 Total Due to Affiliates — 68,603 — 68,603 Securities Sold, Not Yet Purchased — 167,457 — 167,457 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,014 — 1,014 Credit Default Swaps — 4,319 — 4,319 Total Liabilities of Consolidated Blackstone Funds — 5,333 — 5,333 Freestanding Derivatives Interest Rate Contracts 1,369 61,734 — 63,103 Foreign Currency Contracts — 1,093 — 1,093 Credit Default Swaps — 264 — 264 Total Freestanding Derivatives 1,369 63,091 — 64,460 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,369 68,424 — 69,793 $ 1,369 $ 6,066,854 $ — $ 6,068,223 December 31, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 853,680 $ — $ — $ — $ 853,680 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 130,339 130,339 Equity Securities 67,443 44,026 131,867 — 243,336 Partnership and LLC Interests — 2,549 331,448 — 333,997 Debt Instruments — 643,608 58,155 — 701,763 Freestanding Derivatives Foreign Currency Contracts — 101 — — 101 Credit Default Swaps — 3,731 — — 3,731 Total Return Swaps — 526 — — 526 Assets of Consolidated CLO Vehicles Corporate Loans — 10,318,316 507,443 — 10,825,759 Corporate Bonds — 690,125 — — 690,125 Freestanding Derivatives — Foreign Currency Contracts — 23,986 — — 23,986 Other — — 458 — 458 Total Investments of Consolidated Blackstone Funds 67,443 11,726,968 1,029,371 130,339 12,954,121 Corporate Treasury Investments Equity Securities 282,866 — — — 282,866 Debt Instruments — 1,943,654 24,249 — 1,967,903 Other — — — 315,274 315,274 Total Corporate Treasury Investments 282,866 1,943,654 24,249 315,274 2,566,043 Other Investments 193,072 14,162 95,393 19,847 322,474 Total Investments 543,381 13,684,784 1,149,013 465,460 15,842,638 Accounts Receivable — Loans and Receivables — — 239,659 — 239,659 Other Assets Freestanding Derivatives Interest Rate Contracts 575 1,467 — — 2,042 Foreign Currency Contracts — 2,097 — — 2,097 Credit Default Swaps — 304 — — 304 Total Other Assets 575 3,868 — — 4,443 $ 1,397,636 $ 13,688,652 $ 1,388,672 $ 465,460 $ 16,940,420 December 31, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 10,594,656 $ — $ 10,594,656 Subordinated Notes (b) — 703,164 — 703,164 Total Loans Payable — 11,297,820 — 11,297,820 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 996 — 996 Subordinated Notes (b) — 40,390 — 40,390 Total Due to Affiliates — 41,386 — 41,386 Securities Sold, Not Yet Purchased — 154,380 — 154,380 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 5,628 — 5,628 Credit Default Swaps — 5,163 — 5,163 Total Liabilities of Consolidated Blackstone Funds — 10,791 — 10,791 Freestanding Derivatives Interest Rate Contracts 415 26,860 — 27,275 Foreign Currency Contracts — 2,975 — 2,975 Credit Default Swaps — 304 — 304 Total Freestanding Derivatives 415 30,139 — 30,554 Net Investment Hedges — Foreign Currency Contracts — 453 — 453 Total Accounts Payable, Accrued Expenses and Other Liabilities 415 41,383 — 41,798 $ 415 $ 11,534,969 $ — $ 11,535,384 (a) Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, has a controlling financial interest. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities. (b) Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of March 31, 2018 and 2017, respectively: Three Months Ended 2018 2017 Transfers from Level I into Level II (a) $ — $ — Transfers from Level II into Level I (b) $ 447 $ — (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2018: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 100,064 Discounted Cash Flows Discount Rate 7.1% - 32.1% 12.8% Revenue CAGR -1.2% - 41.0% 7.3% Book Value Multiple 1.0x - 9.5x 7.9x Exit Capitalization Rate 5.0% - 11.4% 8.2% Exit Multiple - EBITDA 2.8x - 16.0x 10.0x Exit Multiple - NOI 8.8x - 12.5x 10.5x Exit Multiple - P/E 10.0x - 17.0x 14.3x 851 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 8.0x 0.9x 23,468 Other N/A N/A N/A 15,889 Transaction Price N/A N/A N/A Partnership and LLC Interests 298,692 Discounted Cash Flows Discount Rate 4.6% - 26.5% 9.8% Revenue CAGR -2.1% - 54.4% 7.6% Book Value Multiple 8.5x - 9.3x 9.1x Exit Capitalization Rate 1.5% - 25.0% 5.7% Exit Multiple - EBITDA 0.1x - 16.6x 9.6x Exit Multiple - NOI 12.5x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 20,122 Other N/A N/A N/A 677 Third Party Pricing N/A N/A N/A 7,928 Transaction Price N/A N/A N/A Debt Instruments 19,567 Discounted Cash Flows Discount Rate 8.2% - 20.0% 9.9% Revenue CAGR 6.6% N/A Exit Capitalization Rate 4.2% - 8.3% 6.6% Exit Multiple - NOI 12.0x N/A 62,392 Third Party Pricing N/A N/A N/A 2,090 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 38 Discounted Cash Flows Discount Rate 9.0% N/A 410,843 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 963,151 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury $ 11,092 Discounted Cash Flows Discount Rate 0.3% - 5.9% 4.8% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 67.3% Reinvestment Rate LIBOR + 400 bps N/A 8,854 Third Party Pricing N/A N/A N/A Loans and Receivables 163,135 Discounted Cash Flows Discount Rate 8.4% - 10.1% 9.1% Other Investments 66,973 Discounted Cash Flows Discount Rate 0.0% - 15.0% 2.0% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 30,430 Transaction Price N/A N/A N/A $ 1,243,635 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, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 91,753 Discounted Cash Flows Discount Rate 7.1% - 31.4% 12.6% Revenue CAGR 1.0% - 49.4% 7.1% Exit Capitalization Rate 5.0% - 11.4% 8.5% Exit Multiple - EBITDA 4.0x - 16.0x 9.9x Exit Multiple - NOI 8.8x - 12.5x 10.5x Exit Multiple - P/E 9.5x - 17.0x 11.0x 862 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 0.9x Exit Multiple - EBITDA 8.0x N/A 17,536 Other N/A N/A N/A 21,716 Transaction Price N/A N/A N/A Partnership and LLC Interests 293,744 Discounted Cash Flows Discount Rate 4.6% - 26.5% 9.8% Revenue CAGR -22.2% - 71.5% 8.4% Exit Capitalization Rate 3.1% - 10.0% 5.7% Exit Multiple - EBITDA 0.1x - 15.0x 8.6x Exit Multiple - NOI 12.5x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 22,346 Other N/A N/A N/A 758 Third Party Pricing N/A N/A N/A 14,070 Transaction Price N/A N/A N/A Debt Instruments 6,122 Discounted Cash Flows Discount Rate 6.6% - 18.4% 9.6% Revenue CAGR 7.7% N/A Exit Capitalization Rate 8.3% N/A Exit Multiple - NOI 12.0x N/A 50,136 Third Party Pricing N/A N/A N/A 1,897 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 8,277 Market Comparable Companies EBITDA Multiple 7.0x N/A 499,624 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,029,371 Corporate Treasury Investments 8,886 Discounted Cash Flows Discount Rate 5.1% - 6.3% 5.4% Default Rate 2.0% N/A Pre-payment 20% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 68.1% Reinvestment Rate LIBOR + 400 bps N/A 15,363 Third Party Pricing N/A N/A N/A Loans and Receivables 239,659 Discounted Cash Flows Discount Rate 7.1% - 10.3% 8.8% Other Investments 65,821 Discounted Cash Flows Discount Rate 0.7% - 13.0% 2.2% 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 29,572 Transaction Price N/A N/A N/A $ 1,388,672 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, 2017, 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 from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2018 2017 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 1,029,371 $ 239,659 $ 119,642 $ 1,388,672 $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 Transfer In Due to Consolidation and Acquisition 50,043 — — 50,043 — — — — Transfer Out Due to Deconsolidation (217,182 ) — — (217,182 ) — — — — Transfer In to Level III (b) 117,089 — — 117,089 47,866 — 9,923 57,789 Transfer Out of Level III (b) (101,336 ) — (8,068 ) (109,404 ) (121,193 ) — (6,080 ) (127,273 ) Purchases 193,859 76,663 4,486 275,008 157,904 69,483 12,447 239,834 Sales (133,311 ) (153,194 ) (175 ) (286,680 ) (112,814 ) (176,160 ) (10,032 ) (299,006 ) Settlements — (3,683 ) (4 ) (3,687 ) — (2,491 ) (100 ) (2,591 ) Changes in Gains Included in Earnings and Other Comprehensive Income 24,618 3,690 1,468 29,776 28,330 9,865 1,687 39,882 Balance, End of Period $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 $ 685,966 $ 112,056 $ 138,433 $ 936,455 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 19,119 $ 3,691 $ (251 ) $ 22,559 $ 3,197 $ 9,864 $ 339 $ 13,400 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. There were no Level III financial liabilities as of and for the three months ended March 31, 2018 and 2017.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2018
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. During the three months ended March 31, 2018, the Partnership’s ownership interest in certain CLO and other vehicles originated outside of the U.S. was diluted such that the Partnership determined that it was no longer the primary beneficiary of these VIEs and deconsolidated these vehicles. As of the date of deconsolidation, the Partnership’s Total Assets, Total Liabilities and Non-Controlling 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 March 31, December 31, Investments $ 942,102 $ 805,501 Accounts Receivable 17,736 15,760 Due from Affiliates 211,763 81,465 Total VIE Assets 1,171,601 902,726 Due to Affiliates 80 179 Potential Clawback Obligation 102,907 98,331 Maximum Exposure to Loss $ 1,274,588 $ 1,001,236

REPURCHASE AGREEMENTS

REPURCHASE AGREEMENTS	3 Months Ended
	Mar. 31, 2018
REPURCHASE AGREEMENTS	10. REPURCHASE AGREEMENTS At March 31, 2018, the Partnership pledged securities with a carrying value of $171.2 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. At December 31, 2017, the Partnership pledged securities with a carrying value of $169.7 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2018 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 25,185 $ 69,960 $ 47,374 $ 142,519 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 142,519 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 22,756 $ 96,084 $ — $ 118,840 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 118,840 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2018
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of March 31, 2018: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 5,591 $ 3,135 $ — $ 2,456 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 69,793 $ 3,135 $ 3,783 $ 62,875 Repurchase Agreements 142,519 142,519 — — $ 212,312 $ 145,654 $ 3,783 $ 62,875 The following tables present the offsetting of assets and liabilities as of December 31, 2017: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 8,801 $ 3,279 $ — $ 5,522 Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 453 $ — $ — $ 453 Freestanding Derivatives 36,234 3,279 32,405 550 Repurchase Agreements 118,840 118,840 — — $ 155,527 $ 122,119 $ 32,405 $ 1,003 Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: March 31, 2018 December 31, 2017 Furniture, Equipment and Leasehold Improvements, Net $ 123,973 $ 126,566 Prepaid Expenses 90,104 78,723 Other Assets 19,558 32,965 Freestanding Derivatives 2,771 4,443 $ 236,406 $ 242,697 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of March 31, 2018, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.1 billion, which was offset with an accompanying overdraft of $1.1 billion.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2018
BORROWINGS	12. BORROWINGS The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the Notes were issued at a discount. All of the Notes accrue interest from the Issue Date and all pay interest in arrears on a semi-annual basis or annual basis as indicated by the Interest Payment Dates. March 31, 2018 December 31, 2017 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 5.875%, Due 3/15/2021 $ 398,620 $ 429,480 $ 398,514 $ 438,320 4.750%, Due 2/15/2023 394,389 422,080 394,137 434,200 6.250%, Due 8/15/2042 238,069 314,100 238,019 328,200 5.000%, Due 6/15/2044 488,588 551,700 488,536 574,100 4.450%, Due 7/15/2045 343,953 358,610 343,925 372,575 2.000%, Due 5/19/2025 364,305 392,099 355,425 385,433 1.000%, Due 10/5/2026 727,645 720,657 709,871 711,440 3.150%, Due 10/2/2027 296,477 286,590 296,399 295,320 4.000%, Due 10/2/2047 290,031 286,710 289,989 296,940 $ 3,542,077 $ 3,762,026 $ 3,514,815 $ 3,836,528 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. Included within Loans Payable and Due to Affiliates within the Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2018 December 31, 2017 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 5,615,425 3.41 % 5.4 $ 10,689,240 2.35 % 4.1 Subordinated Notes 284,735 (a ) N/A 894,367 (a) N/A $ 5,900,160 $ 11,583,607 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles. Senior Secured Notes and Subordinated Notes comprise the following amounts: March 31, 2018 December 31, 2017 Fair Value Amounts Due to Non- Fair Value Amounts Due to Non- Borrowing Fair Value Borrowing Fair Value Senior Secured Notes $ 5,615,419 $ 3,250 $ 3,269 $ 10,595,652 $ 1,000 $ 996 Subordinated Notes 215,554 111,659 65,334 743,554 53,400 40,390 $ 5,830,973 $ 114,909 $ 68,603 $ 11,339,206 $ 54,400 $ 41,386 The Loans Payable of the consolidated CLO vehicles are collateralized by assets held by each respective CLO vehicle and assets of one vehicle may not be used to satisfy the liabilities of another. As of March 31, 2018 and December 31, 2017, the fair value of the consolidated CLO assets was $6.8 billion and $13.4 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. Scheduled principal payments for borrowings as of March 31, 2018 were as follows: Operating Blackstone Fund Total 2018 $ — $ 2,819 $ 2,819 2019 — — — 2020 — — — 2021 400,000 — 400,000 2022 — — — Thereafter 3,207,000 5,900,160 9,107,160 $ 3,607,000 $ 5,902,979 $ 9,509,979

