Blackstone (BX) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	BX
Entity Registrant Name	BLACKSTONE GROUP L.P.
Entity Central Index Key	1,393,818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		667,149,651

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and Cash Equivalents	$ 1,710,251	$ 1,992,497
Cash Held by Blackstone Funds and Other	288,675	1,929,531
Investments (including assets pledged of $217,832 and $169,746 at June 30, 2018 and December 31, 2017, respectively)	22,008,182	24,434,049
Accounts Receivable	917,717	875,018
Due from Affiliates	2,015,949	2,028,137
Intangible Assets, Net	380,844	409,828
Goodwill	1,778,192	1,778,192
Other Assets	252,936	242,697
Deferred Tax Assets	722,551	725,970
Total Assets	30,075,297	34,415,919
Liabilities and Partners' Capital
Loans Payable	10,195,403	14,815,436
Due to Affiliates	967,250	937,158
Accrued Compensation and Benefits	2,987,977	2,623,492
Securities Sold, Not Yet Purchased	155,780	154,380
Repurchase Agreements	182,489	118,840
Accounts Payable, Accrued Expenses and Other Liabilities	950,802	2,043,522
Total Liabilities	15,439,701	20,692,828
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	158,799	210,944
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 673,544,082 issued and outstanding as of June 30, 2018; 659,526,093 issued and outstanding as of December 31, 2017)	7,105,225	6,668,511
Accumulated Other Comprehensive Loss	(57,876)	(34,018)
Total The Blackstone Group L.P. Partners' Capital	7,047,349	6,634,493
Non-Controlling Interests in Consolidated Entities	3,492,621	3,253,148
Non-Controlling Interests in Blackstone Holdings	3,936,827	3,624,506
Total Partners' Capital	14,476,797	13,512,147
Total Liabilities and Partners' Capital	$ 30,075,297	$ 34,415,919

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments assets pledged	$ 217,832	$ 169,746
Partners' Capital, common units: issued	673,544,082	659,526,093
Partners' Capital, common units: outstanding	673,544,082	659,526,093
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 9,255,567	$ 15,050,406
Liabilities	7,497,226	13,158,295
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities	182,489	118,840
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	6,707,045	11,300,621
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	111,162	89,907
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	8,601,714	12,948,653
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	340,307	470,156
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	286,045	1,580,296
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	24,360	46,112
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	3,141	5,189
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	100,306	86,393
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 396,224	$ 1,562,534

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Performance Fees Realized - Incentive Fees		$ 19,378	$ 40,303	$ 31,944	$ 86,814
Performance Allocations
Realized		503,376	602,662	773,016	1,714,567
Unrealized		440,351	95,532	1,068,440	(29,089)
Principal Investments
Realized		129,197	125,058	171,342	376,402
Unrealized		103,468	7,275	215,242	(32,913)
Total Investment Income		1,176,392	830,527	2,228,040	2,028,967
Interest and Dividend Revenue		40,073	33,703	75,458	62,198
Other		675,343	(59,664)	616,026	(63,876)
Total Revenues		2,632,570	1,535,726	4,401,701	3,450,444
Expenses
Compensation and Benefits Compensation		427,479	367,203	816,882	718,792
Incentive Fee Compensation		9,743	21,032	16,405	43,497
Performance Allocations Compensation
Realized		186,398	195,738	298,460	562,216
Unrealized		189,991	86,910	444,426	94,443
Total Compensation and Benefits		813,611	670,883	1,576,173	1,418,948
General, Administrative and Other		145,828	119,552	272,541	228,938
Interest Expense		39,320	41,089	77,991	81,335
Fund Expenses		17,622	49,669	72,607	73,745
Total Expenses		1,016,381	881,193	1,999,312	1,802,966
Other Income
Net Gains from Fund Investment Activities		73,519	110,054	184,118	176,186
Income Before Provision for Taxes		1,689,708	764,587	2,586,507	1,823,664
Provision for Taxes		138,731	29,608	193,226	87,045
Net Income		1,550,977	734,979	2,393,281	1,736,619
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		905	991	(370)	2,991
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		129,078	112,944	284,577	251,629
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		678,952	283,637	999,160	692,683
Net Income Attributable to The Blackstone Group L.P.		$ 742,042	$ 337,407	$ 1,109,914	$ 789,316
Net Income Per Common Unit
Common Units, Basic		$ 1.09	$ 0.51	$ 1.64	$ 1.19
Common Units, Diluted		$ 1.09	$ 0.50	$ 1.63	$ 1.18
Weighted-Average Common Units Outstanding
Common Units, Basic		681,794,492	664,681,299	678,156,936	662,820,839
Common Units, Diluted		682,010,610	1,200,006,339	1,210,727,948	1,199,756,390
Distributions Declared Per Common Unit	[1]	$ 0.35	$ 0.87	$ 1.20	$ 1.34
Investment Advice
Revenues
Management and Advisory Fees, Net		$ 721,384	$ 690,857	$ 1,450,233	$ 1,336,341
[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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Income	$ 1,550,977	$ 734,979	$ 2,393,281	$ 1,736,619
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	(30,674)	35,089	(26,248)	46,593
Comprehensive Income	1,520,303	770,068	2,367,033	1,783,212
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	905	991	(370)	2,991
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	129,077	140,311	282,187	282,814
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	678,952	283,637	999,160	692,683
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 711,369	$ 345,129	$ 1,086,056	$ 804,724

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	1,733,628	$ 789,316		789,316	251,629	692,683
Currency Translation Adjustment	46,593		15,408	15,408	31,185
Consolidation of a Fund Entity	387,006				387,006
Capital Contributions	375,161	(147)		(147)	375,308
Capital Distributions	(1,985,653)	(882,742)		(882,742)	(348,513)	(754,398)
Transfer of Non-Controlling Interests in Consolidated Entities	(2,408)				(2,408)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	7,286	7,286		7,286
Equity-Based Compensation	160,525	87,964		87,964		72,561
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(13,219)	$ (12,429)		(12,429)		(790)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		3,775,544
Change in The Blackstone Group L.P.'s Ownership Interest	13,821	$ (13,821)		(13,821)		13,821
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 43,520		43,520		(43,520)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		6,566,308
Ending Balance at Jun. 30, 2017	13,031,010	$ 6,540,478	(47,479)	6,492,999	3,123,171	3,414,840
Ending Balance, Units at Jun. 30, 2017		653,801,394
Beginning Balance at Dec. 31, 2016	185,390
Net Income	2,991
Capital Contributions	21,353
Capital Distributions	(19,034)
Ending Balance at Jun. 30, 2017	190,700
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	2,393,651	$ 1,109,914		1,109,914	284,577	999,160
Currency Translation Adjustment	(26,248)		(23,858)	(23,858)	(2,390)
Capital Contributions	424,132				424,132
Capital Distributions	(1,781,297)	(806,770)		(806,770)	(291,963)	(682,564)
Transfer of Non-Controlling Interests in Consolidated Entities	22,208				22,208
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	10,922	10,922		10,922
Equity-Based Compensation	180,419	100,519		100,519		79,900
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(15,331)	$ (14,496)		(14,496)		(835)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		3,032,372
Repurchase of Common Units and Blackstone Holdings Partnership Units	(71,685)	$ (71,685)		(71,685)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units		(2,200,000)
Change in The Blackstone Group L.P.'s Ownership Interest	(835)	$ 835		835		(835)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 82,505		82,505		(82,505)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		12,434,878
Issuance of Common Units, Units		750,739
Ending Balance at Jun. 30, 2018	14,476,797	$ 7,105,225	$ (57,876)	7,047,349	$ 3,492,621	$ 3,936,827
Ending Balance, Units at Jun. 30, 2018		673,544,082
Beginning Balance at Dec. 31, 2017	210,944
Net Income	(370)
Capital Contributions	1,100
Capital Distributions	(52,875)
Ending Balance at Jun. 30, 2018	158,799
Issuance of Common Units	$ 24,970	$ 24,970		$ 24,970

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net Income	$ 2,393,281	$ 1,736,619
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(995,992)	(2,284,430)
Changes in Unrealized (Gains) Losses on Investments	(290,232)	41,952
Non-Cash Performance Allocations	(1,068,440)	29,089
Non-Cash Performance Allocations and Incentive Fee Compensation	757,064	700,156
Equity-Based Compensation Expense	208,994	179,729
Amortization of Intangibles	28,984	21,927
Other Non-Cash Amounts Included in Net Income	172,435	132,973
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entity	31,422	13,822
Cash Relinquished with Deconsolidation of Fund Entities	(899,959)	(33,566)
Accounts Receivable	(8,030)	191,454
Reverse Repurchase Agreements		118,495
Due from Affiliates	(330,468)	(131,421)
Other Assets	(29,640)	9,772
Accrued Compensation and Benefits	(417,051)	(621,807)
Securities Sold, Not Yet Purchased	5,005	(73,633)
Accounts Payable, Accrued Expenses and Other Liabilities	(476,348)	(700,274)
Repurchase Agreements	63,649	(14,713)
Due to Affiliates	31,306	(26,290)
Investments Purchased	(9,706,998)	(7,991,469)
Cash Proceeds from Sale of Investments	7,870,341	8,279,495
Net Cash Used in Operating Activities	(2,660,677)	(422,120)
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(8,898)	(13,663)
Net Cash Used in Investing Activities	(8,898)	(13,663)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(338,849)	(330,209)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	421,801	392,983
Payments Under Tax Receivable Agreement		(59,667)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(87,016)	(13,220)
Proceeds from Loans Payable	3,218,399	2,550,559
Repayment and Repurchase of Loans Payable	(1,004,660)	(127,464)
Distributions to Unitholders	(1,489,334)	(1,637,287)
Net Cash Provided by Financing Activities	720,341	775,695
Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash	11,671	72,188
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash
Net Increase (Decrease)	(1,937,563)	412,100
Beginning of Period	3,936,489	2,860,955
End of Period	1,998,926	3,273,055
Supplemental Disclosure of Cash Flows Information
Payments for Interest	84,040	77,111
Payments for Income Taxes	109,944	46,919
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders		1,327
Non-Cash Distributions to Non-Controlling Interest Holders	(5,924)	(37,339)
Net Assets Related to the Consolidation of a Fund Entity		387,006
Transfer of Interests to Non-Controlling Interest Holders	22,208	(2,408)
Change in The Blackstone Group L.P.'s Ownership Interest	835	(13,821)
Net Settlement of Vested Common Units	100,861	62,631
Conversion of Blackstone Holdings Units to Common Units	82,505	43,520
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(74,130)	(48,017)
Due to Affiliates	63,208	40,731
Partners' Capital	10,922	$ 7,286
Issuance of Common Units	$ 24,970

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	Dec. 31, 2017USD ($)
Cash and Cash Equivalents	$ 1,992,497
Cash Held by Blackstone Funds and Other	1,929,531
Restricted Cash included in Other Assets	14,461
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash	$ 3,936,489

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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. Form 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 Partnership is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented gross as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. 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 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 non-financial 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. The Partnership has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. 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 mat

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2018
INTANGIBLE ASSETS	3. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: June 30, December 31, Finite-Lived Intangible Assets / Contractual Rights $ 1,594,876 $ 1,594,876 Accumulated Amortization (1,214,032 ) (1,185,048 ) Intangible Assets, Net $ 380,844 $ 409,828 Amortization expense associated with Blackstone’s intangible assets was $14.5 million and $29.0 million for the three and six month periods ended June 30, 2018, respectively, and $11.0 million and $21.9 million for the three and six month periods ended June 30, 2017, respectively. Amortization of Intangible Assets held at June 30, 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 June 30, 2018 are expected to amortize over a weighted-average period of 8.8 years.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2018
INVESTMENTS	4. INVESTMENTS Investments consist of the following: June 30, December 31, Investments of Consolidated Blackstone Funds $ 8,608,565 $ 12,954,121 Equity Method Investments Partnership Investments 3,589,234 3,263,131 Accrued Performance Allocations 6,354,179 5,328,280 Corporate Treasury Investments 3,088,001 2,566,043 Other Investments 368,203 322,474 $ 22,008,182 $ 24,434,049 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $373.5 million and $488.4 million at June 30, 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 Six Months Ended 2018 2017 2018 2017 Realized Gains $ 52,236 $ 51,777 $ 34,378 $ 107,685 Net Change in Unrealized Gains (Losses) (22,278 ) 19,483 74,963 (9,039 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 29,958 71,260 109,341 98,646 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 43,561 38,794 74,777 77,540 Other Income — Net Gains from Fund Investment Activities $ 73,519 $ 110,054 $ 184,118 $ 176,186 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 six months ended June 30, 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 $165.6 million and $124.1 million for the three months ended June 30, 2018 and 2017, respectively. The Partnership recognized net gains related to its equity method investments of $328.1 million and $292.6 million for the six months ended June 30, 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 Estate Hedge Fund Credit Total Accrued Performance Allocations, $ 1,916,971 $ 2,859,307 $ 13,802 $ 538,200 $ 5,328,280 Performance Allocations as a Result of Changes in Fund Fair Values 1,110,884 606,245 17,384 144,893 1,879,406 Foreign Exchange Loss — (37,950 ) — — (37,950 ) Fund Distributions (217,712 ) (484,316 ) (7,081 ) (106,448 ) (815,557 ) Accrued Performance Allocations, June 30, 2018 $ 2,810,143 $ 2,943,286 $ 24,105 $ 576,645 $ 6,354,179 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents the Partnership’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Six Months Ended 2018 2017 2018 2017 Realized Gains (Losses) $ 4,774 $ 2,252 $ 7,113 $ (3,429 ) Net Change in Unrealized Gains (Losses) (6,702 ) 12,815 (14,896 ) 43,295 $(1,928) $15,067 $(7,783) $39,866 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. Other investments includes equity investments without readily determinable fair values which have a carrying value of $24.5 million as of June 30, 2018. During the three months ended June 30, 2018, an investment which previously did not have a readily determinable fair value completed an initial public offering and is now carried at fair value with realized and unrealized gains or losses recorded within Investment Income on the Condensed Consolidated Statement of Operations. This event resulted in an unrealized gain of $50.0 million during the three and six months ended June 30, 2018. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains in Other Investments: Three Months Ended Six Months Ended 2018 2017 2018 2017 Realized Gains $ 16,207 $ 2,865 $ 16,319 $ 2,870 Net Change in Unrealized Gains 49,643 4,803 45,411 10,291 $ 65,850 $ 7,668 $ 61,730 $ 13,161

NET ASSET VALUE AS FAIR VALUE

NET ASSET VALUE AS FAIR VALUE	6 Months Ended
	Jun. 30, 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 June 30, 2018 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 209,697 $ 131 (a ) (a ) Credit Driven 114,592 268 (b ) (b ) Equity 38,839 — (c ) (c ) Commodities 1,806 — (d ) (d ) $ 364,934 $ 399 (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 41% 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 59% 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. As of the reporting date, the investee fund manager had elected to side-pocket 8% of Blackstone’s investments in the category. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2018 there was no resulting gain or loss. For the six months ended June 30, 2018 the resulting loss was $1.4 million. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. June 30, 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 944,822 22,123 922,672 48,711 225,550 2,042 1,530,751 27,275 Foreign Currency Contracts 198,028 782 98,298 570 279,050 2,097 296,252 2,975 Credit Default Swaps 5,001 125 20,532 2,168 2,073 304 2,073 304 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 114,194 5,295 11,099 1,087 493,181 24,087 264,693 5,628 Credit Default Swaps 32,306 1,565 50,056 4,839 45,670 3,731 45,582 5,163 Total Return Swaps 25,325 488 — — 25,645 526 — — 1,319,676 30,378 1,102,657 57,375 1,071,169 32,787 2,139,351 41,345 $ 1,319,676 $ 30,378 $ 1,102,657 $ 57,375 $ 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 Six Months Ended 2018 2017 2018 2017 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ — $ (13 ) $ (8 ) $ (35 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 449 $ (3,007 ) $ 2,070 $ (3,947 ) Foreign Currency Contracts 12,321 (6,663 ) 8,238 (3,312 ) Credit Default Swaps (107 ) 268 (508 ) (1,658 ) Total Return Swaps 173 — 174 — $ 12,836 $ (9,402 ) $ 9,974 $ (8,917 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 37,261 $ (426 ) $ (39 ) $ (643 ) Foreign Currency Contracts 1,456 14,642 (2,272 ) 12,682 Credit Default Swaps 615 1,214 488 3,161 Total Return Swaps (5 ) — 52 — $ 39,327 $ 15,430 $ (1,771 ) $ 15,200 As of June 30, 2018 and December 31, 2017, the Partnership had not designated any derivatives as cash flow hedges.