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 6.1% and 5.4% for the three months ended March 31, 2018 and 2017, respectively. Blackstone’s income tax provision was $54.5 million and $57.4 million for the three months ended March 31, 2018 and 2017, respectively. The Blackstone Group L.P. and certain of its subsidiaries operate in the U.S. as partnerships for income tax purposes (partnerships generally are not subject to federal income taxes) and generally as corporate entities in non-U.S. jurisdictions. Blackstone’s effective tax rate for the three months ended March 31, 2018 and 2017 was substantially due to the fact that certain corporate subsidiaries are subject to federal, state, local and foreign income taxes (as applicable) and other subsidiaries are subject to New York City unincorporated business taxes.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	3 Months Ended
	Mar. 31, 2018
NET INCOME PER COMMON UNIT	14. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the three months ended March 31, 2018 and March 31, 2017 was calculated as follows: Three Months Ended March 31, 2018 2017 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 367,872 $ 451,909 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 278,746 363,753 Net Income Attributable to The Blackstone Group L.P., Diluted $ 646,618 $ 815,662 Units Outstanding Weighted-Average Common Units Outstanding, Basic 674,479,140 660,939,708 Weighted-Average Unvested Deferred Restricted Common Units 198,934 809,184 Weighted-Average Blackstone Holdings Partnership Units 535,895,780 537,758,091 Weighted-Average Common Units Outstanding, Diluted 1,210,573,854 1,199,506,983 Net Income Per Common Unit, Basic $ 0.55 $ 0.68 Net Income Per Common Unit, Diluted $ 0.53 $ 0.68 Distributions Declared Per Common Unit (a) $ 0.85 $ 0.47 (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. During the three month periods ended March 31, 2018 and 2017, no units were repurchased. As of March 31, 2018, the amount remaining available for repurchases under this program was $335.8 million. On April 16, 2018 Blackstone announced that its Board of Directors authorized the repurchase of up to $1.0 billion of common units and Blackstone Holdings partnership units, increasing the $335.8 million of repurchase authorization remaining under the prior authorization. Under the 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 units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The unit repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and March 31, 2017, the Partnership recorded compensation expense of $92.2 million and $91.3 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $14.5 million and $14.1 million, respectively. As of March 31, 2018, there was $944.6 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 1,205,550,044 as of March 31, 2018. Total outstanding unvested phantom units were 44,850 as of March 31, 2018. A summary of the status of the Partnership’s unvested equity-based awards as of March 31, 2018 and of changes during the period January 1, 2018 through March 31, 2018 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, 2017 30,023,189 $ 35.26 9,019,974 $ 30.03 44,196 $ 31.85 Granted 1,976,399 32.02 3,248,577 32.52 117 33.43 Vested (2,091,413 ) 36.64 (3,240,593 ) 30.51 (151 ) 32.99 Forfeited — — (59,235 ) 30.20 — — Balance, March 31, 2018 29,908,175 $ 34.95 8,968,723 $ 30.74 44,162 $ 33.16 Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2018, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 26,046,981 3.7 Deferred Restricted Blackstone Common Units 7,729,930 2.3 Total Equity-Based Awards 33,776,911 3.4 Phantom Units 36,235 2.7

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling $ 407,496 $ 410,877 Amounts Due from Portfolio Companies and Funds 389,233 587,955 Management Fees and Performance Allocations Due from Non-Consolidated 574,214 594,484 Payments Made on Behalf of Non-Consolidated 475,313 355,766 Investments Redeemed in Non-Consolidated 5,027 77,943 Accrual for Potential Clawback of Previously Distributed 1,113 1,112 $ 1,852,396 $ 2,028,137 March 31, December 31, Due to Affiliates Due to Certain Non-Controlling $ 736,509 $ 715,734 Distributions Received on Behalf of Certain Non-Controlling 52,464 87,829 Distributions Received on Behalf of Blackstone Entities 1,181 38,789 Payments Made by Non-Consolidated 69,421 51,249 Due to Note Holders of Consolidated CLO Vehicles 68,603 41,386 Accrual for Potential Repayment of Previously Received Performance Allocations 2,172 2,171 $ 930,350 $ 937,158 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 allocation or incentive fee arrangements. As of March 31, 2018 and December 31, 2017, such investments aggregated $840.9 million and $813.2 million, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling Non-Controlling 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 $1.3 million and $0.2 million for the three months ended March 31, 2018 and 2017, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Performance Allocation 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 Performance Allocation 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 Allocations 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 Executive Vice Chairman and a Director of Blackstone, and another senior managing director; an aircraft owned as a personal asset by Jonathan D. Gray, Blackstone’s President and Chief Operating Officer 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 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 $736.5 million 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	3 Months Ended
	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.3 billion of investment commitments as of March 31, 2018 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 $397.3 million as of March 31, 2018 which includes $52.3 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone International Partners LLP. The amount guaranteed as of March 31, 2018 was $178.4 million. Litigation From time to time, Blackstone is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. Contingent Obligations (Clawback) Performance Allocations are subject to clawback to the extent that the Performance Allocations 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 Performance Allocation distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: March 31, 2018 December 31, 2017 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,059 $ 1,113 $ 2,172 $ 1,059 $ 1,112 $ 2,171 For Private Equity, Real Estate, and certain Credit Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of the Partnership, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2018, $669.3 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 Performance Allocations to the Partnership by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds is substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation. If, at March 31, 2018, all of the investments held by our carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $6.5 billion, on an after-tax

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2018
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, middle market direct lending funds and other performing credit strategies), distressed strategies (which include credit alpha strategies, stressed/distressed funds and energy strategies), long only strategies (which consist of CLOs, closed end funds, commingled funds and separately managed accounts), Harvest (which invests in publicly traded master limited partnerships holding primarily midstream energy assets in the U.S.), and Blackstone Insurance Solutions (which partners with insurers to deliver customizable and diversified portfolios of Blackstone products across asset classes, as well as the option for full management of insurance companies’ investment portfolios). 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. For segment reporting purposes, Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues. Senior management makes operating decisions and assesses the performance of each of Blackstone’s business segments based on financial and operating metrics and data that is presented without the consolidation of any of the Blackstone Funds that are consolidated into the Condensed Consolidated Financial Statements. Consequently, all segment data excludes the assets, liabilities and operating results related to the Blackstone Funds. The following table presents the financial data for Blackstone’s four segments as of and for the three months ended March 31, 2018 and 2017. March 31, 2018 and the Three Months Then Ended Private Real Hedge Fund Credit Total Revenues Management and Advisory Fees, Net Base Management Fees $ 182,961 $ 226,526 $ 129,228 $ 168,441 $ 707,156 Transaction, Advisory and Other Fees, Net 11,094 23,088 345 2,539 37,066 Management Fee Offsets (3,193 ) (1,668 ) — (3,317 ) (8,178 ) Total Management and Advisory Fees, Net 190,862 247,946 129,573 167,663 736,044 Performance Revenues Realized Incentive Fees — 4,375 8,171 20 12,566 Realized Performance Allocations 77,123 151,309 2,006 39,204 269,642 Unrealized Performance Allocations 397,316 226,442 5,061 (480 ) 628,339 Total Performance Revenues 474,439 382,126 15,238 38,744 910,547 Principal Investment Income (Loss) Realized 6,338 14,690 640 7,025 28,693 Unrealized 17,368 2,687 440 (6,517 ) 13,978 Total Principal Investment Income 23,706 17,377 1,080 508 42,671 Interest and Dividend Revenue 8,543 15,128 4,812 7,902 36,385 Other (16,408 ) (21,497 ) (10,288 ) (12,701 ) (60,894 ) Total Revenues 681,142 641,080 140,415 202,116 1,664,753 Expenses Compensation 99,729 112,824 50,300 73,474 336,327 Performance Compensation Realized Incentive Fees — 2,210 4,034 418 6,662 Realized Performance Allocations 33,045 54,183 2,415 22,419 112,062 Unrealized Performance Allocations 178,802 79,170 2,186 (5,723 ) 254,435 Total Compensation and Benefits 311,576 248,387 58,935 90,588 709,486 Interest Expense 10,133 14,149 6,271 7,685 38,238 Other Operating Expenses 31,151 29,417 18,785 27,739 107,092 Total Expenses 352,860 291,953 83,991 126,012 854,816 Economic Income $ 328,282 $ 349,127 $ 56,424 $ 76,104 $ 809,937 Segment Assets $ 6,579,983 $ 7,569,600 $ 2,092,808 $ 3,777,269 $ 20,019,660 Three Months Ended March 31, 2017 Private Real Estate Hedge Fund Credit Total Revenues Management and Advisory Fees, Net Base Management Fees $ 176,706 $ 197,879 $ 128,468 $ 139,905 $ 642,958 Transaction, Advisory and Other Fees, Net 16,176 21,279 259 2,508 40,222 Management Fee Offsets (12,190 ) (3,550 ) — (17,859 ) (33,599 ) Total Management and Advisory Fees, Net 180,692 215,608 128,727 124,554 649,581 Performance Revenues Realized Incentive Fees — 2,882 14,087 29,542 46,511 Realized Performance Allocations 582,681 519,873 597 8,797 1,111,948 Unrealized Performance Allocations (184,478 ) (8,046 ) 18,815 49,631 (124,078 ) Total Performance Revenues 398,203 514,709 33,499 87,970 1,034,381 Principal Investment Income (Loss) Realized 81,294 119,579 (632 ) 2,653 202,894 Unrealized (40,522 ) (83,853 ) 18,293 7,147 (98,935 ) Total Principal Investment Income 40,772 35,726 17,661 9,800 103,959 Interest and Dividend Revenue 6,661 12,094 3,997 5,744 28,496 Other (1,800 ) (3,150 ) (1,610 ) (1,727 ) (8,287 ) Total Revenues 624,528 774,987 182,274 226,341 1,808,130 Expenses Compensation 83,603 102,702 47,604 55,118 289,027 Performance Compensation Realized Incentive Fees — 1,333 7,014 14,118 22,465 Realized Performance Allocations 181,633 179,956 303 4,586 366,478 Unrealized Performance Allocations (39,356 ) 17,792 6,422 22,675 7,533 Total Compensation and Benefits 225,880 301,783 61,343 96,497 685,503 Interest Expense 10,427 14,635 6,543 7,845 39,450 Other Operating Expenses 27,761 30,864 16,379 21,458 96,462 Total Expenses 264,068 347,282 84,265 125,800 821,415 Economic Income $ 360,460 $ 427,705 $ 98,009 $ 100,541 $ 986,715 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the three months ended March 31, 2018 and 2017: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,664,753 $ 104,378(a) $ 1,769,131 $ 1,808,130 $ 106,588(a) $ 1,914,718 Expenses $ 854,816 $ 128,115(b) $ 982,931 $ 821,415 $ 100,358(b) $ 921,773 Other Income $ — $ 110,599(c) $ 110,599 $ — $ 66,132(c) $ 66,132 Economic Income $ 809,937 $ 86,862(d) $ 896,799 $ 986,715 $ 72,362(d) $ 1,059,077 Total Assets $ 20,019,660 $ 7,913,715(e) $ 27,933,375 (a) The Revenues adjustment represents management fees and performance revenues earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation. (c) The Other Income adjustment results from the following: Three Months Ended March 31, 2018 2017 Fund Management Fees and Performance Revenues Eliminated in Consolidation and Transactional Investment Loss $ (100,203 ) $ (102,701 ) Fund Expenses Added in Consolidation 54,985 24,872 Income Associated with Non-Controlling 154,224 140,685 Transaction-Related Other Income 1,593 3,276 Total Consolidation Adjustments and Reconciling Items $ 110,599 $ 66,132 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2018 2017 Economic Income $ 809,937 $ 986,715 Adjustments Amortization of Intangibles (14,873 ) (11,344 ) Transaction-Related Charges (52,489 ) (56,979 ) Income Associated with Non-Controlling 154,224 140,685 Total Consolidation Adjustments and Reconciling Items 86,862 72,362 Income Before Provision for Taxes $ 896,799 $ 1,059,077 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2018
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS On April 9, 2018, Blackstone concluded its investment sub-advisory