FAIR VALUE OPTION

FAIR VALUE OPTION	6 Months Ended
	Jun. 30, 2018
FAIR VALUE OPTION	7. FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: June 30, December 31, Assets Loans and Receivables $ 346,603 $ 239,659 Equity and Preferred Securities 502,095 475,485 Debt Securities 522,033 418,061 Assets of Consolidated CLO Vehicles Corporate Loans 7,082,085 10,825,759 Corporate Bonds — 690,125 Other — 458 $ 8,452,816 $ 12,649,547 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,528,326 $ 10,594,656 Due to Affiliates 3,269 996 Subordinated Notes Loans Payable 175,900 703,164 Due to Affiliates 63,279 40,390 $ 6,770,774 $ 11,339,206 The following tables presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2018 2017 Realized Net Change Realized Net Change Assets Equity and Preferred Securities $ — $ (2,095 ) $ 1 $ 7,116 Debt Securities 15 (2,878 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 1,074 (25,896 ) (543 ) 25,084 Corporate Bonds — — 2,580 (927 ) Other — — 65 129 $ 1,089 $ (30,869 ) $ 2,103 $ 31,402 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 16,846 $ — $ 24,800 Six Months Ended June 30, 2018 2017 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 7,418 Equity and Preferred Securities — (1,867 ) 1 20,225 Debt Securities 827 (2,297 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (4,399 ) (7,046 ) 1,329 13,695 Corporate Bonds (24,056 ) 9,693 8,214 (6,801 ) Other — 6 65 129 $ (27,628 ) $ (1,511 ) $ 9,609 $ 34,666 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 60,460 $ — $ 32,712 The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2018 December 31, 2017 For Financial Assets Past Due (a) For Financial Assets Past Due (a) Excess Fair Value Excess Excess Fair Value (Deficiency) Loans and Receivables $ 933 $ — $ — $ 1,207 $ — $ — Debt Securities (2,131 ) — — (372 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (10,752 ) — — (13,495 ) 57,778 (19,633 ) Corporate Bonds — — — (21,455 ) — — $ (11,950 ) $ — $ — $ (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 June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 538,418 $ — $ — $ — $ 538,418 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 86,463 86,463 Equity Securities 51,212 51,051 159,109 — 261,372 Partnership and LLC Interests — 1,527 313,992 — 315,519 Debt Instruments — 771,977 83,801 — 855,778 Freestanding Derivatives Foreign Currency Contracts — 5,295 — — 5,295 Credit Default Swaps — 1,565 — — 1,565 Total Return Swaps — 488 — — 488 Assets of Consolidated CLO Vehicles —Corporate Loans — 6,552,263 529,822 — 7,082,085 Total Investments of Consolidated Blackstone Funds 51,212 7,384,166 1,086,724 86,463 8,608,565 Corporate Treasury Investments Equity Securities 309,131 — — — 309,131 Debt Instruments — 2,491,430 28,221 — 2,519,651 Other — — — 259,219 259,219 Total Corporate Treasury Investments 309,131 2,491,430 28,221 259,219 3,088,001 Other Investments 248,494 13,955 86,502 19,252 368,203 Total Investments 608,837 9,889,551 1,201,447 364,934 12,064,769 Accounts Receivable — Loans and Receivables — — 346,603 — 346,603 Other Assets Freestanding Derivatives Interest Rate Contracts 935 21,188 — — 22,123 Foreign Currency Contracts — 782 — — 782 Credit Default Swaps — 125 — — 125 Total Other Assets 935 22,095 — — 23,030 $ 1,148,190 $ 9,911,646 $ 1,548,050 $ 364,934 $ 12,972,820 June 30, 2018 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,528,326 $ — $ 6,528,326 Subordinated Notes (b) — 175,900 — 175,900 Total Loans Payable — 6,704,226 — 6,704,226 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 3,269 — 3,269 Subordinated Notes (b) — 63,279 — 63,279 Total Due to Affiliates — 66,548 — 66,548 Securities Sold, Not Yet Purchased — 155,780 — 155,780 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,087 — 1,087 Credit Default Swaps — 4,839 — 4,839 Total Liabilities of Consolidated Blackstone Funds — 5,926 — 5,926 Freestanding Derivatives Interest Rate Contracts 551 48,160 — 48,711 Foreign Currency Contracts — 570 — 570 Credit Default Swaps — 2,168 — 2,168 Total Freestanding Derivatives 551 50,898 — 51,449 Total Accounts Payable, Accrued Expenses and Other Liabilities 551 56,824 — 57,375 $ 551 $ 6,983,378 $ — $ 6,983,929 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 June 30, 2018 and 2017, respectively: Three Months Ended Six Months Ended 2018 2017 2018 2017 Transfers from Level I into Level II (a) $ — $ 762 $ — $ 762 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 June 30, 2018: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 118,659 Discounted Cash Flows Discount Rate 7.1% - 25.7% 12.6% Revenue CAGR -11.9% - 37.3% 7.1% Book Value Multiple 1.1x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 8.1% Exit Multiple - EBITDA 2.8x - 16.0x 10.2x Exit Multiple - NOI 8.8x - 12.8x 11.0x Exit Multiple - P/E 10.0x - 17.0x 14.2x 1,477 Market Comparable Companies Book Value Multiple 0.7x - 0.9x 0.8x Exit Multiple - EBITDA 8.0x N/A 28,049 Other N/A N/A N/A 10,870 Transaction Price N/A N/A N/A 54 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 267,616 Discounted Cash Flows Discount Rate 4.6% - 26.5% 9.9% Revenue CAGR -2.1% - 45.5% 7.6% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 1.5% - 25.0% 5.9% Exit Multiple - EBITDA 0.1x - 28.6x 10.5x Exit Multiple - NOI 12.5x N/A 578 Market Comparable Companies Book Value Multiple 1.0x N/A 27,668 Other N/A N/A N/A 543 Third Party Pricing N/A N/A N/A 17,587 Transaction Price N/A N/A N/A Debt Instruments 7,384 Discounted Cash Flows Discount Rate 6.3% - 16.7% 9.5% Revenue CAGR 23.6% N/A Exit Capitalization Rate 3.9% N/A 63,737 Third Party Pricing N/A N/A N/A 12,680 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 37 Discounted Cash Flows Discount Rate 8.0% N/A 529,785 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,086,724 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury $ 11,070 Discounted Cash Flows Discount Rate 0.7% - 6.0% 4.1% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 68.0% Reinvestment Rate LIBOR + 350bps - LIBOR + 391 LIBOR + 400bps bps 17,151 Third Party Pricing N/A N/A N/A Loans and Receivables 217,709 Discounted Cash Flows Discount Rate 5.8% - 10.2% 9.0% 128,894 Transaction Price N/A N/A N/A Other Investments 61,105 Discounted Cash Flows Discount Rate 0.7% - 8.9% 1.9% 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 N/A 25,397 Transaction Price N/A N/A N/A $ 1,548,050 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 June 30, 2018 2017 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 $ 685,966 $ 112,056 $ 138,433 $ 936,455 Transfer In Due to Consolidation and Acquisition — — — — 35,040 — — 35,040 Transfer Out Due to Deconsolidation — — — — (44,095 ) — — (44,095 ) Transfer In to Level III (b) 152,666 — — 152,666 68,127 — 6,473 74,600 Transfer Out of Level III (b) (117,217 ) — (7,649 ) (124,866 ) (105,165 ) — (11,930 ) (117,095 ) Purchases 203,223 294,258 15,327 512,808 112,405 268,222 9,155 389,782 Sales (127,718 ) (110,508 ) (23,304 ) (261,530 ) (46,140 ) (75,342 ) (34,014 ) (155,496 ) Settlements — (5,634 ) (1 ) (5,635 ) — (1,392 ) (993 ) (2,385 ) Changes in Gains Included in Earnings and Other Comprehensive Income 12,619 5,352 13,001 30,972 9,606 2,735 8,565 20,906 Balance, End of Period $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 146 $ 5,353 $ (49 ) $ 5,450 $ (2,163 ) $ 2,735 $ 123 $ 695 Level III Financial Assets at Fair Value Six Months Ended June 30, 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 34,651 — — 34,651 Transfer Out Due to Deconsolidation (217,182 ) — — (217,182 ) (38,629 ) — — (38,629 ) Transfer In to Level III (b) 180,401 — — 180,401 63,125 — 16,396 79,521 Transfer Out of Level III (b) (141,104 ) — (15,717 ) (156,821 ) (140,571 ) — (18,010 ) (158,581 ) Purchases 408,823 370,921 19,812 799,556 219,248 337,705 21,603 578,556 Sales (260,865 ) (263,703 ) (23,479 ) (548,047 ) (145,890 ) (251,502 ) (44,045 ) (441,437 ) Settlements — (9,317 ) (4 ) (9,321 ) — (3,894 ) (1,093 ) (4,987 ) Changes in Gains Included in Earnings and Other Comprehensive Income 37,237 9,043 14,469 60,749 37,937 12,611 10,250 60,798 Balance, End of Period $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 19,265 $ 9,044 $ (289 ) $ 28,020 $ 1,031 $ 12,610 $ 462 $ 14,103 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. There were no Level III financial liabilities as of and for the three and six months ended June 30, 2018 and 2017.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, December 31, Investments $ 969,868 $ 805,501 Accounts Receivable — 15,760 Due from Affiliates 252,603 81,465 Total VIE Assets 1,222,471 902,726 Due to Affiliates 4,110 179 Potential Clawback Obligation 55,832 98,331 Maximum Exposure to Loss $ 1,282,413 $ 1,001,236

REPURCHASE AGREEMENTS

REPURCHASE AGREEMENTS	6 Months Ended
	Jun. 30, 2018
REPURCHASE AGREEMENTS	10. REPURCHASE AGREEMENTS At June 30, 2018, the Partnership pledged securities with a carrying value of $217.8 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: June 30, 2018 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 48,796 $ 109,116 $ 24,577 $ 182,489 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 182,489 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	6 Months Ended
	Jun. 30, 2018
OFFSETTING OF ASSETS AND LIABILITIES	11. OFFSETTING OF ASSETS AND LIABILITIES The following tables present the offsetting of assets and liabilities as of June 30, 2018: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 25,934 $ 23,822 $ — $ 2,112 Gross and Net Gross Amounts Not Offset in the Statement of Financial Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 57,375 $ 43,943 $ 6,811 $ 6,621 Repurchase Agreements 182,489 182,489 — — $ 239,864 $ 226,432 $ 6,811 $ 6,621 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. 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: June 30, 2018 December 31, 2017 Furniture, Equipment and Leasehold Improvements, Net $ 122,318 $ 126,566 Prepaid Expenses 90,687 78,723 Other Assets 16,901 32,965 Freestanding Derivatives 23,030 4,443 $ 252,936 $ 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 June 30, 2018, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.5 billion, which was offset with an accompanying overdraft of $1.5 billion.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 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. June 30, 2018 December 31, 2017 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 5.875%, Due 3/15/2021 $ 398,727 $ 425,360 $ 398,514 $ 438,320 4.750%, Due 2/15/2023 394,645 418,840 394,137 434,200 2.000%, Due 5/19/2025 346,136 369,728 355,425 385,433 1.000%, Due 10/5/2026 691,478 677,906 709,871 711,440 3.150%, Due 10/2/2027 296,557 284,700 296,399 295,320 6.250%, Due 8/15/2042 238,119 294,700 238,019 328,200 5.000%, Due 6/15/2044 488,640 526,000 488,536 574,100 4.450%, Due 7/15/2045 343,981 337,260 343,925 372,575 4.000%, Due 10/2/2047 290,075 266,400 289,989 296,940 $ 3,488,358 $ 3,600,894 $ 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: June 30, 2018 December 31, 2017 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 6,533,425 3.83 % 3.2 $ 10,689,240 2.35 % 4.1 Subordinated Notes 331,735 (a ) N/A 894,367 (a) N/A $ 6,865,160 $ 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: June 30, 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 $ 6,531,595 $ 3,250 $ 3,269 $ 10,595,652 $ 1,000 $ 996 Subordinated Notes 239,179 111,659 63,279 743,554 53,400 40,390 $ 6,770,774 $ 114,909 $ 66,548 $ 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 June 30, 2018 and December 31, 2017, the fair value of the consolidated CLO assets was $7.5 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 June 30, 2018 were as follows: Operating Blackstone Fund Total 2018 $ — $ 2,819 $ 2,819 2019 — — — 2020 — — — 2021 400,000 — 400,000 2022 — — — Thereafter 3,151,560 6,865,160 10,016,720 $ 3,551,560 $ 6,867,979 $ 10,419,539

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
INCOME TAXES	13. INCOME TAXES Blackstone’s effective tax rate was 8.2% and 3.9% for the three months ended June 30, 2018 and 2017, respectively, and 7.5% and 4.8% for the six months ended June 30, 2018 and 2017, respectively. Blackstone’s income tax provision was $138.7 million and $29.6 million for the three months ended June 30, 2018 and 2017, respectively, and $193.2 million and $87.0 million for the six months ended June 30, 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.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	6 Months Ended
	Jun. 30, 2018
NET INCOME PER COMMON UNIT	14. NET INCOME PER COMMON UNIT Basic and diluted net income per common unit for the three and six months ended June 30, 2018 and June 30, 2017 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 742,042 $ 337,407 $ 1,109,914 $ 789,316 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 260,488 858,727 624,716 Net Income Attributable to The Blackstone Group L.P., Diluted $ 742,042 $ 597,895 $ 1,968,641 $ 1,414,032 Units Outstanding Weighted-Average Common Units Outstanding, Basic 681,794,492 664,681,299 678,156,936 662,820,839 Weighted-Average Unvested Deferred Restricted Common Units 216,118 998,974 207,526 904,079 Weighted-Average Blackstone Holdings Partnership Units — 534,326,066 532,363,486 536,031,472 Weighted-Average Common Units Outstanding, Diluted 682,010,610 1,200,006,339 1,210,727,948 1,199,756,390 Net Income Per Common Unit, Basic $ 1.09 $ 0.51 $ 1.64 $ 1.19 Net Income Per Common Unit, Diluted $ 1.09 $ 0.50 $ 1.63 $ 1.18 Distributions Declared Per Common Unit (a) $ 0.35 $ 0.87 $ 1.20 $ 1.34 (a) Distributions declared reflects the calendar date of the declaration for each distribution. The Weighted-Average Common Units Outstanding, Basic includes vested deferred restricted common units that have been earned for which issuance of the related common units is deferred until future periods. The Partnership applies the treasury stock method to determine the dilutive weighted-average common units outstanding. The Partnership applies the “if-converted” In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on net income per common unit, the Partnership considered that net income available to holders of common units would increase due to the elimination of non-controlling The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2018 and 2017: Three Months Ended Six Months Ended 2018 2017 2018 2017 Weighted-Average Blackstone Holdings Partnership Units 528,872,187 — — — Unit Repurchase Program On April 16, 2018, the Board of Directors of our general partner, Blackstone Group Management L.L.C., authorized the repurchase by Blackstone of up to $1.0 billion of Blackstone common units and Blackstone Holdings Partnership Units. 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. During the three and six months ended June 30, 2017, no units were repurchased. During the three and six months ended June 30, 2018, Blackstone repurchased 2.2 million Blackstone common units at a total cost of $71.7 million. As of June 30, 2018, the amount remaining available for repurchases under this program was $928.3 million.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2018, the Partnership recorded compensation expense of $116.8 million and $209.0 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $20.1 million and $34.5 million, respectively. For the three and six months ended June 30, 2017, the Partnership recorded compensation expense of $88.5 million and $179.7 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $22.7 million and $36.8 million, respectively. As of June 30, 2018, there was $793.8 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 4.0 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,203,395,001 as of June 30, 2018. Total outstanding phantom units were 44,850 as of June 30, 2018. A summary of the status of the Partnership’s unvested equity-based awards as of June 30, 2018 and of changes during the period January 1, 2018 through June 30, 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 2,224,551 32.01 3,343,695 32.48 117 33.43 Vested (2,161,371 ) 36.27 (3,309,089 ) 30.48 (151 ) 32.99 Forfeited (56,362 ) 32.89 (213,508 ) 30.34 — — Balance, June 30, 2018 30,030,007 $ 34.95 8,841,072 $ 30.76 44,162 $ 32.24 Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2018, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 26,551,896 3.5 Deferred Restricted Blackstone Common Units 7,761,280 2.1 Total Equity-Based Awards 34,313,176 3.2 Phantom Units 37,120 2.4