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
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 financial 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 control held 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 continuously reconsiders that conclusion. In determining whether the Partnership is the primary beneficiary, Blackstone evaluates its control rights as well as 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”.
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, 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. See Note 18, “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Investment Income represents the unrealized and realized gains and losses on the Partnership’s Performance Allocations and Principal Investments. Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments held by the Partnership. Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars. Management and Advisory Fees, Net The Partnership earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require the Partnership to provide investment management services, which represents a performance obligation that the Partnership satisfies over time. Management fees are a form of variable consideration because the fees the Partnership is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees (including monitoring fees) are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to the Partnership (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to the Partnership by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for the Partnership’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or the Partnership primarily for placement fees. Providing investment management services requires the Partnership to arrange for services on behalf of its customers. In those situations where the Partnership is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, the cost of those services is presented gross as an expense with any reimbursement from the limited partners of the funds recorded as revenue. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In certain fund structures across private equity, real estate, hedge fund solutions and credit-focused funds (“carry funds”), Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, the Partnership calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to the Partnership for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to the Partnership to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. The Partnership ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. The Partnership is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on the Partnership’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue
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. 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. The Partnership has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, the Partnership measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any nonfinancial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by the Partnership (other than those that represent compensation for services) and the Partnership’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling non-consolidated 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 except in cases where the fair value option has been elected. 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. In cases where the Partnership’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), the Partnership’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period the Partnership calculates the Accrued Performance Allocations that would be due to the Partnership for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to the Partnership to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. The Partnership ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. The Partnership is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Repurchase Agreements	Repurchase Agreements Securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. The Partnership manages credit exposure arising from 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 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 repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to 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 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 new guidance was effective for Blackstone beginning January 1, 2018 and was adopted on a full retrospective basis. 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. Blackstone has concluded that its Management and Advisory Fees and Incentive Fees are within the scope of the amended revenue recognition guidance. The adoption of the amended guidance did not have a material impact on the recognition of Management and Advisory Fees. For Incentive Fees, the amended guidance changes the presentation and delays the recognition of revenues compared to the prior accounting treatment. These amounts were previously recognized within Realized and Unrealized Performance Fees — Incentive Fees in the Condensed Consolidated Statements of Operations. Under the amended guidance, these amounts will be recognized separately within Incentive Fees. Blackstone recorded a net reduction to Partners’ Capital of $2.4 million and $1.9 million as of December 31, 2016 and December 31, 2017, respectively, as a result of adopting the amended guidance. For the three months ended March 31, 2017, the impact on Total Revenues, Net Income Attributable to The Blackstone Group L.P., Net Income Per Common Unit — Basic, and Net Income Per Common Unit — Diluted was a reduction of $26.0 million, $9.9 million, $0.02 per common unit, and $0.01 per common unit, respectively. Also, the reimbursement of certain costs incurred in the process of providing investment management services, primarily travel costs, that were previously presented net in the Condensed Consolidated Statements of Operations are presented gross under the amended guidance. For the three months ended March 31, 2017, these costs were $3.3 million and are presented in General, Administrative and Other Expenses with the related reimbursement presented in Management and Advisory Fees, Net in the Condensed Consolidated Statements of Operations. Blackstone has concluded that investments made alongside its limited partners in a partnership which entitle Blackstone to a pro-rata In January 2016, the FASB issued amended guidance on the classification and measurement of financial instruments. The new guidance was effective for Blackstone beginning on January 1, 2018 and was adopted on a modified retrospective basis. However, changes to the accounting for equity securities without a readily determinable fair value will be applied prospectively as permitted under the guidance. This amended guidance did not have an impact on Blackstone’s financial statements as of and for the three months ended March 31, 2018. 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. The new guidance was effective for Blackstone beginning on January 1, 2018 and was adopted on a retrospective basis. 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 are also 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. For the three months ended March 31, 2017 the new guidance resulted in an increase in Net Cash Provided by Operating Activities of $401.4 million, an increase in Net Cash Used In Investing Activities of $8.0 million, and an increase in Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds, and Restricted Cash of $11.4 million. Additionally, the new guidance increased the December 31, 2016 Beginning of Period and March 31, 2017 End of Period balances by $1.0 billion and $1.4 billion, respectively, in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2017.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2018
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, Finite-Lived Intangible Assets / Contractual Rights $ 1,594,876 $ 1,594,876 Accumulated Amortization (1,199,540 ) (1,185,048 ) Intangible Assets, Net $ 395,336 $ 409,828

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Investments	Investments consist of the following: March 31, December 31, Investments of Consolidated Blackstone Funds $ 7,560,831 $ 12,954,121 Equity Method Investments Partnership Investments 3,511,982 3,263,131 Accrued Performance Allocations 5,914,150 5,328,280 Corporate Treasury Investments 2,449,863 2,566,043 Other Investments 326,737 322,474 $ 19,763,563 $ 24,434,049
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in 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 2018 2017 Realized Gains (Losses) $ (17,858 ) $ 55,908 Net Change in Unrealized Gains (Losses) 97,241 (28,522 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 79,383 27,386 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 31,216 38,746 Other Income — Net Gains from Fund Investment Activities $ 110,599 $ 66,132
Performance Fees Allocated to Funds	Accrued Performance Allocations to the Partnership in respect of performance of certain Blackstone Funds were as follows: Private Real Hedge Fund Equity Estate Solutions Credit Total Accrued Performance Allocations, December 31, 2017 $ 1,916,971 $ 2,859,307 $ 13,802 $ 538,200 $ 5,328,280 Performance Allocations as a Result of Changes in Fund Fair Values 474,439 357,680 7,072 38,724 877,915 Foreign Exchange Gain — 19,814 — — 19,814 Fund Distributions (76,203 ) (168,717 ) (5,977 ) (60,962 ) (311,859 ) Accrued Performance Allocations, March 31, 2018 $ 2,315,207 $ 3,068,084 $ 14,897 $ 515,962 $ 5,914,150
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 2018 2017 Realized Gains (Losses) $ 2,339 $ (5,681 ) Net Change in Unrealized Gains (Losses) (8,194 ) 30,480 $(5,855) $24,799
Realized and Net Change in Unrealized Gains (Losses), Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in other investments: Three Months Ended March 31, 2018 2017 Realized Gains $ 112 $ 5 Net Change in Unrealized Gains (Losses) (4,232 ) 5,488 $ (4,120 ) $ 5,493

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments	A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of March 31, 2018 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 270,119 $ 135 (a ) (a ) Credit Driven 135,370 268 (b ) (b ) Equity 55,082 — (c ) (c ) Commodities 1,865 — (d ) (d ) $ 462,436 $ 403 (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 51% 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 49% 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 INSTRUME32

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2018 December 31, 2017 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Net Investment Hedges Foreign Currency Contracts $ — $ — $ — $ — $ — $ — $ 50,857 $ 453 Freestanding Derivatives Blackstone Interest Rate Contracts 404,005 570 1,599,198 63,103 225,550 2,042 1,530,751 27,275 Foreign Currency Contracts 465,677 2,151 345,181 1,093 279,050 2,097 296,252 2,975 Credit Default Swaps 446 50 1,852 264 2,073 304 2,073 304 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 101,863 2,922 33,380 1,014 493,181 24,087 264,693 5,628 Credit Default Swaps 35,768 1,819 40,570 4,319 45,670 3,731 45,582 5,163 Total Return Swaps 27,520 772 — — 25,645 526 — — 1,035,279 8,284 2,020,181 69,793 1,071,169 32,787 2,139,351 41,345 $ 1,035,279 $ 8,284 $ 2,020,181 $ 69,793 $ 1,071,169 $ 32,787 $ 2,190,208 $ 41,798
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended 2018 2017 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ (8 ) $ (22 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 1,621 $ (940 ) Foreign Currency Contracts (4,083 ) 1,420 Credit Default Swaps (401 ) 5 Total Return Swaps 1 — $ (2,862 ) $ 485 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (37,300 ) $ (217 ) Foreign Currency Contracts (3,728 ) (1,960 ) Credit Default Swaps (127 ) 1,947 Total Return Swaps 57 — $ (41,098 ) $ (230 )

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, Assets Loans and Receivables $ 163,135 $ 239,659 Equity and Preferred Securities 476,499 475,485 Debt Securities 489,950 418,061 Assets of Consolidated CLO Vehicles Corporate Loans 6,057,153 10,825,759 Corporate Bonds — 690,125 Other — 458 $ 7,186,737 $ 12,649,547 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 5,612,150 $ 10,594,656 Due to Affiliates 3,269 996 Subordinated Notes Loans Payable 150,220 703,164 Due to Affiliates 65,334 40,390 $ 5,830,973 $ 11,339,206
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2018 2017 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 7,418 Equity and Preferred Securities — 228 — 13,109 Debt Securities 812 581 — — Assets of Consolidated CLO Vehicles Corporate Loans (5,473 ) 18,850 1,872 (11,389 ) Corporate Bonds (24,056 ) 9,693 5,634 (5,874 ) Other — 6 — — $ (28,717 ) $ 29,358 $ 7,506 $ 3,264 Liabilities Liabilities of Consolidated CLO Vehicles Subordinated Notes $ — $ 43,614 $ — $ 7,912
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2018 December 31, 2017 For Financial Assets Past Due (a) For Financial Assets Excess Fair Value Excess Excess Fair (Deficiency) Loans and Receivables $ 1,215 $ — $ — $ 1,207 $ — $ — Debt Securities 78 — — (372 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 19,027 — — (13,495 ) 57,778 (19,633 ) Corporate Bonds — — — (21,455 ) — — $ 20,320 $ — $ — $ (34,115 ) $ 57,778 $ (19,633 ) (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 FI34

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy: March 31, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 492,345 $ — $ — $ — $ 492,345 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 124,736 124,736 Equity Securities 57,381 52,225 140,272 — 249,878 Partnership and LLC Interests — 1,956 327,949 — 329,905 Debt Instruments — 709,597 84,049 — 793,646 Freestanding Derivatives Foreign Currency Contracts — 2,922 — — 2,922 Credit Default Swaps — 1,819 — — 1,819 Total Return Swaps — 772 — — 772 Assets of Consolidated CLO Vehicles — Corporate Loans — 5,646,272 410,881 — 6,057,153 Total Investments of Consolidated Blackstone Funds 57,381 6,415,563 963,151 124,736 7,560,831 Corporate Treasury Investments Equity Securities 281,273 — — — 281,273 Debt Instruments — 1,830,676 19,946 — 1,850,622 Other — — — 317,968 317,968 Total Corporate Treasury Investments 281,273 1,830,676 19,946 317,968 2,449,863 Other Investments 195,685 13,917 97,403 19,732 326,737 Total Investments 534,339 8,260,156 1,080,500 462,436 10,337,431 Accounts Receivable — Loans and Receivables — — 163,135 — 163,135 Other Assets Freestanding Derivatives Interest Rate Contracts 303 267 — — 570 Foreign Currency Contracts — 2,151 — — 2,151 Credit Default Swaps — 50 — — 50 Total Other Assets 303 2,468 — — 2,771 $ 1,026,987 $ 8,262,624 $ 1,243,635 $ 462,436 $ 10,995,682 March 31, 2018 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 5,612,150 $ — $ 5,612,150 Subordinated Notes (b) — 150,220 — 150,220 Total Loans Payable — 5,762,370 — 5,762,370 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 3,269 — 3,269 Subordinated Notes (b) — 65,334 — 65,334 Total Due to Affiliates — 68,603 — 68,603 Securities Sold, Not Yet Purchased — 167,457 — 167,457 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,014 — 1,014 Credit Default Swaps — 4,319 — 4,319 Total Liabilities of Consolidated Blackstone Funds — 5,333 — 5,333 Freestanding Derivatives Interest Rate Contracts 1,369 61,734 — 63,103 Foreign Currency Contracts — 1,093 — 1,093 Credit Default Swaps — 264 — 264 Total Freestanding Derivatives 1,369 63,091 — 64,460 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,369 68,424 — 69,793 $ 1,369 $ 6,066,854 $ — $ 6,068,223 December 31, 2017 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 853,680 $ — $ — $ — $ 853,680 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 130,339 130,339 Equity Securities 67,443 44,026 131,867 — 243,336 Partnership and LLC Interests — 2,549 331,448 — 333,997 Debt Instruments — 643,608 58,155 — 701,763 Freestanding Derivatives Foreign Currency Contracts — 101 — — 101 Credit Default Swaps — 3,731 — — 3,731 Total Return Swaps — 526 — — 526 Assets of Consolidated CLO Vehicles Corporate Loans — 10,318,316 507,443 — 10,825,759 Corporate Bonds — 690,125 — — 690,125 Freestanding Derivatives — Foreign Currency Contracts — 23,986 — — 23,986 Other — — 458 — 458 Total Investments of Consolidated Blackstone Funds 67,443 11,726,968 1,029,371 130,339 12,954,121 Corporate Treasury Investments Equity Securities 282,866 — — — 282,866 Debt Instruments — 1,943,654 24,249 — 1,967,903 Other — — — 315,274 315,274 Total Corporate Treasury Investments 282,866 1,943,654 24,249 315,274 2,566,043 Other Investments 193,072 14,162 95,393 19,847 322,474 Total Investments 543,381 13,684,784 1,149,013 465,460 15,842,638 Accounts Receivable — Loans and Receivables — — 239,659 — 239,659 Other Assets Freestanding Derivatives Interest Rate Contracts 575 1,467 — — 2,042 Foreign Currency Contracts — 2,097 — — 2,097 Credit Default Swaps — 304 — — 304 Total Other Assets 575 3,868 — — 4,443 $ 1,397,636 $ 13,688,652 $ 1,388,672 $ 465,460 $ 16,940,420 December 31, 2017 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 10,594,656 $ — $ 10,594,656 Subordinated Notes (b) — 703,164 — 703,164 Total Loans Payable — 11,297,820 — 11,297,820 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 996 — 996 Subordinated Notes (b) — 40,390 — 40,390 Total Due to Affiliates — 41,386 — 41,386 Securities Sold, Not Yet Purchased — 154,380 — 154,380 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 5,628 — 5,628 Credit Default Swaps — 5,163 — 5,163 Total Liabilities of Consolidated Blackstone Funds — 10,791 — 10,791 Freestanding Derivatives Interest Rate Contracts 415 26,860 — 27,275 Foreign Currency Contracts — 2,975 — 2,975 Credit Default Swaps — 304 — 304 Total Freestanding Derivatives 415 30,139 — 30,554 Net Investment Hedges — Foreign Currency Contracts — 453 — 453 Total Accounts Payable, Accrued Expenses and Other Liabilities 415 41,383 — 41,798 $ 415 $ 11,534,969 $ — $ 11,535,384 (a) Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, has a controlling financial interest. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities. (b) Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.
Summary of Fair Value Transfers Between Level I and Level II	The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of March 31, 2018 and 2017, respectively: Three Months Ended 2018 2017 Transfers from Level I into Level II (a) $ — $ — Transfers from Level II into Level I (b) $ 447 $ — (a) Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date. (b) Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2018: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 100,064 Discounted Cash Flows Discount Rate 7.1% - 32.1% 12.8% Revenue CAGR -1.2% - 41.0% 7.3% Book Value Multiple 1.0x - 9.5x 7.9x Exit Capitalization Rate 5.0% - 11.4% 8.2% Exit Multiple - EBITDA 2.8x - 16.0x 10.0x Exit Multiple - NOI 8.8x - 12.5x 10.5x Exit Multiple - P/E 10.0x - 17.0x 14.3x 851 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 8.0x 0.9x 23,468 Other N/A N/A N/A 15,889 Transaction Price N/A N/A N/A Partnership and LLC Interests 298,692 Discounted Cash Flows Discount Rate 4.6% - 26.5% 9.8% Revenue CAGR -2.1% - 54.4% 7.6% Book Value Multiple 8.5x - 9.3x 9.1x Exit Capitalization Rate 1.5% - 25.0% 5.7% Exit Multiple - EBITDA 0.1x - 16.6x 9.6x Exit Multiple - NOI 12.5x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 20,122 Other N/A N/A N/A 677 Third Party Pricing N/A N/A N/A 7,928 Transaction Price N/A N/A N/A Debt Instruments 19,567 Discounted Cash Flows Discount Rate 8.2% - 20.0% 9.9% Revenue CAGR 6.6% N/A Exit Capitalization Rate 4.2% - 8.3% 6.6% Exit Multiple - NOI 12.0x N/A 62,392 Third Party Pricing N/A N/A N/A 2,090 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 38 Discounted Cash Flows Discount Rate 9.0% N/A 410,843 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 963,151 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury $ 11,092 Discounted Cash Flows Discount Rate 0.3% - 5.9% 4.8% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 67.3% Reinvestment Rate LIBOR + 400 bps N/A 8,854 Third Party Pricing N/A N/A N/A Loans and Receivables 163,135 Discounted Cash Flows Discount Rate 8.4% - 10.1% 9.1% Other Investments 66,973 Discounted Cash Flows Discount Rate 0.0% - 15.0% 2.0% Default Rate 2.0% N/A Pre-payment Rate 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 30,430 Transaction Price N/A N/A N/A $ 1,243,635 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, 2017: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 91,753 Discounted Cash Flows Discount Rate 7.1% - 31.4% 12.6% Revenue CAGR 1.0% - 49.4% 7.1% Exit Capitalization Rate 5.0% - 11.4% 8.5% Exit Multiple - EBITDA 4.0x - 16.0x 9.9x Exit Multiple - NOI 8.8x - 12.5x 10.5x Exit Multiple - P/E 9.5x - 17.0x 11.0x 862 Market Comparable Companies Book Value Multiple 0.8x - 0.9x 0.9x Exit Multiple - EBITDA 8.0x N/A 17,536 Other N/A N/A N/A 21,716 Transaction Price N/A N/A N/A Partnership and LLC Interests 293,744 Discounted Cash Flows Discount Rate 4.6% - 26.5% 9.8% Revenue CAGR -22.2% - 71.5% 8.4% Exit Capitalization Rate 3.1% - 10.0% 5.7% Exit Multiple - EBITDA 0.1x - 15.0x 8.6x Exit Multiple - NOI 12.5x N/A 530 Market Comparable Companies Book Value Multiple 1.0x N/A 22,346 Other N/A N/A N/A 758 Third Party Pricing N/A N/A N/A 14,070 Transaction Price N/A N/A N/A Debt Instruments 6,122 Discounted Cash Flows Discount Rate 6.6% - 18.4% 9.6% Revenue CAGR 7.7% N/A Exit Capitalization Rate 8.3% N/A Exit Multiple - NOI 12.0x N/A 50,136 Third Party Pricing N/A N/A N/A 1,897 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 8,277 Market Comparable Companies EBITDA Multiple 7.0x N/A 499,624 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,029,371 Corporate Treasury Investments 8,886 Discounted Cash Flows Discount Rate 5.1% - 6.3% 5.4% Default Rate 2.0% N/A Pre-payment 20% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 68.1% Reinvestment Rate LIBOR + 400 bps N/A 15,363 Third Party Pricing N/A N/A N/A Loans and Receivables 239,659 Discounted Cash Flows Discount Rate 7.1% - 10.3% 8.8% Other Investments 65,821 Discounted Cash Flows Discount Rate 0.7% - 13.0% 2.2% 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 29,572 Transaction Price N/A N/A N/A $ 1,388,672 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 from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2018 2017 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 1,029,371 $ 239,659 $ 119,642 $ 1,388,672 $ 685,873 $ 211,359 $ 130,588 $ 1,027,820 Transfer In Due to Consolidation and Acquisition 50,043 — — 50,043 — — — — Transfer Out Due to Deconsolidation (217,182 ) — — (217,182 ) — — — — Transfer In to Level III (b) 117,089 — — 117,089 47,866 — 9,923 57,789 Transfer Out of Level III (b) (101,336 ) — (8,068 ) (109,404 ) (121,193 ) — (6,080 ) (127,273 ) Purchases 193,859 76,663 4,486 275,008 157,904 69,483 12,447 239,834 Sales (133,311 ) (153,194 ) (175 ) (286,680 ) (112,814 ) (176,160 ) (10,032 ) (299,006 ) Settlements — (3,683 ) (4 ) (3,687 ) — (2,491 ) (100 ) (2,591 ) Changes in Gains Included in Earnings and Other Comprehensive Income 24,618 3,690 1,468 29,776 28,330 9,865 1,687 39,882 Balance, End of Period $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 $ 685,966 $ 112,056 $ 138,433 $ 936,455 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 19,119 $ 3,691 $ (251 ) $ 22,559 $ 3,197 $ 9,864 $ 339 $ 13,400 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, December 31, Investments $ 942,102 $ 805,501 Accounts Receivable 17,736 15,760 Due from Affiliates 211,763 81,465 Total VIE Assets 1,171,601 902,726 Due to Affiliates 80 179 Potential Clawback Obligation 102,907 98,331 Maximum Exposure to Loss $ 1,274,588 $ 1,001,236

REPURCHASE AGREEMENTS (Tables)

REPURCHASE AGREEMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2018 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 25,185 $ 69,960 $ 47,374 $ 142,519 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 142,519 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 22,756 $ 96,084 $ — $ 118,840 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 118,840 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

OFFSETTING OF ASSETS AND LIAB37

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of March 31, 2018: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 5,591 $ 3,135 $ — $ 2,456 The following tables present the offsetting of assets and liabilities as of December 31, 2017: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 8,801 $ 3,279 $ — $ 5,522
Offsetting of Liabilities	The following tables present the offsetting of assets and liabilities as of March 31, 2018: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 69,793 $ 3,135 $ 3,783 $ 62,875 Repurchase Agreements 142,519 142,519 — — $ 212,312 $ 145,654 $ 3,783 $ 62,875 The following tables present the offsetting of assets and liabilities as of December 31, 2017: Gross and Net Financial Condition Gross Amounts Not Offset in Financial Cash Collateral Net Amount Liabilities Net Investment Hedges $ 453 $ — $ — $ 453 Freestanding Derivatives 36,234 3,279 32,405 550 Repurchase Agreements 118,840 118,840 — — $ 155,527 $ 122,119 $ 32,405 $ 1,003
Components of Other Assets	The following table presents the components of Other Assets: March 31, 2018 December 31, 2017 Furniture, Equipment and Leasehold Improvements, Net $ 123,973 $ 126,566 Prepaid Expenses 90,104 78,723 Other Assets 19,558 32,965 Freestanding Derivatives 2,771 4,443 $ 236,406 $ 242,697

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2018
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 as indicated by the Interest Payment Dates. March 31, 2018 December 31, 2017 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 5.875%, Due 3/15/2021 $ 398,620 $ 429,480 $ 398,514 $ 438,320 4.750%, Due 2/15/2023 394,389 422,080 394,137 434,200 6.250%, Due 8/15/2042 238,069 314,100 238,019 328,200 5.000%, Due 6/15/2044 488,588 551,700 488,536 574,100 4.450%, Due 7/15/2045 343,953 358,610 343,925 372,575 2.000%, Due 5/19/2025 364,305 392,099 355,425 385,433 1.000%, Due 10/5/2026 727,645 720,657 709,871 711,440 3.150%, Due 10/2/2027 296,477 286,590 296,399 295,320 4.000%, Due 10/2/2047 290,031 286,710 289,989 296,940 $ 3,542,077 $ 3,762,026 $ 3,514,815 $ 3,836,528 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Partnership's Borrowings Through Consolidated CLO Vehicles	Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2018 December 31, 2017 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 5,615,425 3.41 % 5.4 $ 10,689,240 2.35 % 4.1 Subordinated Notes 284,735 (a ) N/A 894,367 (a) N/A $ 5,900,160 $ 11,583,607 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.
Components of Senior Secured Notes and Subordinated Notes	Senior Secured Notes and Subordinated Notes comprise the following amounts: March 31, 2018 December 31, 2017 Fair Value Amounts Due to Non- Fair Value Amounts Due to Non- Borrowing Fair Value Borrowing Fair Value Senior Secured Notes $ 5,615,419 $ 3,250 $ 3,269 $ 10,595,652 $ 1,000 $ 996 Subordinated Notes 215,554 111,659 65,334 743,554 53,400 40,390 $ 5,830,973 $ 114,909 $ 68,603 $ 11,339,206 $ 54,400 $ 41,386
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2018 were as follows: Operating Blackstone Fund Total 2018 $ — $ 2,819 $ 2,819 2019 — — — 2020 — — — 2021 400,000 — 400,000 2022 — — — Thereafter 3,207,000 5,900,160 9,107,160 $ 3,607,000 $ 5,902,979 $ 9,509,979