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling $ 413,095 $ 410,877 Amounts Due from Portfolio Companies and Funds 514,064 587,955 Management Fees and Performance Allocations Due from Non-Consolidated 547,235 594,484 Payments Made on Behalf of Non-Consolidated 526,087 355,766 Investments Redeemed in Non-Consolidated 14,355 77,943 Accrual for Potential Clawback of Previously Distributed Performance Allocations 1,113 1,112 $ 2,015,949 $ 2,028,137 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling $ 779,758 $ 715,734 Distributions Received on Behalf of Certain Non-Controlling 63,349 87,829 Distributions Received on Behalf of Blackstone Entities 4,373 38,789 Payments Made by Non-Consolidated 51,050 51,249 Due to Note Holders of Consolidated CLO Vehicles 66,548 41,386 Accrual for Potential Repayment of Previously Received Performance Allocations 2,172 2,171 $ 967,250 $ 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 June 30, 2018 and December 31, 2017, such investments aggregated $843.8 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 $1.2 million and $1.1 million for the three months ended June 30, 2018 and 2017, respectively, and $2.5 million and $1.3 million for the six months ended June 30, 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 $779.8 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	6 Months Ended
	Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Commitments Investment Commitments Blackstone had $2.4 billion of investment commitments as of June 30, 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 $545.2 million as of June 30, 2018 which includes $155.4 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Group International Partners LLP. The amount guaranteed as of June 30, 2018 was $185.7 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: June 30, 2018 December 31, 2017 Segment Blackstone Holdings Current and Former Personnel Total Blackstone Holdings Current and Former Personnel 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 June 30, 2018, $696.5 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 June 30, 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	6 Months Ended
	Jun. 30, 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 performance and in making resource deployment and compensation decisions across its four segments. Economic Income presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages, and excludes the amortization of intangibles and other activity referred to as “Transaction-Related Charges”. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. For segment reporting purposes, Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. 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. The following tables presents the financial data for Blackstone’s four segments for the three months ended June 30, 2018 and 2017: Three Months Ended June 30, 2018 Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 195,521 $ 249,680 $ 129,553 $ 118,161 $ 692,915 Transaction, Advisory and Other Fees, Net 12,780 23,859 812 3,461 40,912 Management Fee Offsets (4,351 ) (3,785 ) — (2,697 ) (10,833 ) Total Management and Advisory Fees, Net 203,950 269,754 130,365 118,925 722,994 Performance Revenues Realized Incentive Fees — 11,394 6,887 1,223 19,504 Realized Performance Allocations 138,171 351,630 383 13,371 503,555 Unrealized Performance Allocations 498,274 (160,578 ) 9,930 92,798 440,424 Total Performance Revenues 636,445 202,446 17,200 107,392 963,483 Principal Investment Income (Loss) Realized 32,600 50,199 7,766 4,082 94,647 Unrealized 84,247 (28,044 ) (4,841 ) 764 52,126 Total Principal Investment Income 116,847 22,155 2,925 4,846 146,773 Interest and Dividend Revenue 11,549 14,494 5,152 10,532 41,727 Other 26,667 30,457 17,619 19,673 94,416 Total Revenues 995,458 539,306 173,261 261,368 1,969,393 Expenses Compensation 103,798 109,599 48,086 55,907 317,390 Performance Compensation Realized Incentive Fees — 5,820 4,155 (232 ) 9,743 Realized Performance Allocations 68,513 109,233 937 7,715 186,398 Unrealized Performance Allocations 193,747 (51,370 ) 2,772 44,842 189,991 Total Compensation and Benefits 366,058 173,282 55,950 108,232 703,522 Interest Expense 12,773 11,389 5,900 8,823 38,885 Other Operating Expenses 36,047 36,026 18,494 31,899 122,466 Total Expenses 414,878 220,697 80,344 148,954 864,873 Economic Income $ 580,580 $ 318,609 $ 92,917 $ 112,414 $ 1,104,520 Three Months Ended June 30, 2017 Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 177,684 $ 227,865 $ 128,698 $ 137,121 $ 671,368 Transaction, Advisory and Other Fees, Net 17,289 16,087 1,696 3,820 38,892 Management Fee Offsets (3,753 ) (5,018 ) — (4,653 ) (13,424 ) Total Management and Advisory Fees, Net 191,220 238,934 130,394 136,288 696,836 Performance Revenues Realized Incentive Fees — 4,878 6,548 28,877 40,303 Realized Performance Allocations 198,168 389,441 447 15,040 603,096 Unrealized Performance Allocations 9 89,688 14,849 (8,839 ) 95,707 Total Performance Revenues 198,177 484,007 21,844 35,078 739,106 Principal Investment Income (Loss) Realized 41,168 57,599 225 1,895 100,887 Unrealized (25,892 ) (20,519 ) 11,578 1,666 (33,167 ) Total Principal Investment Income 15,276 37,080 11,803 3,561 67,720 Interest and Dividend Revenue 7,922 14,493 4,674 6,614 33,703 Other (16,124 ) (22,965 ) (10,720 ) (12,660 ) (62,469 ) Total Revenues 396,471 751,549 157,995 168,881 1,474,896 Expenses Compensation 90,676 110,266 47,361 56,954 305,257 Performance Compensation Realized Incentive Fees — 2,711 4,097 14,224 21,032 Realized Performance Allocations 63,060 124,512 265 7,901 195,738 Unrealized Performance Allocations 22,219 64,254 5,968 (5,531 ) 86,910 Total Compensation and Benefits 175,955 301,743 57,691 73,548 608,937 Interest Expense 10,728 14,787 6,688 8,091 40,294 Other Operating Expenses 28,592 33,379 16,318 27,549 105,838 Total Expenses 215,275 349,909 80,697 109,188 755,069 Economic Income $ 181,196 $ 401,640 $ 77,298 $ 59,693 $ 719,827 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes for the three months ended June 30, 2018 and 2017: Three Months Ended June 30, 2018 Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Segments $ 1,969,393 $ 864,873 $ — $ 1,104,520 Adjustments Impact of Consolidation (b) 82,752 26,288 73,519 129,983 Amortization of Intangibles (c) (387 ) 14,486 — (14,873 ) Intersegment Eliminations (1,293 ) (1,293 ) — — Transaction-Related Charges (d) 582,105 112,027 — 470,078 Total Adjustments 663,177 151,508 73,519 585,188 Blackstone Consolidated $ 2,632,570 $ 1,016,381 $ 73,519 $ 1,689,708 Three Months Ended June 30, 2017 Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Segments $ 1,474,896 $ 755,069 $ — $ 719,827 Adjustments Impact of Consolidation (b) 57,503 53,622 110,054 113,935 Amortization of Intangibles (c) (387 ) 10,957 — (11,344 ) Intersegment Eliminations (1,628 ) (1,628 ) — — Transaction-Related Charges (d) 5,342 63,173 — (57,831 ) Total Adjustments 60,830 126,124 110,054 44,760 Blackstone Consolidated $ 1,535,726 $ 881,193 $ 110,054 $ 764,587 (a) Represents Total Segments Economic Income reconciled to Blackstone Consolidated Income Before Provision for Taxes. (b) The Impact of Consolidation adjustment represents the effect of consolidating Blackstone Funds, the elimination of Blackstone’s interest in these funds, the increase to revenue representing the reimbursement of certain expenses by Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the segment presentation, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (c) Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstone’s investment in Patria, which is accounted for under the equity method. (d) Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. During the three months ended June 30, 2018, Transaction-Related Charges include $580.9 million of Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory The following tables present the financial data for Blackstone’s four segments as of and for the six months ended June 30, 2018 and 2017: June 30, 2018 and the Six Months Then Ended Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 378,482 $ 476,206 $ 258,781 $ 286,602 $ 1,400,071 Transaction, Advisory and Other Fees, Net 23,874 46,947 1,157 6,000 77,978 Management Fee Offsets (7,544 ) (5,453 ) — (6,014 ) (19,011 ) Total Management and Advisory Fees, Net 394,812 517,700 259,938 286,588 1,459,038 Performance Revenues Realized Incentive Fees — 15,769 15,058 1,243 32,070 Realized Performance Allocations 215,294 502,939 2,389 52,575 773,197 Unrealized Performance Allocations 895,590 65,864 14,991 92,318 1,068,763 Total Performance Revenues 1,110,884 584,572 32,438 146,136 1,874,030 Principal Investment Income (Loss) Realized 38,938 64,889 8,406 11,107 123,340 Unrealized 101,615 (25,357 ) (4,401 ) (5,753 ) 66,104 Total Principal Investment Income 140,553 39,532 4,005 5,354 189,444 Interest and Dividend Revenue 20,092 29,622 9,964 18,434 78,112 Other 10,259 8,960 7,331 6,972 33,522 Total Revenues 1,676,600 1,180,386 313,676 463,484 3,634,146 Expenses Compensation 203,527 222,423 98,386 129,381 653,717 Performance Compensation Realized Incentive Fees — 8,030 8,189 186 16,405 Realized Performance Allocations 101,558 163,416 3,352 30,134 298,460 Unrealized Performance Allocations 372,549 27,800 4,958 39,119 444,426 Total Compensation and Benefits 677,634 421,669 114,885 198,820 1,413,008 Interest Expense 22,906 25,538 12,171 16,508 77,123 Other Operating Expenses 67,198 65,443 37,279 59,638 229,558 Total Expenses 767,738 512,650 164,335 274,966 1,719,689 Economic Income $ 908,862 $ 667,736 $ 149,341 $ 188,518 $ 1,914,457 Segment Assets $ 7,574,520 $ 7,536,885 $ 2,275,685 $ 4,099,397 $ 21,486,487 Six Months Ended June 30, 2017 Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 354,390 $ 425,744 $ 257,166 $ 277,026 $ 1,314,326 Transaction, Advisory and Other Fees, Net 33,465 37,366 1,955 6,328 79,114 Management Fee Offsets (15,943 ) (8,568 ) — (22,512 ) (47,023 ) Total Management and Advisory Fees, Net 371,912 454,542 259,121 260,842 1,346,417 Performance Revenues Realized Incentive Fees — 7,760 20,635 58,419 86,814 Realized Performance Allocations 780,849 909,314 1,044 23,837 1,715,044 Unrealized Performance Allocations (184,469 ) 81,642 33,664 40,792 (28,371 ) Total Performance Revenues 596,380 998,716 55,343 123,048 1,773,487 Principal Investment Income (Loss) Realized 122,462 177,178 (407 ) 4,548 303,781 Unrealized (66,414 ) (104,372 ) 29,871 8,813 (132,102 ) Total Principal Investment Income 56,048 72,806 29,464 13,361 171,679 Interest and Dividend Revenue 14,583 26,587 8,671 12,358 62,199 Other (17,924 ) (26,115 ) (12,330 ) (14,387 ) (70,756 ) Total Revenues 1,020,999 1,526,536 340,269 395,222 3,283,026 Expenses Compensation 174,279 212,968 94,965 112,072 594,284 Performance Compensation Realized Incentive Fees — 4,044 11,111 28,342 43,497 Realized Performance Allocations 244,693 304,468 568 12,487 562,216 Unrealized Performance Allocations (17,137 ) 82,046 12,390 17,144 94,443 Total Compensation and Benefits 401,835 603,526 119,034 170,045 1,294,440 Interest Expense 21,155 29,422 13,231 15,936 79,744 Other Operating Expenses 56,353 64,243 32,697 49,007 202,300 Total Expenses 479,343 697,191 164,962 234,988 1,576,484 Economic Income $ 541,656 $ 829,345 $ 175,307 $ 160,234 $ 1,706,542 The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the six months ended June 30, 2018 and 2017: June 30, 2018 and the Six Months Then Ended Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Assets Total Segments $ 3,634,146 $ 1,719,689 $ — $ 1,914,457 $ 21,486,487 Adjustments Impact of Consolidation (b) 186,276 86,187 184,118 284,207 8,588,810 Amortization of Intangibles (c) (774 ) 28,972 — (29,746 ) — Intersegment Eliminations (2,634 ) (2,634 ) — — — Transaction-Related Charges (d) 584,687 167,098 — 417,589 — Total Adjustments 767,555 279,623 184,118 672,050 8,588,810 Blackstone Consolidated $ 4,401,701 $ 1,999,312 $ 184,118 $ 2,586,507 $ 30,075,297 Six Months Ended June 30, 2017 Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Segments $ 3,283,026 $ 1,576,484 $ — $ 1,706,542 Adjustments Impact of Consolidation (b) 159,142 80,708 176,186 254,620 Amortization of Intangibles (c) (774 ) 21,914 — (22,688 ) Intersegment Eliminations (3,067 ) (3,067 ) — — Transaction-Related Charges (d) 12,117 126,927 — (114,810 ) Total Adjustments 167,418 226,482 176,186 117,122 Blackstone Consolidated $ 3,450,444 $ 1,802,966 $ 176,186 $ 1,823,664 (a) Represents Total Segments Economic Income reconciled to Blackstone Consolidated Income Before Provision for Taxes. (b) The Impact of Consolidation adjustment represents the effect of consolidating Blackstone Funds, the elimination of Blackstone’s interest in these funds, the increase to revenue representing the reimbursement of certain expenses by Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the segment presentation, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (c) Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstone’s investment in Patria, which is accounted for under the equity method. (d) Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. During the six months ended June 30, 2018, Transaction-Related Charges include $580.9 million of Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS There have been no events since June 30, 2018 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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. Form 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 Partnership is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented gross as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. 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 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 non-financial 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. The Partnership has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. 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 June 30, 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 $13.6 million, $5.4 million, $0.01 per common unit, and $0.01 per common unit, respectively. For the six months ended June 30, 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 $39.6 million, $15.3 million, $0.02 per common unit, and $0.02 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 and six months ended June 30, 2017, these costs were $4.3 million and $7.6 million, respectively, 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 and six months ended June 30, 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 six months ended June 30, 2017 the new guidance resulted in a decrease in Net Cash Used in Operating Activities of $463.5 million, a decrease in Net Cash Provided by Investing Activities of $18.0 million, and an increase in Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds, and Restricted Cash of $58.3 million. Additionally, the new guidance increased the December 31, 2016 Beginning of Period and June 30, 2017 End of Period balances by $1.0 billion and $1.5 billion, respectively, in the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2017.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2018
Intangible Assets, Net	Intangible Assets, Net consists of the following: June 30, December 31, Finite-Lived Intangible Assets / Contractual Rights $ 1,594,876 $ 1,594,876 Accumulated Amortization (1,214,032 ) (1,185,048 ) Intangible Assets, Net $ 380,844 $ 409,828

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Investments	Investments consist of the following: June 30, December 31, Investments of Consolidated Blackstone Funds $ 8,608,565 $ 12,954,121 Equity Method Investments Partnership Investments 3,589,234 3,263,131 Accrued Performance Allocations 6,354,179 5,328,280 Corporate Treasury Investments 3,088,001 2,566,043 Other Investments 368,203 322,474 $ 22,008,182 $ 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 Six Months Ended 2018 2017 2018 2017 Realized Gains $ 52,236 $ 51,777 $ 34,378 $ 107,685 Net Change in Unrealized Gains (Losses) (22,278 ) 19,483 74,963 (9,039 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 29,958 71,260 109,341 98,646 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 43,561 38,794 74,777 77,540 Other Income — Net Gains from Fund Investment Activities $ 73,519 $ 110,054 $ 184,118 $ 176,186
Performance Fees Allocated to Funds	Accrued Performance Allocations to the Partnership in respect of performance of certain Blackstone Funds were as follows: Private Real Estate Hedge Fund Credit Total Accrued Performance Allocations, $ 1,916,971 $ 2,859,307 $ 13,802 $ 538,200 $ 5,328,280 Performance Allocations as a Result of Changes in Fund Fair Values 1,110,884 606,245 17,384 144,893 1,879,406 Foreign Exchange Loss — (37,950 ) — — (37,950 ) Fund Distributions (217,712 ) (484,316 ) (7,081 ) (106,448 ) (815,557 ) Accrued Performance Allocations, June 30, 2018 $ 2,810,143 $ 2,943,286 $ 24,105 $ 576,645 $ 6,354,179
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Six Months Ended 2018 2017 2018 2017 Realized Gains (Losses) $ 4,774 $ 2,252 $ 7,113 $ (3,429 ) Net Change in Unrealized Gains (Losses) (6,702 ) 12,815 (14,896 ) 43,295 $(1,928) $15,067 $(7,783) $39,866
Realized and Net Change in Unrealized Gains, Other Investments	he following table presents Blackstone’s Realized and Net Change in Unrealized Gains in Other Investments: Three Months Ended Six Months Ended 2018 2017 2018 2017 Realized Gains $ 16,207 $ 2,865 $ 16,319 $ 2,870 Net Change in Unrealized Gains 49,643 4,803 45,411 10,291 $ 65,850 $ 7,668 $ 61,730 $ 13,161

NET ASSET VALUE AS FAIR VALUE (

NET ASSET VALUE AS FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 209,697 $ 131 (a ) (a ) Credit Driven 114,592 268 (b ) (b ) Equity 38,839 — (c ) (c ) Commodities 1,806 — (d ) (d ) $ 364,934 $ 399 (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 41% 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 59% 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. As of the reporting date, the investee fund manager had elected to side-pocket 8% of Blackstone’s investments in the category. (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)	6 Months Ended
	Jun. 30, 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. June 30, 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 944,822 22,123 922,672 48,711 225,550 2,042 1,530,751 27,275 Foreign Currency Contracts 198,028 782 98,298 570 279,050 2,097 296,252 2,975 Credit Default Swaps 5,001 125 20,532 2,168 2,073 304 2,073 304 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 114,194 5,295 11,099 1,087 493,181 24,087 264,693 5,628 Credit Default Swaps 32,306 1,565 50,056 4,839 45,670 3,731 45,582 5,163 Total Return Swaps 25,325 488 — — 25,645 526 — — 1,319,676 30,378 1,102,657 57,375 1,071,169 32,787 2,139,351 41,345 $ 1,319,676 $ 30,378 $ 1,102,657 $ 57,375 $ 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 Six Months Ended 2018 2017 2018 2017 Net Investment Hedges — Foreign Currency Contracts Hedge Ineffectiveness $ — $ (13 ) $ (8 ) $ (35 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 449 $ (3,007 ) $ 2,070 $ (3,947 ) Foreign Currency Contracts 12,321 (6,663 ) 8,238 (3,312 ) Credit Default Swaps (107 ) 268 (508 ) (1,658 ) Total Return Swaps 173 — 174 — $ 12,836 $ (9,402 ) $ 9,974 $ (8,917 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 37,261 $ (426 ) $ (39 ) $ (643 ) Foreign Currency Contracts 1,456 14,642 (2,272 ) 12,682 Credit Default Swaps 615 1,214 488 3,161 Total Return Swaps (5 ) — 52 — $ 39,327 $ 15,430 $ (1,771 ) $ 15,200