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2018
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three months ended March 31, 2018 and March 31, 2017 was calculated as follows: Three Months Ended March 31, 2018 2017 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 367,872 $ 451,909 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 278,746 363,753 Net Income Attributable to The Blackstone Group L.P., Diluted $ 646,618 $ 815,662 Units Outstanding Weighted-Average Common Units Outstanding, Basic 674,479,140 660,939,708 Weighted-Average Unvested Deferred Restricted Common Units 198,934 809,184 Weighted-Average Blackstone Holdings Partnership Units 535,895,780 537,758,091 Weighted-Average Common Units Outstanding, Diluted 1,210,573,854 1,199,506,983 Net Income Per Common Unit, Basic $ 0.55 $ 0.68 Net Income Per Common Unit, Diluted $ 0.53 $ 0.68 Distributions Declared Per Common Unit (a) $ 0.85 $ 0.47 (a) Distributions declared reflects the calendar date of the declaration for each distribution.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of the Partnership’s unvested equity-based awards as of March 31, 2018 and of changes during the period January 1, 2018 through March 31, 2018 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, 2017 30,023,189 $ 35.26 9,019,974 $ 30.03 44,196 $ 31.85 Granted 1,976,399 32.02 3,248,577 32.52 117 33.43 Vested (2,091,413 ) 36.64 (3,240,593 ) 30.51 (151 ) 32.99 Forfeited — — (59,235 ) 30.20 — — Balance, March 31, 2018 29,908,175 $ 34.95 8,968,723 $ 30.74 44,162 $ 33.16
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of March 31, 2018, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 26,046,981 3.7 Deferred Restricted Blackstone Common Units 7,729,930 2.3 Total Equity-Based Awards 33,776,911 3.4 Phantom Units 36,235 2.7

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling $ 407,496 $ 410,877 Amounts Due from Portfolio Companies and Funds 389,233 587,955 Management Fees and Performance Allocations Due from Non-Consolidated 574,214 594,484 Payments Made on Behalf of Non-Consolidated 475,313 355,766 Investments Redeemed in Non-Consolidated 5,027 77,943 Accrual for Potential Clawback of Previously Distributed 1,113 1,112 $ 1,852,396 $ 2,028,137 March 31, December 31, Due to Affiliates Due to Certain Non-Controlling $ 736,509 $ 715,734 Distributions Received on Behalf of Certain Non-Controlling 52,464 87,829 Distributions Received on Behalf of Blackstone Entities 1,181 38,789 Payments Made by Non-Consolidated 69,421 51,249 Due to Note Holders of Consolidated CLO Vehicles 68,603 41,386 Accrual for Potential Repayment of Previously Received Performance Allocations 2,172 2,171 $ 930,350 $ 937,158

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2018
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2018 December 31, 2017 Segment Blackstone Current and Total Blackstone Current and Total Credit $ 1,059 $ 1,113 $ 2,172 $ 1,059 $ 1,112 $ 2,171

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2018
Financial Data of Segments	The following table presents the financial data for Blackstone’s four segments as of and for the three months ended March 31, 2018 and 2017. March 31, 2018 and the Three Months Then Ended Private Real Hedge Fund Credit Total Revenues Management and Advisory Fees, Net Base Management Fees $ 182,961 $ 226,526 $ 129,228 $ 168,441 $ 707,156 Transaction, Advisory and Other Fees, Net 11,094 23,088 345 2,539 37,066 Management Fee Offsets (3,193 ) (1,668 ) — (3,317 ) (8,178 ) Total Management and Advisory Fees, Net 190,862 247,946 129,573 167,663 736,044 Performance Revenues Realized Incentive Fees — 4,375 8,171 20 12,566 Realized Performance Allocations 77,123 151,309 2,006 39,204 269,642 Unrealized Performance Allocations 397,316 226,442 5,061 (480 ) 628,339 Total Performance Revenues 474,439 382,126 15,238 38,744 910,547 Principal Investment Income (Loss) Realized 6,338 14,690 640 7,025 28,693 Unrealized 17,368 2,687 440 (6,517 ) 13,978 Total Principal Investment Income 23,706 17,377 1,080 508 42,671 Interest and Dividend Revenue 8,543 15,128 4,812 7,902 36,385 Other (16,408 ) (21,497 ) (10,288 ) (12,701 ) (60,894 ) Total Revenues 681,142 641,080 140,415 202,116 1,664,753 Expenses Compensation 99,729 112,824 50,300 73,474 336,327 Performance Compensation Realized Incentive Fees — 2,210 4,034 418 6,662 Realized Performance Allocations 33,045 54,183 2,415 22,419 112,062 Unrealized Performance Allocations 178,802 79,170 2,186 (5,723 ) 254,435 Total Compensation and Benefits 311,576 248,387 58,935 90,588 709,486 Interest Expense 10,133 14,149 6,271 7,685 38,238 Other Operating Expenses 31,151 29,417 18,785 27,739 107,092 Total Expenses 352,860 291,953 83,991 126,012 854,816 Economic Income $ 328,282 $ 349,127 $ 56,424 $ 76,104 $ 809,937 Segment Assets $ 6,579,983 $ 7,569,600 $ 2,092,808 $ 3,777,269 $ 20,019,660 Three Months Ended March 31, 2017 Private Real Estate Hedge Fund Credit Total Revenues Management and Advisory Fees, Net Base Management Fees $ 176,706 $ 197,879 $ 128,468 $ 139,905 $ 642,958 Transaction, Advisory and Other Fees, Net 16,176 21,279 259 2,508 40,222 Management Fee Offsets (12,190 ) (3,550 ) — (17,859 ) (33,599 ) Total Management and Advisory Fees, Net 180,692 215,608 128,727 124,554 649,581 Performance Revenues Realized Incentive Fees — 2,882 14,087 29,542 46,511 Realized Performance Allocations 582,681 519,873 597 8,797 1,111,948 Unrealized Performance Allocations (184,478 ) (8,046 ) 18,815 49,631 (124,078 ) Total Performance Revenues 398,203 514,709 33,499 87,970 1,034,381 Principal Investment Income (Loss) Realized 81,294 119,579 (632 ) 2,653 202,894 Unrealized (40,522 ) (83,853 ) 18,293 7,147 (98,935 ) Total Principal Investment Income 40,772 35,726 17,661 9,800 103,959 Interest and Dividend Revenue 6,661 12,094 3,997 5,744 28,496 Other (1,800 ) (3,150 ) (1,610 ) (1,727 ) (8,287 ) Total Revenues 624,528 774,987 182,274 226,341 1,808,130 Expenses Compensation 83,603 102,702 47,604 55,118 289,027 Performance Compensation Realized Incentive Fees — 1,333 7,014 14,118 22,465 Realized Performance Allocations 181,633 179,956 303 4,586 366,478 Unrealized Performance Allocations (39,356 ) 17,792 6,422 22,675 7,533 Total Compensation and Benefits 225,880 301,783 61,343 96,497 685,503 Interest Expense 10,427 14,635 6,543 7,845 39,450 Other Operating Expenses 27,761 30,864 16,379 21,458 96,462 Total Expenses 264,068 347,282 84,265 125,800 821,415 Economic Income $ 360,460 $ 427,705 $ 98,009 $ 100,541 $ 986,715
Reconciliation of Total Assets	The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the three months ended March 31, 2018 and 2017: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,664,753 $ 104,378(a) $ 1,769,131 $ 1,808,130 $ 106,588(a) $ 1,914,718 Expenses $ 854,816 $ 128,115(b) $ 982,931 $ 821,415 $ 100,358(b) $ 921,773 Other Income $ — $ 110,599(c) $ 110,599 $ — $ 66,132(c) $ 66,132 Economic Income $ 809,937 $ 86,862(d) $ 896,799 $ 986,715 $ 72,362(d) $ 1,059,077 Total Assets $ 20,019,660 $ 7,913,715(e) $ 27,933,375 (a) The Revenues adjustment represents management fees and performance revenues earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation. (c) The Other Income adjustment results from the following: Three Months Ended March 31, 2018 2017 Fund Management Fees and Performance Revenues Eliminated in Consolidation and Transactional Investment Loss $ (100,203 ) $ (102,701 ) Fund Expenses Added in Consolidation 54,985 24,872 Income Associated with Non-Controlling 154,224 140,685 Transaction-Related Other Income 1,593 3,276 Total Consolidation Adjustments and Reconciling Items $ 110,599 $ 66,132 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2018 2017 Economic Income $ 809,937 $ 986,715 Adjustments Amortization of Intangibles (14,873 ) (11,344 ) Transaction-Related Charges (52,489 ) (56,979 ) Income Associated with Non-Controlling 154,224 140,685 Total Consolidation Adjustments and Reconciling Items 86,862 72,362 Income Before Provision for Taxes $ 896,799 $ 1,059,077 (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 Before Provision for Taxes and Total Assets as of and for the three months ended March 31, 2018 and 2017: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Total Consolidation Blackstone Total Consolidation Blackstone Revenues $ 1,664,753 $ 104,378(a) $ 1,769,131 $ 1,808,130 $ 106,588(a) $ 1,914,718 Expenses $ 854,816 $ 128,115(b) $ 982,931 $ 821,415 $ 100,358(b) $ 921,773 Other Income $ — $ 110,599(c) $ 110,599 $ — $ 66,132(c) $ 66,132 Economic Income $ 809,937 $ 86,862(d) $ 896,799 $ 986,715 $ 72,362(d) $ 1,059,077 Total Assets $ 20,019,660 $ 7,913,715(e) $ 27,933,375 (a) The Revenues adjustment represents management fees and performance revenues earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment (b) The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation. (c) The Other Income adjustment results from the following: Three Months Ended March 31, 2018 2017 Fund Management Fees and Performance Revenues Eliminated in Consolidation and Transactional Investment Loss $ (100,203 ) $ (102,701 ) Fund Expenses Added in Consolidation 54,985 24,872 Income Associated with Non-Controlling 154,224 140,685 Transaction-Related Other Income 1,593 3,276 Total Consolidation Adjustments and Reconciling Items $ 110,599 $ 66,132 (d) The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2018 2017 Economic Income $ 809,937 $ 986,715 Adjustments Amortization of Intangibles (14,873 ) (11,344 ) Transaction-Related Charges (52,489 ) (56,979 ) Income Associated with Non-Controlling 154,224 140,685 Total Consolidation Adjustments and Reconciling Items 86,862 72,362 Income Before Provision for Taxes $ 896,799 $ 1,059,077 (e) The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018SegmentPerson
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%

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Partners capital	$ 6,514,206		$ 6,634,493
Total revenues	1,769,131	$ 1,914,718
Net income attributable to The Blackstone Group L.P.	$ 367,872	$ 451,909
Common Units, Basic	$ 0.55	$ 0.68
Common Units, Diluted	$ 0.53	$ 0.68
Net Cash Provided by Operating Activities	$ (1,769,833)	$ 552,481
Net Cash Used in Investing Activities	(4,686)	(10,007)
Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds, and Restricted Cash	21,368	15,954
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash	$ 2,450,130	3,732,107	3,936,489	$ 2,860,955
Accounting Standards Update 2014-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Partners capital			$ (1,900)	(2,400)
Total revenues		(26,000)
Net income attributable to The Blackstone Group L.P.		$ (9,900)
Common Units, Basic		$ 0.02
Common Units, Diluted		$ 0.01
Accounting Standards Update 2014-09 [Member] | General and Administrative Expense [Member]
Summary Of Significant Accounting Policies [Line Items]
Cost of investment management services		$ 3,300
Accounting Standards Update 2016-18 [Member]
Summary Of Significant Accounting Policies [Line Items]
Net Cash Provided by Operating Activities		401,400
Net Cash Used in Investing Activities		8,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds, and Restricted Cash		11,400
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash		$ 1,400,000		$ 1,000,000

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets / Contractual Rights	$ 1,594,876	$ 1,594,876
Accumulated Amortization	(1,199,540)	(1,185,048)
Intangible Assets, Net	$ 395,336	$ 409,828