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, Assets Loans and Receivables $ 346,603 $ 239,659 Equity and Preferred Securities 502,095 475,485 Debt Securities 522,033 418,061 Assets of Consolidated CLO Vehicles Corporate Loans 7,082,085 10,825,759 Corporate Bonds — 690,125 Other — 458 $ 8,452,816 $ 12,649,547 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,528,326 $ 10,594,656 Due to Affiliates 3,269 996 Subordinated Notes Loans Payable 175,900 703,164 Due to Affiliates 63,279 40,390 $ 6,770,774 $ 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 tables presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2018 2017 Realized Net Change Realized Net Change Assets Equity and Preferred Securities $ — $ (2,095 ) $ 1 $ 7,116 Debt Securities 15 (2,878 ) — — Assets of Consolidated CLO Vehicles Corporate Loans 1,074 (25,896 ) (543 ) 25,084 Corporate Bonds — — 2,580 (927 ) Other — — 65 129 $ 1,089 $ (30,869 ) $ 2,103 $ 31,402 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 16,846 $ — $ 24,800 Six Months Ended June 30, 2018 2017 Realized Net Change Realized Net Change Assets Loans and Receivables $ — $ — $ — $ 7,418 Equity and Preferred Securities — (1,867 ) 1 20,225 Debt Securities 827 (2,297 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (4,399 ) (7,046 ) 1,329 13,695 Corporate Bonds (24,056 ) 9,693 8,214 (6,801 ) Other — 6 65 129 $ (27,628 ) $ (1,511 ) $ 9,609 $ 34,666 Liabilities Liabilities of Consolidated CLO Vehicles — Subordinated Notes $ — $ 60,460 $ — $ 32,712
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: June 30, 2018 December 31, 2017 For Financial Assets Past Due (a) For Financial Assets Past Due (a) Excess Fair Value Excess Excess Fair Value (Deficiency) Loans and Receivables $ 933 $ — $ — $ 1,207 $ — $ — Debt Securities (2,131 ) — — (372 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (10,752 ) — — (13,495 ) 57,778 (19,633 ) Corporate Bonds — — — (21,455 ) — — $ (11,950 ) $ — $ — $ (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)	6 Months Ended
	Jun. 30, 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: June 30, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds $ 538,418 $ — $ — $ — $ 538,418 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 86,463 86,463 Equity Securities 51,212 51,051 159,109 — 261,372 Partnership and LLC Interests — 1,527 313,992 — 315,519 Debt Instruments — 771,977 83,801 — 855,778 Freestanding Derivatives Foreign Currency Contracts — 5,295 — — 5,295 Credit Default Swaps — 1,565 — — 1,565 Total Return Swaps — 488 — — 488 Assets of Consolidated CLO Vehicles —Corporate Loans — 6,552,263 529,822 — 7,082,085 Total Investments of Consolidated Blackstone Funds 51,212 7,384,166 1,086,724 86,463 8,608,565 Corporate Treasury Investments Equity Securities 309,131 — — — 309,131 Debt Instruments — 2,491,430 28,221 — 2,519,651 Other — — — 259,219 259,219 Total Corporate Treasury Investments 309,131 2,491,430 28,221 259,219 3,088,001 Other Investments 248,494 13,955 86,502 19,252 368,203 Total Investments 608,837 9,889,551 1,201,447 364,934 12,064,769 Accounts Receivable — Loans and Receivables — — 346,603 — 346,603 Other Assets Freestanding Derivatives Interest Rate Contracts 935 21,188 — — 22,123 Foreign Currency Contracts — 782 — — 782 Credit Default Swaps — 125 — — 125 Total Other Assets 935 22,095 — — 23,030 $ 1,148,190 $ 9,911,646 $ 1,548,050 $ 364,934 $ 12,972,820 June 30, 2018 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,528,326 $ — $ 6,528,326 Subordinated Notes (b) — 175,900 — 175,900 Total Loans Payable — 6,704,226 — 6,704,226 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 3,269 — 3,269 Subordinated Notes (b) — 63,279 — 63,279 Total Due to Affiliates — 66,548 — 66,548 Securities Sold, Not Yet Purchased — 155,780 — 155,780 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,087 — 1,087 Credit Default Swaps — 4,839 — 4,839 Total Liabilities of Consolidated Blackstone Funds — 5,926 — 5,926 Freestanding Derivatives Interest Rate Contracts 551 48,160 — 48,711 Foreign Currency Contracts — 570 — 570 Credit Default Swaps — 2,168 — 2,168 Total Freestanding Derivatives 551 50,898 — 51,449 Total Accounts Payable, Accrued Expenses and Other Liabilities 551 56,824 — 57,375 $ 551 $ 6,983,378 $ — $ 6,983,929 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 June 30, 2018 and 2017, respectively: Three Months Ended Six Months Ended 2018 2017 2018 2017 Transfers from Level I into Level II (a) $ — $ 762 $ — $ 762 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 June 30, 2018: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 118,659 Discounted Cash Flows Discount Rate 7.1% - 25.7% 12.6% Revenue CAGR -11.9% - 37.3% 7.1% Book Value Multiple 1.1x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 8.1% Exit Multiple - EBITDA 2.8x - 16.0x 10.2x Exit Multiple - NOI 8.8x - 12.8x 11.0x Exit Multiple - P/E 10.0x - 17.0x 14.2x 1,477 Market Comparable Companies Book Value Multiple 0.7x - 0.9x 0.8x Exit Multiple - EBITDA 8.0x N/A 28,049 Other N/A N/A N/A 10,870 Transaction Price N/A N/A N/A 54 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 267,616 Discounted Cash Flows Discount Rate 4.6% - 26.5% 9.9% Revenue CAGR -2.1% - 45.5% 7.6% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 1.5% - 25.0% 5.9% Exit Multiple - EBITDA 0.1x - 28.6x 10.5x Exit Multiple - NOI 12.5x N/A 578 Market Comparable Companies Book Value Multiple 1.0x N/A 27,668 Other N/A N/A N/A 543 Third Party Pricing N/A N/A N/A 17,587 Transaction Price N/A N/A N/A Debt Instruments 7,384 Discounted Cash Flows Discount Rate 6.3% - 16.7% 9.5% Revenue CAGR 23.6% N/A Exit Capitalization Rate 3.9% N/A 63,737 Third Party Pricing N/A N/A N/A 12,680 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 37 Discounted Cash Flows Discount Rate 8.0% N/A 529,785 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,086,724 continued … Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury $ 11,070 Discounted Cash Flows Discount Rate 0.7% - 6.0% 4.1% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 68.0% Reinvestment Rate LIBOR + 350bps - LIBOR + 391 LIBOR + 400bps bps 17,151 Third Party Pricing N/A N/A N/A Loans and Receivables 217,709 Discounted Cash Flows Discount Rate 5.8% - 10.2% 9.0% 128,894 Transaction Price N/A N/A N/A Other Investments 61,105 Discounted Cash Flows Discount Rate 0.7% - 8.9% 1.9% 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 N/A 25,397 Transaction Price N/A N/A N/A $ 1,548,050 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 June 30, 2018 2017 Investments Loans and Other Total Investments Loans and Other Total Balance, Beginning of Period $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 $ 685,966 $ 112,056 $ 138,433 $ 936,455 Transfer In Due to Consolidation and Acquisition — — — — 35,040 — — 35,040 Transfer Out Due to Deconsolidation — — — — (44,095 ) — — (44,095 ) Transfer In to Level III (b) 152,666 — — 152,666 68,127 — 6,473 74,600 Transfer Out of Level III (b) (117,217 ) — (7,649 ) (124,866 ) (105,165 ) — (11,930 ) (117,095 ) Purchases 203,223 294,258 15,327 512,808 112,405 268,222 9,155 389,782 Sales (127,718 ) (110,508 ) (23,304 ) (261,530 ) (46,140 ) (75,342 ) (34,014 ) (155,496 ) Settlements — (5,634 ) (1 ) (5,635 ) — (1,392 ) (993 ) (2,385 ) Changes in Gains Included in Earnings and Other Comprehensive Income 12,619 5,352 13,001 30,972 9,606 2,735 8,565 20,906 Balance, End of Period $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 146 $ 5,353 $ (49 ) $ 5,450 $ (2,163 ) $ 2,735 $ 123 $ 695 Level III Financial Assets at Fair Value Six Months Ended June 30, 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 34,651 — — 34,651 Transfer Out Due to Deconsolidation (217,182 ) — — (217,182 ) (38,629 ) — — (38,629 ) Transfer In to Level III (b) 180,401 — — 180,401 63,125 — 16,396 79,521 Transfer Out of Level III (b) (141,104 ) — (15,717 ) (156,821 ) (140,571 ) — (18,010 ) (158,581 ) Purchases 408,823 370,921 19,812 799,556 219,248 337,705 21,603 578,556 Sales (260,865 ) (263,703 ) (23,479 ) (548,047 ) (145,890 ) (251,502 ) (44,045 ) (441,437 ) Settlements — (9,317 ) (4 ) (9,321 ) — (3,894 ) (1,093 ) (4,987 ) Changes in Gains Included in Earnings and Other Comprehensive Income 37,237 9,043 14,469 60,749 37,937 12,611 10,250 60,798 Balance, End of Period $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 $ 715,744 $ 306,279 $ 115,689 $ 1,137,712 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 19,265 $ 9,044 $ (289 ) $ 28,020 $ 1,031 $ 12,610 $ 462 $ 14,103 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Investments $ 969,868 $ 805,501 Accounts Receivable — 15,760 Due from Affiliates 252,603 81,465 Total VIE Assets 1,222,471 902,726 Due to Affiliates 4,110 179 Potential Clawback Obligation 55,832 98,331 Maximum Exposure to Loss $ 1,282,413 $ 1,001,236

REPURCHASE AGREEMENTS (Tables)

REPURCHASE AGREEMENTS (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2018 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 48,796 $ 109,116 $ 24,577 $ 182,489 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 182,489 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)	6 Months Ended
	Jun. 30, 2018
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of June 30, 2018: Gross and Net Gross Amounts Not Offset in Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 25,934 $ 23,822 $ — $ 2,112 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 June 30, 2018: Gross and Net Gross Amounts Not Offset in the Statement of Financial Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 57,375 $ 43,943 $ 6,811 $ 6,621 Repurchase Agreements 182,489 182,489 — — $ 239,864 $ 226,432 $ 6,811 $ 6,621 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: June 30, 2018 December 31, 2017 Furniture, Equipment and Leasehold Improvements, Net $ 122,318 $ 126,566 Prepaid Expenses 90,687 78,723 Other Assets 16,901 32,965 Freestanding Derivatives 23,030 4,443 $ 252,936 $ 242,697

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2018 December 31, 2017 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 5.875%, Due 3/15/2021 $ 398,727 $ 425,360 $ 398,514 $ 438,320 4.750%, Due 2/15/2023 394,645 418,840 394,137 434,200 2.000%, Due 5/19/2025 346,136 369,728 355,425 385,433 1.000%, Due 10/5/2026 691,478 677,906 709,871 711,440 3.150%, Due 10/2/2027 296,557 284,700 296,399 295,320 6.250%, Due 8/15/2042 238,119 294,700 238,019 328,200 5.000%, Due 6/15/2044 488,640 526,000 488,536 574,100 4.450%, Due 7/15/2045 343,981 337,260 343,925 372,575 4.000%, Due 10/2/2047 290,075 266,400 289,989 296,940 $ 3,488,358 $ 3,600,894 $ 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: June 30, 2018 December 31, 2017 Borrowing Weighted- Weighted- Borrowing Weighted- Weighted- Senior Secured Notes $ 6,533,425 3.83 % 3.2 $ 10,689,240 2.35 % 4.1 Subordinated Notes 331,735 (a ) N/A 894,367 (a) N/A $ 6,865,160 $ 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: June 30, 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 $ 6,531,595 $ 3,250 $ 3,269 $ 10,595,652 $ 1,000 $ 996 Subordinated Notes 239,179 111,659 63,279 743,554 53,400 40,390 $ 6,770,774 $ 114,909 $ 66,548 $ 11,339,206 $ 54,400 $ 41,386
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of June 30, 2018 were as follows: Operating Blackstone Fund Total 2018 $ — $ 2,819 $ 2,819 2019 — — — 2020 — — — 2021 400,000 — 400,000 2022 — — — Thereafter 3,151,560 6,865,160 10,016,720 $ 3,551,560 $ 6,867,979 $ 10,419,539

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	6 Months Ended
	Jun. 30, 2018
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three and six months ended June 30, 2018 and June 30, 2017 was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net Income for Per Common Unit Calculation Net Income Attributable to The Blackstone Group L.P., Basic $ 742,042 $ 337,407 $ 1,109,914 $ 789,316 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 260,488 858,727 624,716 Net Income Attributable to The Blackstone Group L.P., Diluted $ 742,042 $ 597,895 $ 1,968,641 $ 1,414,032 Units Outstanding Weighted-Average Common Units Outstanding, Basic 681,794,492 664,681,299 678,156,936 662,820,839 Weighted-Average Unvested Deferred Restricted Common Units 216,118 998,974 207,526 904,079 Weighted-Average Blackstone Holdings Partnership Units — 534,326,066 532,363,486 536,031,472 Weighted-Average Common Units Outstanding, Diluted 682,010,610 1,200,006,339 1,210,727,948 1,199,756,390 Net Income Per Common Unit, Basic $ 1.09 $ 0.51 $ 1.64 $ 1.19 Net Income Per Common Unit, Diluted $ 1.09 $ 0.50 $ 1.63 $ 1.18 Distributions Declared Per Common Unit (a) $ 0.35 $ 0.87 $ 1.20 $ 1.34 (a) Distributions declared reflects the calendar date of the declaration for each distribution.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2018 and 2017: Three Months Ended Six Months Ended 2018 2017 2018 2017 Weighted-Average Blackstone Holdings Partnership Units 528,872,187 — — —

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 and of changes during the period January 1, 2018 through June 30, 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 2,224,551 32.01 3,343,695 32.48 117 33.43 Vested (2,161,371 ) 36.27 (3,309,089 ) 30.48 (151 ) 32.99 Forfeited (56,362 ) 32.89 (213,508 ) 30.34 — — Balance, June 30, 2018 30,030,007 $ 34.95 8,841,072 $ 30.76 44,162 $ 32.24
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of June 30, 2018, are expected to vest: Units Weighted-Average Blackstone Holdings Partnership Units 26,551,896 3.5 Deferred Restricted Blackstone Common Units 7,761,280 2.1 Total Equity-Based Awards 34,313,176 3.2 Phantom Units 37,120 2.4

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2018
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, Due from Affiliates Advances Made on Behalf of Certain Non-Controlling $ 413,095 $ 410,877 Amounts Due from Portfolio Companies and Funds 514,064 587,955 Management Fees and Performance Allocations Due from Non-Consolidated 547,235 594,484 Payments Made on Behalf of Non-Consolidated 526,087 355,766 Investments Redeemed in Non-Consolidated 14,355 77,943 Accrual for Potential Clawback of Previously Distributed Performance Allocations 1,113 1,112 $ 2,015,949 $ 2,028,137 June 30, December 31, Due to Affiliates Due to Certain Non-Controlling $ 779,758 $ 715,734 Distributions Received on Behalf of Certain Non-Controlling 63,349 87,829 Distributions Received on Behalf of Blackstone Entities 4,373 38,789 Payments Made by Non-Consolidated 51,050 51,249 Due to Note Holders of Consolidated CLO Vehicles 66,548 41,386 Accrual for Potential Repayment of Previously Received Performance Allocations 2,172 2,171 $ 967,250 $ 937,158

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2018
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: June 30, 2018 December 31, 2017 Segment Blackstone Holdings Current and Former Personnel Total Blackstone Holdings Current and Former Personnel Total Credit $ 1,059 $ 1,113 $ 2,172 $ 1,059 $ 1,112 $ 2,171