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Intangible Assets [Line Items]
Amortization Expense	$ 14,492	$ 10,964
Expected amortization of intangibles, 2018	57,900
Expected amortization of intangibles, 2019	57,900
Expected amortization of intangibles, 2020	57,900
Expected amortization of intangibles, 2021	57,900
Expected amortization of intangibles, 2022	$ 50,200
Intangible assets expected to amortize over a weighted-average period	9 years

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Investments	$ 19,763,563	$ 24,434,049
Partnership Investments
Schedule of Investments [Line Items]
Investments	3,511,982	3,263,131
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	5,914,150	5,328,280
Other Investments
Schedule of Investments [Line Items]
Investments	326,737	322,474
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	7,560,831	12,954,121
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,449,863	$ 2,566,043

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investment [Line Items]
Investments	$ 19,763,563		$ 24,434,049
Recognized net gains related to equity method investments	$ 162,500	$ 168,500
Patria Investments Limited and Patria Investimentos Ltda.
Investment [Line Items]
Equity method investment, percentage	40.00%
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 7,560,831		12,954,121
Consolidated Blackstone Funds | Blackstone
Investment [Line Items]
Investments	$ 348,700		$ 488,400

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain (Loss) on Investments [Line Items]
Realized and net change in unrealized gains (losses) on other investments	$ 1,051,648	$ 1,198,440
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	35,385	28,495
Other Income - Net Gains from Fund Investment Activities	110,599	66,132
Consolidated Blackstone Funds
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	(17,858)	55,908
Net Change in Unrealized Gains (Losses)	97,241	(28,522)
Realized and net change in unrealized gains (losses) on other investments	79,383	27,386
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	31,216	38,746
Other Income - Net Gains from Fund Investment Activities	$ 110,599	$ 66,132

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 24,434,049
Ending Balance	19,763,563
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	5,328,280
Performance Allocations as a Result of Changes in Fund Fair Values	877,915
Foreign Exchange Gain	19,814
Fund Distributions	(311,859)
Ending Balance	5,914,150
Private Equity Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	1,916,971
Performance Allocations as a Result of Changes in Fund Fair Values	474,439
Fund Distributions	(76,203)
Ending Balance	2,315,207
Real Estate Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,859,307
Performance Allocations as a Result of Changes in Fund Fair Values	357,680
Foreign Exchange Gain	19,814
Fund Distributions	(168,717)
Ending Balance	3,068,084
Hedge Fund Solutions Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	13,802
Performance Allocations as a Result of Changes in Fund Fair Values	7,072
Fund Distributions	(5,977)
Ending Balance	14,897
Credit Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	538,200
Performance Allocations as a Result of Changes in Fund Fair Values	38,724
Fund Distributions	(60,962)
Ending Balance	$ 515,962

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
	Mar. 31, 2018	Mar. 31, 2017
Gain (Loss) on Investments [Line Items]
Total realized and net change in unrealized gains (losses)	$ 1,051,648	$ 1,198,440
Corporate Treasury Investments
Gain (Loss) on Investments [Line Items]
Realized Gains (Losses)	2,339	(5,681)
Net Change in Unrealized Gains (Losses)	(8,194)	30,480
Total realized and net change in unrealized gains (losses)	$ (5,855)	$ 24,799

Realized and Net Change in Un53

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain (Loss) on Investments [Line Items]
Total Investment Income	$ 1,051,648	$ 1,198,440
Other Investments
Gain (Loss) on Investments [Line Items]
Realized Gains	112	5
Net Change in Unrealized Gains (Losses)	(4,232)	5,488
Total Investment Income	$ (4,120)	$ 5,493

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 462,436
Unfunded Commitments	403
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	270,119	[1]
Unfunded Commitments	135	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	135,370	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	55,082	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,865	[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 51% 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 49% 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 Stra55

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	Mar. 31, 2018
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	51.00%
Percentage of investments redeemable as of reporting date	49.00%
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 Instrume56

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	$ 4,426	$ 11,504
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	1,400
Reclassification from Accumulated Other Comprehensive Loss	$ 800

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,035,279	$ 1,071,169
Derivative Liabilities, Notional	2,020,181	2,190,208
Derivative Assets, Fair Value	8,284	32,787
Derivative Liabilities, Fair Value	69,793	41,798
Net Investment Hedges | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional		50,857
Derivative Liabilities, Fair Value		453
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,035,279	1,071,169
Derivative Liabilities, Notional	2,020,181	2,139,351
Derivative Assets, Fair Value	8,284	32,787
Derivative Liabilities, Fair Value	69,793	41,345
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	446	2,073
Derivative Liabilities, Notional	1,852	2,073
Derivative Assets, Fair Value	50	304
Derivative Liabilities, Fair Value	264	304
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	35,768	45,670
Derivative Liabilities, Notional	40,570	45,582
Derivative Assets, Fair Value	1,819	3,731
Derivative Liabilities, Fair Value	4,319	5,163
Freestanding Derivatives | Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	27,520	25,645
Derivative Assets, Fair Value	772	526
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	465,677	279,050
Derivative Liabilities, Notional	345,181	296,252
Derivative Assets, Fair Value	2,151	2,097
Derivative Liabilities, Fair Value	1,093	2,975
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	101,863	493,181
Derivative Liabilities, Notional	33,380	264,693
Derivative Assets, Fair Value	2,922	24,087
Derivative Liabilities, Fair Value	1,014	5,628
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	404,005	225,550
Derivative Liabilities, Notional	1,599,198	1,530,751
Derivative Assets, Fair Value	570	2,042
Derivative Liabilities, Fair Value	$ 63,103	$ 27,275

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	$ (8)	$ (22)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	(2,862)	485
Net Change in Unrealized Gain (Loss)	(41,098)	(230)
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	1
Net Change in Unrealized Gain (Loss)	57
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(401)	5
Net Change in Unrealized Gain (Loss)	(127)	1,947
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(4,083)	1,420
Net Change in Unrealized Gain (Loss)	(3,728)	(1,960)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	1,621	(940)
Net Change in Unrealized Gain (Loss)	$ (37,300)	$ (217)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Loans and Receivables	$ 163,135	$ 239,659
Assets	7,186,737	12,649,547
Liabilities	5,830,973	11,339,206
Debt Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	489,950	418,061
Other
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments		458
Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	476,499	475,485
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments	6,057,153	10,825,759
Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Investments		690,125
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Fair value of Loan payable	5,612,150	10,594,656
Fair value of due to Affiliates	3,269	996
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Fair value of Loan payable	150,220	703,164
Fair value of due to Affiliates	$ 65,334	$ 40,390

Realized and Net Change in Un60

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 812
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	(28,717)	$ 7,506
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	(5,473)	1,872
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	(24,056)	5,634
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		7,418
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	581
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	29,358	3,264
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	228	13,109
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	18,850	(11,389)
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	9,693	(5,874)
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	43,614	$ 7,912
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	$ 6

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		$ 20,320	$ (34,115)
Fair value of financial instruments more than one day past due	[1]		57,778
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]		19,633
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		78	(372)
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal			(21,455)
Fair value of financial instruments more than one day past due		0	0
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		19,027	(13,495)
Fair value of financial instruments more than one day past due	[1]		57,778
Excess (Deficiency) of fair value more than one day past due over uncollected principal	[1]		19,633
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		1,215	1,207
Fair value of financial instruments more than one day past due		$ 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 Ins62

Information for Financial Instruments on Which Fair Value Option was Elected (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and bonds contractual payment past due, number days	1 day	1 day

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	[1]		$ 57,778,000
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due		$ 0	0
Fair value of financial instruments with non-accrual status		0	0
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due		0	0
Fair value of financial instruments with non-accrual status		$ 0	$ 0
[1]	Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 163,135	$ 239,659
Assets		7,186,737	12,649,547
Securities Sold, Not Yet Purchased		167,457	154,380
Liabilities		5,830,973	11,339,206
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		5,591	8,801
Derivatives liabilities		69,793	36,234
Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities			453
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments			458
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		6,057,153	10,825,759
Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments			690,125
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		5,612,150	10,594,656
Fair value of due to Affiliates		3,269	996
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		150,220	703,164
Fair value of due to Affiliates		65,334	40,390
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		492,345	853,680
Total Investments		10,337,431	15,842,638
Accounts Receivable - Loans and Receivables		163,135	239,659
Derivatives assets			4,443
Assets		10,995,682	16,940,420
Total Other Assets		2,771
Fair value of due to Affiliates		68,603	41,386	[1]
Securities Sold, Not Yet Purchased		167,457	154,380
Total Accounts Payable, Accrued Expenses and Other Liabilities		69,793	41,798
Liabilities		6,068,223	11,535,384
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		64,460	30,554
Fair Value, Measurements, Recurring | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		2,151	2,097
Derivatives liabilities		1,093	2,975
Fair Value, Measurements, Recurring | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		570	2,042
Derivatives liabilities		63,103	27,275
Fair Value, Measurements, Recurring | Net Investment Hedges | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities			453
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		326,737	322,474
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		50	304
Derivatives liabilities		264	304
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		462,436	465,460
Assets		462,436	465,460
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		19,732	19,847
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		5,762,370	11,297,820	[1]
Fair value of due to Affiliates	[1],[2]		40,390
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	[2]	5,612,150	10,594,656	[1]
Fair value of due to Affiliates	[2]	3,269	996	[1]
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	[2]	150,220	703,164	[1]
Fair value of due to Affiliates	[2]	65,334
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	7,560,831	12,954,121
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		5,333	10,791
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]	772	526
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]	2,922	101
Derivatives liabilities		1,014	5,628	[1]
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]		23,986
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]		458
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]	124,736	130,339
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]	249,878	243,336
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]	329,905	333,997
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]	793,646	701,763
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]	6,057,153	10,825,759
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]		690,125
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]	1,819	3,731
Derivatives liabilities		4,319	5,163	[1]
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	124,736	130,339
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	124,736	130,339
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,449,863	2,566,043
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		317,968	315,274
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		281,273	282,866
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,850,622	1,967,903
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		317,968	315,274
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Net Asset Value | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		317,968	315,274
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		492,345	853,680
Total Investments		534,339	543,381
Derivatives assets			575
Assets		1,026,987	1,397,636
Total Other Assets		303
Total Accounts Payable, Accrued Expenses and Other Liabilities		1,369	415
Liabilities		1,369	415
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		1,369	415
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		303	575
Derivatives liabilities		1,369	415
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		195,685	193,072
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]	57,381	67,443
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]	57,381	67,443
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		281,273	282,866
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		281,273	282,866
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,260,156	13,684,784
Derivatives assets			3,868
Assets		8,262,624	13,688,652
Total Other Assets		2,468
Fair value of due to Affiliates		68,603	41,386	[1]
Securities Sold, Not Yet Purchased		167,457	154,380
Total Accounts Payable, Accrued Expenses and Other Liabilities		68,424	41,383
Liabilities		6,066,854	11,534,969
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		63,091	30,139
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		2,151	2,097
Derivatives liabilities		1,093	2,975
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		267	1,467
Derivatives liabilities		61,734	26,860
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 liabilities			453
Fair Value, Measurements, Recurring | Level 2 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		13,917	14,162
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		50	304
Derivatives liabilities		264	304
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		5,762,370	11,297,820	[1]
Fair value of due to Affiliates	[1],[2]		40,390
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	[2]	5,612,150	10,594,656	[1]
Fair value of due to Affiliates	[2]	3,269	996	[1]
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	[2]	150,220	703,164	[1]
Fair value of due to Affiliates	[2]	65,334
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]	6,415,563	11,726,968
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		5,333	10,791
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]	772	526
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]	2,922	101
Derivatives liabilities		1,014	5,628	[1]
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]		23,986
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]	52,225	44,026
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]	1,956	2,549
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]	709,597	643,608
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]	5,646,272	10,318,316
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]		690,125
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]	1,819	3,731
Derivatives liabilities		4,319	5,163	[1]
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,830,676	1,943,654
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		1,830,676	1,943,654
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,080,500	1,149,013
Accounts Receivable - Loans and Receivables		163,135	239,659
Assets		1,243,635	1,388,672
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		97,403	95,393
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]	963,151	1,029,371
Assets		963,151	1,029,371
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]		458
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]	140,272	131,867
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]	327,949	331,448
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]	84,049	58,155
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]	410,881	507,443
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		19,946	24,249
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 19,946	$ 24,249
[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
		Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II	[1]	$ 0	$ 0
Transfers from Level II into Level I	[2]	$ 447
[1]	Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.
[2]	Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 7,186,737	$ 12,649,547
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	10,995,682	16,940,420
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,243,635	1,388,672
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	163,135	239,659
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 66,973	$ 65,821
Default Rate	2.00%	2.00%
Pre-paymentRate	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	$ 30,430	$ 29,572
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	8.40%	7.10%
Fair Value, Measurements, Recurring | Level 3 | Minimum | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	0.00%	0.70%
Reinvestment Rate		4.00%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	10.10%	10.30%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	15.00%	13.00%
Reinvestment Rate		4.13%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.10%	8.80%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	2.00%	2.20%
Reinvestment Rate		4.01%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 963,151	$ 1,029,371
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 38
Discount Rate	9.00%
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		$ 8,277
EBITDA Multiple		7
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	$ 410,843	$ 499,624
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	100,064	91,753
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 851	$ 862
EBITDA Multiple	8	8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 23,468	$ 17,536
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	15,889	21,716
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	$ 298,692	$ 293,744
Exit Multiple - NOI	12.5	12.5
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	$ 530
Book Value Multiple	1	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	$ 20,122	$ 22,346
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	7,928	14,070
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	677	758
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 19,567	$ 6,122
Revenue CAGR	6.60%	7.70%
Exit Capitalization Rate		8.30%
Exit Multiple - NOI	12	12
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	$ 2,090	$ 1,897
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	$ 62,392	$ 50,136
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Minimum | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	7.10%	7.10%
Revenue CAGR	(1.20%)	1.00%
Book Value Multiple	0.010
Exit Capitalization Rate	5.00%	5.00%
Exit Multiple - EBITDA	2.8	4
Exit Multiple - NOI	8.8	8.8
Exit Multiple - P/E	10	9.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Minimum | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.8	0.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Minimum | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	4.60%	4.60%
Revenue CAGR	(2.10%)	(22.20%)
Book Value Multiple	0.085
Exit Capitalization Rate	1.50%	3.10%
Exit Multiple - EBITDA	0.1	0.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Minimum | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	8.20%	6.60%
Exit Capitalization Rate	4.20%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Maximum | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	32.10%	31.40%
Revenue CAGR	41.00%	49.40%
Book Value Multiple	0.095
Exit Capitalization Rate	11.40%	11.40%
Exit Multiple - EBITDA	16	16
Exit Multiple - NOI	12.5	12.5
Exit Multiple - P/E	17	17
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Maximum | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9	0.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Maximum | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	26.50%	26.50%
Revenue CAGR	54.40%	71.50%
Book Value Multiple	0.093
Exit Capitalization Rate	25.00%	10.00%
Exit Multiple - EBITDA	16.6	15
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Maximum | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	20.00%	18.40%
Exit Capitalization Rate	8.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Weighted Average | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	12.80%	12.60%
Revenue CAGR	7.30%	7.10%
Book Value Multiple	0.079
Exit Capitalization Rate	8.20%	8.50%
Exit Multiple - EBITDA	10	9.9
Exit Multiple - NOI	10.5	10.5
Exit Multiple - P/E	14.3	11
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Weighted Average | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9	0.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Weighted Average | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.80%	9.80%
Revenue CAGR	7.60%	8.40%
Book Value Multiple	0.091
Exit Capitalization Rate	5.70%	5.70%
Exit Multiple - EBITDA	9.6	8.6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Weighted Average | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	9.90%	9.60%
Exit Capitalization Rate	6.60%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 11,092	$ 8,886
Default Rate	2.00%	2.00%
Pre-paymentRate	20.00%	20.00%
Recovery Lag	12 months	12 months
Reinvestment Rate	400.00%	400.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 8,854	$ 15,363
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		5.10%
Recovery Rate	30.00%	30.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	0.30%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		6.30%
Recovery Rate	70.00%	70.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	5.90%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate		5.40%
Recovery Rate	67.30%	68.10%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Discount Rate	4.80%

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,388,672	$ 1,027,820
Transfer In Due to Consolidation and Acquisition		50,043
Transfer Out Due to Deconsolidation		(217,182)
Transfer In to Level III	[1]	117,089	57,789
Transfer Out of Level III	[1]	(109,404)	(127,273)
Purchases		275,008	239,834
Sales		(286,680)	(299,006)
Settlements		(3,687)	(2,591)
Changes in Gains Included in Earnings and Other Comprehensive Income		29,776	39,882
Balance, End of Period		1,243,635	936,455
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		22,559	13,400
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	119,642	130,588
Transfer In to Level III	[1],[2]		9,923
Transfer Out of Level III	[1],[2]	(8,068)	(6,080)
Purchases	[2]	4,486	12,447
Sales	[2]	(175)	(10,032)
Settlements	[2]	(4)	(100)
Changes in Gains Included in Earnings and Other Comprehensive Income	[2]	1,468	1,687
Balance, End of Period	[2]	117,349	138,433
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	(251)	339
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		239,659	211,359
Purchases		76,663	69,483
Sales		(153,194)	(176,160)
Settlements		(3,683)	(2,491)
Changes in Gains Included in Earnings and Other Comprehensive Income		3,690	9,865
Balance, End of Period		163,135	112,056
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		3,691	9,864
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		1,029,371	685,873
Transfer In Due to Consolidation and Acquisition		50,043
Transfer Out Due to Deconsolidation		(217,182)
Transfer In to Level III	[1]	117,089	47,866
Transfer Out of Level III	[1]	(101,336)	(121,193)
Purchases		193,859	157,904
Sales		(133,311)	(112,814)
Changes in Gains Included in Earnings and Other Comprehensive Income		24,618	28,330
Balance, End of Period		963,151	685,966
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		$ 19,119	$ 3,197
[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 Fi68

Fair Value Measurements of Financial instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level III financial liabilities	$ 0	$ 0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Total Assets	$ 27,933,375	$ 34,415,919
Total Liabilities	14,408,566	20,692,828
Non-Controlling Interests	3,333,954	$ 3,253,148
Cumulative-Effect Adjustment, Deconsolidation of Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Total Assets	(8,900,000)
Total Liabilities	(8,700,000)
Non-Controlling Interests	$ (196,100)

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 - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
VIE Assets	$ 1,171,601	$ 902,726
Maximum Exposure to Loss	1,274,588	1,001,236
Investments
Variable Interest Entity [Line Items]
VIE Assets	942,102	805,501
Accounts Receivable
Variable Interest Entity [Line Items]
VIE Assets	17,736	15,760
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	211,763	81,465
Due to Affiliates
Variable Interest Entity [Line Items]
VIE Liabilities	80	179
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	$ 102,907	$ 98,331

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 171.2	$ 169.7

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 142,519	$ 118,840
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	142,519	118,840
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	142,519	118,840
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	25,185	22,756
30 - 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	69,960	96,084
Greater than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	$ 0
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 47,374

Offsetting of Assets and Liab73

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ 142,519	$ 118,840
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	142,519	118,840
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0	0
Repurchase agreements Net Amount	0	0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	212,312	155,527
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	145,654	122,119
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	3,783	32,405
Net Amount	62,875	1,003
Net Investment Hedges
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		453
Derivatives Net Amount		453
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	5,591	8,801
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	3,135	3,279
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0	0
Derivatives Net Amount	2,456	5,522
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	69,793	36,234
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	3,135	3,279
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	3,783	32,405
Derivatives Net Amount	$ 62,875	$ 550

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 123,973	$ 126,566
Prepaid Expenses	90,104	78,723
Other Assets	19,558	32,965
Freestanding Derivatives	2,771	4,443
Total	$ 236,406	$ 242,697

Offsetting Of Assets And Liab75

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Mar. 31, 2018USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.1
Overdraft facility	$ 1.1

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Carrying Value		$ 3,542,077	$ 3,514,815
Debt instrument, fair value	[1]	3,762,026	3,836,528
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		398,620	398,514
Debt instrument, fair value	[1]	429,480	438,320
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		394,389	394,137
Debt instrument, fair value	[1]	422,080	434,200
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,069	238,019
Debt instrument, fair value	[1]	314,100	328,200
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,588	488,536
Debt instrument, fair value	[1]	551,700	574,100
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,953	343,925
Debt instrument, fair value	[1]	358,610	372,575
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		364,305	355,425
Debt instrument, fair value	[1]	392,099	385,433
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		727,645	709,871
Debt instrument, fair value	[1]	720,657	711,440
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		296,477	296,399
Debt instrument, fair value	[1]	286,590	295,320
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,031	289,989
Debt instrument, fair value	[1]	$ 286,710	$ 296,940
[1]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Carrying Value and Fair Value77

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - Senior Secured Notes	3 Months Ended
	Mar. 31, 2018
5.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.875%
Debt instrument, maturity date	Mar. 15, 2021
4.750% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%
Debt instrument, maturity date	Feb. 15, 2023
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
5.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%
Debt instrument, maturity date	May 19, 2025
1.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026
3.150% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 2, 2027
4.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Oct. 2, 2047

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - Liabilities of Consolidated CLO Vehicles - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Borrowing Outstanding		$ 5,900,160	$ 11,583,607
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 5,615,425	$ 10,689,240
Weighted Average Interest Rate		3.41%	2.35%
Weighted Average Remaining Maturity in Years		5 years 4 months 24 days	4 years 1 month 6 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 284,735	$ 894,367
Weighted Average Interest Rate	[1]
[1]	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair Value	$ 5,830,973	$ 11,339,206
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	3,542,077	3,514,815
Fair Value	5,615,419	10,595,652
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	215,554	743,554
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	114,909	54,400
Fair Value	68,603	41,386
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	3,250	1,000
Fair Value	3,269	996
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	111,659	53,400
Fair Value	$ 65,334	$ 40,390

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 6.8	$ 13.4

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
2,018	$ 2,819
2,019	0
2,020	0
2,021	400,000
2,022	0
Thereafter	9,107,160
Total	9,509,979
Operating Borrowings
Debt Instrument [Line Items]
2,019	0
2,020	0
2,021	400,000
2,022	0
Thereafter	3,207,000
Total	3,607,000
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2,018	2,819
2,019	0
2,020	0
2,022	0
Thereafter	5,900,160
Total	$ 5,902,979

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Taxes [Line Items]
Effective tax rate	6.10%	5.40%
Provision for Taxes	$ 54,495	$ 57,437

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P., Basic		$ 367,872	$ 451,909
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		278,746	363,753
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 646,618	$ 815,662
Weighted-Average Common Units Outstanding, Basic		674,479,140	660,939,708
Weighted-Average Unvested Deferred Restricted Common Units		198,934	809,184
Weighted-Average Blackstone Holdings Partnership Units		535,895,780	537,758,091
Weighted-Average Common Units Outstanding, Diluted		1,210,573,854	1,199,506,983
Net Income Per Common Unit, Basic		$ 0.55	$ 0.68
Net Income Per Common Unit, Diluted		0.53	0.68
Distributions Declared Per Common Unit	[1]	$ 0.85	$ 0.47
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Net Income Per Common Unit - Ad

Net Income Per Common Unit - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Apr. 16, 2018	Jan. 31, 2008
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 335,800,000
Common stock repurchased, units	0	0
Subsequent Event
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program			$ 1,000,000,000
Blackstone
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program				$ 500,000,000

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units			172,155,134
Compensation expense in relation to equity-based awards	$ 92,223	$ 91,269
Tax benefits in relation to equity-based awards	14,500	$ 14,100
Estimated unrecognized compensation expense related to unvested awards	$ 944,600
Weighted-average period for recognized compensation expense related to unvested awards, years	4 years 2 months 12 days
Total vested and unvested outstanding units	1,205,550,044
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	44,850

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	30,023,189
Granted (Units) | shares	1,976,399
Vested (Units) | shares	(2,091,413)
Ending Balance | shares	29,908,175
Beginning Balance | $ / shares	$ 35.26
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	32.02
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	36.64
Ending Balance | $ / shares	$ 34.95
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	9,019,974
Granted (Units) | shares	3,248,577
Vested (Units) | shares	(3,240,593)
Forfeited (Units) | shares	(59,235)
Ending Balance | shares	8,968,723
Beginning Balance | $ / shares	$ 30.03
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	32.52
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	30.51
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	30.20
Ending Balance | $ / shares	$ 30.74
Blackstone Group L P | Cash Settled Awards Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	44,196
Granted (Units) | shares	117
Vested (Units) | shares	(151)
Ending Balance | shares	44,162
Beginning Balance | $ / shares	$ 31.85
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	33.43
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	32.99
Ending Balance | $ / shares	$ 33.16

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	3 Months Ended
	Mar. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	26,046,981
Deferred Restricted Blackstone Common Units (Units)	7,729,930
Total Equity-Based Awards (Units)	33,776,911
Phantom Units (Units)	36,235
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years 8 months 12 days
Deferred Restricted Blackstone Common Units (Weighted-Average Service in Years)	2 years 3 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 4 months 24 days
Phantom Units (Weighted-Average Service Period in Years)	2 years 8 months 12 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees Principally for Investments in Blackstone Funds	$ 407,496	$ 410,877
Amounts Due from Portfolio Companies and Funds	389,233	587,955
Management Fees and Performance Allocations Due from Non-Consolidated Funds	574,214	594,484
Payments Made on Behalf of Non-Consolidated Entities	475,313	355,766
Investments Redeemed in Non-Consolidated Funds of Hedge Funds	5,027	77,943
Accrual for Potential Clawback of Previously Distributed	1,113	1,112
Due from Affiliates, total	1,852,396	2,028,137
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	736,509	715,734
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	52,464	87,829
Distributions Received on Behalf of Blackstone Entities	1,181	38,789
Payments Made by Non-Consolidated Entities	69,421	51,249
Due to Note Holders of Consolidated CLO Vehicles	68,603	41,386
Accrual for Potential Repayment of Previously Received Performance Allocations	2,172	2,171
Due to Affiliates, total	$ 930,350	$ 937,158

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Investments	$ 19,763,563		$ 24,434,049
Net Income Attributable to Non-Controlling Interests	$ (154,224)	$ (140,685)
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	$ 736,500
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 265,300
After-tax net present value discount rate assumption	15.00%
Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 7,560,831		12,954,121
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	28,900	30,600
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	840,900		$ 813,200
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 1,300	$ 200

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,300
Total investments at risk in respect of guarantees extended	$ 12.4
Contingent obligations currently anticipated to expire end	2,028
Provision for cash clawback	$ 669.3
Contingent Obligations (Clawback)	6,500
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	178.4
Contingent Obligations (Clawback)	5,900
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	397.3
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 52.3

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Product Liability Contingency [Line Items]
Clawback obligations	$ 2,172	$ 2,171
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	2,172	2,171
Credit Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	1,059	1,059
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	$ 1,113	$ 1,112

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total Management and Advisory Fees, Net	$ 728,849	$ 645,484
Realized Incentive Fees	12,566	46,511
Performance Revenues Realized - Allocations	269,640	1,111,905
Performance Revenues Unrealized - Allocations	628,089	(124,621)
Principal Investment Income (Loss), Realized	42,145	251,344
Principal Investment Income (Loss), Unrealized	111,774	(40,188)
Total Investment Income	1,051,648	1,198,440
Interest and Dividend Revenue	35,385	28,495
Other	(59,317)	(4,212)
Total Revenues	1,769,131	1,914,718
Compensation	389,403	351,589
Performance Compensation, Realized - Allocations	112,062	366,478
Performance Compensation, Unrealized - Allocations	254,435	7,533
Total Compensation and Benefits	762,562	748,065
Interest Expense	38,671	40,246
Total Expenses	982,931	921,773
Economic Income	896,799	1,059,077
Segment Assets	27,933,375		$ 34,415,919
Operating Segments
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net Base Management Fees	707,156	642,958
Transaction, Advisory and Other Fees, Net	37,066	40,222
Management Fee Offsets	(8,178)	(33,599)
Total Management and Advisory Fees, Net	736,044	649,581
Performance Revenues Realized - Incentive Fees	12,566
Realized Incentive Fees		46,511
Performance Revenues Realized - Allocations	269,642	1,111,948
Performance Revenues Unrealized - Allocations	628,339	(124,078)
Total Performance Revenue	910,547	1,034,381
Principal Investment Income (Loss), Realized	28,693	202,894
Principal Investment Income (Loss), Unrealized	13,978	(98,935)
Total Investment Income	42,671	103,959
Interest and Dividend Revenue	36,385	28,496
Other	(60,894)	(8,287)
Total Revenues	1,664,753	1,808,130
Compensation	336,327
Expenses		289,027
Performance Compensation, Realized - Incentive Fees	6,662	22,465
Performance Compensation, Realized - Allocations	112,062	366,478
Performance Compensation, Unrealized - Allocations	254,435	7,533
Total Compensation and Benefits	709,486	685,503
Interest Expense	38,238	39,450
Other Operating Expenses	107,092	96,462
Total Expenses	854,816	821,415
Economic Income	809,937	986,715
Segment Assets	20,019,660
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net Base Management Fees	182,961	176,706
Transaction, Advisory and Other Fees, Net	11,094	16,176
Management Fee Offsets	(3,193)	(12,190)
Total Management and Advisory Fees, Net	190,862	180,692
Performance Revenues Realized - Allocations	77,123	582,681
Performance Revenues Unrealized - Allocations	397,316	(184,478)
Total Performance Revenue	474,439	398,203
Principal Investment Income (Loss), Realized	6,338	81,294
Principal Investment Income (Loss), Unrealized	17,368	(40,522)
Total Investment Income	23,706	40,772
Interest and Dividend Revenue	8,543	6,661
Other	(16,408)	(1,800)
Total Revenues	681,142	624,528
Compensation	99,729
Expenses		83,603
Performance Compensation, Realized - Allocations	33,045	181,633
Performance Compensation, Unrealized - Allocations	178,802	(39,356)
Total Compensation and Benefits	311,576	225,880
Interest Expense	10,133	10,427
Other Operating Expenses	31,151	27,761
Total Expenses	352,860	264,068
Economic Income	328,282	360,460
Segment Assets	6,579,983
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net Base Management Fees	226,526	197,879
Transaction, Advisory and Other Fees, Net	23,088	21,279
Management Fee Offsets	(1,668)	(3,550)
Total Management and Advisory Fees, Net	247,946	215,608
Performance Revenues Realized - Incentive Fees	4,375
Realized Incentive Fees		2,882
Performance Revenues Realized - Allocations	151,309	519,873
Performance Revenues Unrealized - Allocations	226,442	(8,046)
Total Performance Revenue	382,126	514,709
Principal Investment Income (Loss), Realized	14,690	119,579
Principal Investment Income (Loss), Unrealized	2,687	(83,853)
Total Investment Income	17,377	35,726
Interest and Dividend Revenue	15,128	12,094
Other	(21,497)	(3,150)
Total Revenues	641,080	774,987
Compensation	112,824
Expenses		102,702
Performance Compensation, Realized - Incentive Fees	2,210	1,333
Performance Compensation, Realized - Allocations	54,183	179,956
Performance Compensation, Unrealized - Allocations	79,170	17,792
Total Compensation and Benefits	248,387	301,783
Interest Expense	14,149	14,635
Other Operating Expenses	29,417	30,864
Total Expenses	291,953	347,282
Economic Income	349,127	427,705
Segment Assets	7,569,600
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net Base Management Fees	129,228	128,468
Transaction, Advisory and Other Fees, Net	345	259
Total Management and Advisory Fees, Net	129,573	128,727
Performance Revenues Realized - Incentive Fees	8,171
Realized Incentive Fees		14,087
Performance Revenues Realized - Allocations	2,006	597
Performance Revenues Unrealized - Allocations	5,061	18,815
Total Performance Revenue	15,238	33,499
Principal Investment Income (Loss), Realized	640	(632)
Principal Investment Income (Loss), Unrealized	440	18,293
Total Investment Income	1,080	17,661
Interest and Dividend Revenue	4,812	3,997
Other	(10,288)	(1,610)
Total Revenues	140,415	182,274
Compensation	50,300
Expenses		47,604
Performance Compensation, Realized - Incentive Fees	4,034	7,014
Performance Compensation, Realized - Allocations	2,415	303
Performance Compensation, Unrealized - Allocations	2,186	6,422
Total Compensation and Benefits	58,935	61,343
Interest Expense	6,271	6,543
Other Operating Expenses	18,785	16,379
Total Expenses	83,991	84,265
Economic Income	56,424	98,009
Segment Assets	2,092,808
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net Base Management Fees	168,441	139,905
Transaction, Advisory and Other Fees, Net	2,539	2,508
Management Fee Offsets	(3,317)	(17,859)
Total Management and Advisory Fees, Net	167,663	124,554
Performance Revenues Realized - Incentive Fees	20
Realized Incentive Fees		29,542
Performance Revenues Realized - Allocations	39,204	8,797
Performance Revenues Unrealized - Allocations	(480)	49,631
Total Performance Revenue	38,744	87,970
Principal Investment Income (Loss), Realized	7,025	2,653
Principal Investment Income (Loss), Unrealized	(6,517)	7,147
Total Investment Income	508	9,800
Interest and Dividend Revenue	7,902	5,744
Other	(12,701)	(1,727)
Total Revenues	202,116	226,341
Compensation	73,474
Expenses		55,118
Performance Compensation, Realized - Incentive Fees	418	14,118
Performance Compensation, Realized - Allocations	22,419	4,586
Performance Compensation, Unrealized - Allocations	(5,723)	22,675
Total Compensation and Benefits	90,588	96,497
Interest Expense	7,685	7,845
Other Operating Expenses	27,739	21,458
Total Expenses	126,012	125,800
Economic Income	76,104	$ 100,541
Segment Assets	$ 3,777,269

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues		$ 1,769,131	$ 1,914,718
Expenses		982,931	921,773
Other Income		110,599	66,132
Economic Income		896,799	1,059,077
Total Assets		27,933,375		$ 34,415,919
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,664,753	1,808,130
Expenses		854,816	821,415
Economic Income		809,937	986,715
Total Assets		20,019,660
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues	[1]	104,378	106,588
Expenses	[2]	128,115	100,358
Other Income	[3]	110,599	66,132
Economic Income	[4]	86,862	$ 72,362
Total Assets	[5]	$ 7,913,715
[1]	The Revenues adjustment represents management fees and performance revenues earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income (Loss), which is included in Blackstone consolidated revenues.
[2]	The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation.
[3]	The Other Income adjustment results from the following: Three Months Ended March 31, 2018 2017 Fund Management Fees and Performance Revenues Eliminated in Consolidation and Transactional Investment Loss $ (100,203 ) $ (102,701 ) Fund Expenses Added in Consolidation 54,985 24,872 Income Associated with Non-Controlling Interests of Consolidated Entities 154,224 140,685 Transaction-Related Other Income 1,593 3,276 Total Consolidation Adjustments and Reconciling Items $ 110,599 $ 66,132
[4]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2018 2017 Economic Income $ 809,937 $ 986,715 Adjustments Amortization of Intangibles (14,873 ) (11,344 ) Transaction-Related Charges (52,489 ) (56,979 ) Income Associated with Non-Controlling Interests of Consolidated Entities 154,224 140,685 Total Consolidation Adjustments and Reconciling Items 86,862 72,362 Income Before Provision for Taxes $ 896,799 $ 1,059,077
[5]	The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

Reconciliation of Total Segme95

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Fund Management Fees and Performance Revenues Eliminated in Consolidation and Transactional Investment Loss		$ (100,203)	$ (102,701)
Fund Expenses Added in Consolidation		54,985	24,872
Income Associated with Non-Controlling Interests of Consolidated Entities		154,224	140,685
Transaction-Related Other Income (Loss)		1,593	3,276
Total Other Income		110,599	66,132
Amortization of Intangibles		(14,873)	(11,344)
Transaction-Related Charges		(52,489)	(56,979)
Income Associated with Non-Controlling Interests of Consolidated Entities		154,224	140,685
Economic Income		896,799	1,059,077
Operating Segments
Segment Reporting Information [Line Items]
Economic Income		809,937	986,715
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Total Other Income	[1]	110,599	66,132
Economic Income	[2]	$ 86,862	$ 72,362
[1]	The Other Income adjustment results from the following: Three Months Ended March 31, 2018 2017 Fund Management Fees and Performance Revenues Eliminated in Consolidation and Transactional Investment Loss $ (100,203 ) $ (102,701 ) Fund Expenses Added in Consolidation 54,985 24,872 Income Associated with Non-Controlling Interests of Consolidated Entities 154,224 140,685 Transaction-Related Other Income 1,593 3,276 Total Consolidation Adjustments and Reconciling Items $ 110,599 $ 66,132
[2]	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, 2018 2017 Economic Income $ 809,937 $ 986,715 Adjustments Amortization of Intangibles (14,873 ) (11,344 ) Transaction-Related Charges (52,489 ) (56,979 ) Income Associated with Non-Controlling Interests of Consolidated Entities 154,224 140,685 Total Consolidation Adjustments and Reconciling Items 86,862 72,362 Income Before Provision for Taxes $ 896,799 $ 1,059,077

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	Apr. 09, 2018USD ($)
Subsequent Event | FS Investments [Member]
Subsequent Event [Line Items]
Proceeds from investments	$ 580.9