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2018
Financial Data of Segments	The following tables presents the financial data for Blackstone’s four segments for the three months ended June 30, 2018 and 2017: Three Months Ended June 30, 2018 Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 195,521 $ 249,680 $ 129,553 $ 118,161 $ 692,915 Transaction, Advisory and Other Fees, Net 12,780 23,859 812 3,461 40,912 Management Fee Offsets (4,351 ) (3,785 ) — (2,697 ) (10,833 ) Total Management and Advisory Fees, Net 203,950 269,754 130,365 118,925 722,994 Performance Revenues Realized Incentive Fees — 11,394 6,887 1,223 19,504 Realized Performance Allocations 138,171 351,630 383 13,371 503,555 Unrealized Performance Allocations 498,274 (160,578 ) 9,930 92,798 440,424 Total Performance Revenues 636,445 202,446 17,200 107,392 963,483 Principal Investment Income (Loss) Realized 32,600 50,199 7,766 4,082 94,647 Unrealized 84,247 (28,044 ) (4,841 ) 764 52,126 Total Principal Investment Income 116,847 22,155 2,925 4,846 146,773 Interest and Dividend Revenue 11,549 14,494 5,152 10,532 41,727 Other 26,667 30,457 17,619 19,673 94,416 Total Revenues 995,458 539,306 173,261 261,368 1,969,393 Expenses Compensation 103,798 109,599 48,086 55,907 317,390 Performance Compensation Realized Incentive Fees — 5,820 4,155 (232 ) 9,743 Realized Performance Allocations 68,513 109,233 937 7,715 186,398 Unrealized Performance Allocations 193,747 (51,370 ) 2,772 44,842 189,991 Total Compensation and Benefits 366,058 173,282 55,950 108,232 703,522 Interest Expense 12,773 11,389 5,900 8,823 38,885 Other Operating Expenses 36,047 36,026 18,494 31,899 122,466 Total Expenses 414,878 220,697 80,344 148,954 864,873 Economic Income $ 580,580 $ 318,609 $ 92,917 $ 112,414 $ 1,104,520 Three Months Ended June 30, 2017 Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 177,684 $ 227,865 $ 128,698 $ 137,121 $ 671,368 Transaction, Advisory and Other Fees, Net 17,289 16,087 1,696 3,820 38,892 Management Fee Offsets (3,753 ) (5,018 ) — (4,653 ) (13,424 ) Total Management and Advisory Fees, Net 191,220 238,934 130,394 136,288 696,836 Performance Revenues Realized Incentive Fees — 4,878 6,548 28,877 40,303 Realized Performance Allocations 198,168 389,441 447 15,040 603,096 Unrealized Performance Allocations 9 89,688 14,849 (8,839 ) 95,707 Total Performance Revenues 198,177 484,007 21,844 35,078 739,106 Principal Investment Income (Loss) Realized 41,168 57,599 225 1,895 100,887 Unrealized (25,892 ) (20,519 ) 11,578 1,666 (33,167 ) Total Principal Investment Income 15,276 37,080 11,803 3,561 67,720 Interest and Dividend Revenue 7,922 14,493 4,674 6,614 33,703 Other (16,124 ) (22,965 ) (10,720 ) (12,660 ) (62,469 ) Total Revenues 396,471 751,549 157,995 168,881 1,474,896 Expenses Compensation 90,676 110,266 47,361 56,954 305,257 Performance Compensation Realized Incentive Fees — 2,711 4,097 14,224 21,032 Realized Performance Allocations 63,060 124,512 265 7,901 195,738 Unrealized Performance Allocations 22,219 64,254 5,968 (5,531 ) 86,910 Total Compensation and Benefits 175,955 301,743 57,691 73,548 608,937 Interest Expense 10,728 14,787 6,688 8,091 40,294 Other Operating Expenses 28,592 33,379 16,318 27,549 105,838 Total Expenses 215,275 349,909 80,697 109,188 755,069 Economic Income $ 181,196 $ 401,640 $ 77,298 $ 59,693 $ 719,827 The following tables present the financial data for Blackstone’s four segments as of and for the six months ended June 30, 2018 and 2017: June 30, 2018 and the Six Months Then Ended Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 378,482 $ 476,206 $ 258,781 $ 286,602 $ 1,400,071 Transaction, Advisory and Other Fees, Net 23,874 46,947 1,157 6,000 77,978 Management Fee Offsets (7,544 ) (5,453 ) — (6,014 ) (19,011 ) Total Management and Advisory Fees, Net 394,812 517,700 259,938 286,588 1,459,038 Performance Revenues Realized Incentive Fees — 15,769 15,058 1,243 32,070 Realized Performance Allocations 215,294 502,939 2,389 52,575 773,197 Unrealized Performance Allocations 895,590 65,864 14,991 92,318 1,068,763 Total Performance Revenues 1,110,884 584,572 32,438 146,136 1,874,030 Principal Investment Income (Loss) Realized 38,938 64,889 8,406 11,107 123,340 Unrealized 101,615 (25,357 ) (4,401 ) (5,753 ) 66,104 Total Principal Investment Income 140,553 39,532 4,005 5,354 189,444 Interest and Dividend Revenue 20,092 29,622 9,964 18,434 78,112 Other 10,259 8,960 7,331 6,972 33,522 Total Revenues 1,676,600 1,180,386 313,676 463,484 3,634,146 Expenses Compensation 203,527 222,423 98,386 129,381 653,717 Performance Compensation Realized Incentive Fees — 8,030 8,189 186 16,405 Realized Performance Allocations 101,558 163,416 3,352 30,134 298,460 Unrealized Performance Allocations 372,549 27,800 4,958 39,119 444,426 Total Compensation and Benefits 677,634 421,669 114,885 198,820 1,413,008 Interest Expense 22,906 25,538 12,171 16,508 77,123 Other Operating Expenses 67,198 65,443 37,279 59,638 229,558 Total Expenses 767,738 512,650 164,335 274,966 1,719,689 Economic Income $ 908,862 $ 667,736 $ 149,341 $ 188,518 $ 1,914,457 Segment Assets $ 7,574,520 $ 7,536,885 $ 2,275,685 $ 4,099,397 $ 21,486,487 Six Months Ended June 30, 2017 Private Equity Real Estate Hedge Fund Solutions Credit Total Segments Revenues Management and Advisory Fees, Net Base Management Fees $ 354,390 $ 425,744 $ 257,166 $ 277,026 $ 1,314,326 Transaction, Advisory and Other Fees, Net 33,465 37,366 1,955 6,328 79,114 Management Fee Offsets (15,943 ) (8,568 ) — (22,512 ) (47,023 ) Total Management and Advisory Fees, Net 371,912 454,542 259,121 260,842 1,346,417 Performance Revenues Realized Incentive Fees — 7,760 20,635 58,419 86,814 Realized Performance Allocations 780,849 909,314 1,044 23,837 1,715,044 Unrealized Performance Allocations (184,469 ) 81,642 33,664 40,792 (28,371 ) Total Performance Revenues 596,380 998,716 55,343 123,048 1,773,487 Principal Investment Income (Loss) Realized 122,462 177,178 (407 ) 4,548 303,781 Unrealized (66,414 ) (104,372 ) 29,871 8,813 (132,102 ) Total Principal Investment Income 56,048 72,806 29,464 13,361 171,679 Interest and Dividend Revenue 14,583 26,587 8,671 12,358 62,199 Other (17,924 ) (26,115 ) (12,330 ) (14,387 ) (70,756 ) Total Revenues 1,020,999 1,526,536 340,269 395,222 3,283,026 Expenses Compensation 174,279 212,968 94,965 112,072 594,284 Performance Compensation Realized Incentive Fees — 4,044 11,111 28,342 43,497 Realized Performance Allocations 244,693 304,468 568 12,487 562,216 Unrealized Performance Allocations (17,137 ) 82,046 12,390 17,144 94,443 Total Compensation and Benefits 401,835 603,526 119,034 170,045 1,294,440 Interest Expense 21,155 29,422 13,231 15,936 79,744 Other Operating Expenses 56,353 64,243 32,697 49,007 202,300 Total Expenses 479,343 697,191 164,962 234,988 1,576,484 Economic Income $ 541,656 $ 829,345 $ 175,307 $ 160,234 $ 1,706,542
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 for the three months ended June 30, 2018 and 2017: Three Months Ended June 30, 2018 Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Segments $ 1,969,393 $ 864,873 $ — $ 1,104,520 Adjustments Impact of Consolidation (b) 82,752 26,288 73,519 129,983 Amortization of Intangibles (c) (387 ) 14,486 — (14,873 ) Intersegment Eliminations (1,293 ) (1,293 ) — — Transaction-Related Charges (d) 582,105 112,027 — 470,078 Total Adjustments 663,177 151,508 73,519 585,188 Blackstone Consolidated $ 2,632,570 $ 1,016,381 $ 73,519 $ 1,689,708 Three Months Ended June 30, 2017 Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Segments $ 1,474,896 $ 755,069 $ — $ 719,827 Adjustments Impact of Consolidation (b) 57,503 53,622 110,054 113,935 Amortization of Intangibles (c) (387 ) 10,957 — (11,344 ) Intersegment Eliminations (1,628 ) (1,628 ) — — Transaction-Related Charges (d) 5,342 63,173 — (57,831 ) Total Adjustments 60,830 126,124 110,054 44,760 Blackstone Consolidated $ 1,535,726 $ 881,193 $ 110,054 $ 764,587 (a) Represents Total Segments Economic Income reconciled to Blackstone Consolidated Income Before Provision for Taxes. (b) The Impact of Consolidation adjustment represents the effect of consolidating Blackstone Funds, the elimination of Blackstone’s interest in these funds, the increase to revenue representing the reimbursement of certain expenses by Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the segment presentation, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (c) Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstone’s investment in Patria, which is accounted for under the equity method. (d) Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. During the three months ended June 30, 2018, Transaction-Related Charges include $580.9 million of Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory
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 six months ended June 30, 2018 and 2017: June 30, 2018 and the Six Months Then Ended Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Assets Total Segments $ 3,634,146 $ 1,719,689 $ — $ 1,914,457 $ 21,486,487 Adjustments Impact of Consolidation (b) 186,276 86,187 184,118 284,207 8,588,810 Amortization of Intangibles (c) (774 ) 28,972 — (29,746 ) — Intersegment Eliminations (2,634 ) (2,634 ) — — — Transaction-Related Charges (d) 584,687 167,098 — 417,589 — Total Adjustments 767,555 279,623 184,118 672,050 8,588,810 Blackstone Consolidated $ 4,401,701 $ 1,999,312 $ 184,118 $ 2,586,507 $ 30,075,297 Six Months Ended June 30, 2017 Revenues Expenses Other Income Economic Income / Income Before Provision for Taxes (a) Total Segments $ 3,283,026 $ 1,576,484 $ — $ 1,706,542 Adjustments Impact of Consolidation (b) 159,142 80,708 176,186 254,620 Amortization of Intangibles (c) (774 ) 21,914 — (22,688 ) Intersegment Eliminations (3,067 ) (3,067 ) — — Transaction-Related Charges (d) 12,117 126,927 — (114,810 ) Total Adjustments 167,418 226,482 176,186 117,122 Blackstone Consolidated $ 3,450,444 $ 1,802,966 $ 176,186 $ 1,823,664 (a) Represents Total Segments Economic Income reconciled to Blackstone Consolidated Income Before Provision for Taxes. (b) The Impact of Consolidation adjustment represents the effect of consolidating Blackstone Funds, the elimination of Blackstone’s interest in these funds, the increase to revenue representing the reimbursement of certain expenses by Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the segment presentation, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (c) Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstone’s investment in Patria, which is accounted for under the equity method. (d) Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. During the six months ended June 30, 2018, Transaction-Related Charges include $580.9 million of Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Partners capital	$ 7,047,349		$ 7,047,349		$ 6,634,493
Total revenues	2,632,570	$ 1,535,726	4,401,701	$ 3,450,444
Net income attributable to The Blackstone Group L.P.	$ 742,042	$ 337,407	$ 1,109,914	$ 789,316
Common Units, Basic	$ 1.09	$ 0.51	$ 1.64	$ 1.19
Common Units, Diluted	$ 1.09	$ 0.50	$ 1.63	$ 1.18
Net Cash provided (used) by/in Operating Activities			$ (2,660,677)	$ (422,120)
Net Cash provided (used) by/in Investing Activities			(8,898)	(13,663)
Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds, and Restricted Cash			11,671	72,188
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash	$ 1,998,926	$ 3,273,055	$ 1,998,926	3,273,055	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		(13,600)		(39,600)
Net income attributable to The Blackstone Group L.P.		$ (5,400)		$ (15,300)
Common Units, Basic		$ 0.01		$ 0.02
Common Units, Diluted		$ 0.01		$ 0.02
Accounting Standards Update 2014-09 [Member] | General and Administrative Expense [Member] | Management Service
Summary Of Significant Accounting Policies [Line Items]
Cost of investment management services		$ 4,300		$ 7,600
Accounting Standards Update 2016-18 [Member]
Summary Of Significant Accounting Policies [Line Items]
Net Cash provided (used) by/in Operating Activities				(463,500)
Net Cash provided (used) by/in Investing Activities				(18,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents, Cash Held by Blackstone Funds, and Restricted Cash				58,300
Cash and Cash Equivalents, Cash Held by Blackstone Funds and Other, and Restricted Cash		$ 1,500,000		$ 1,500,000		$ 1,000,000

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets / Contractual Rights	$ 1,594,876	$ 1,594,876
Accumulated Amortization	(1,214,032)	(1,185,048)
Intangible Assets, Net	$ 380,844	$ 409,828

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Intangible Assets [Line Items]
Amortization Expense	$ 14,500	$ 11,000	$ 28,984	$ 21,927
Expected amortization of intangibles, 2018	57,900		57,900
Expected amortization of intangibles, 2019	57,900		57,900
Expected amortization of intangibles, 2020	57,900		57,900
Expected amortization of intangibles, 2021	57,900		57,900
Expected amortization of intangibles, 2022	$ 50,200		$ 50,200
Intangible assets expected to amortize over a weighted-average period			8 years 9 months 18 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Investments	$ 22,008,182	$ 24,434,049
Partnership Investments
Schedule of Investments [Line Items]
Investments	3,589,234	3,263,131
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	6,354,179	5,328,280
Other Investments
Schedule of Investments [Line Items]
Investments	368,203	322,474
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	8,608,565	12,954,121
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 3,088,001	$ 2,566,043

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Investment [Line Items]
Investments	$ 22,008,182		$ 22,008,182		$ 24,434,049
Recognized net gains related to equity method investments	165,600	$ 124,100	328,100	$ 292,600
Other Investments
Investment [Line Items]
Investments	368,203		368,203		322,474
Equity investments, carrying value	24,500		24,500
Unrealized gain on investment	$ 50,000		$ 50,000
Patria Investments Limited and Patria Investimentos Ltda.
Investment [Line Items]
Equity method investment, percentage	40.00%		40.00%
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 8,608,565		$ 8,608,565		12,954,121
Consolidated Blackstone Funds | Blackstone
Investment [Line Items]
Investments	$ 373,500		$ 373,500		$ 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gain (Loss) on Securities [Line Items]
Realized and net change in unrealized gains (losses) on other investments	$ 1,176,392	$ 830,527	$ 2,228,040	$ 2,028,967
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	40,073	33,703	75,458	62,198
Other Income - Net Gains from Fund Investment Activities	73,519	110,054	184,118	176,186
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains	52,236	51,777	34,378	107,685
Net Change in Unrealized Gains (Losses)	(22,278)	19,483	74,963	(9,039)
Realized and net change in unrealized gains (losses) on other investments	29,958	71,260	109,341	98,646
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	43,561	38,794	74,777	77,540
Other Income - Net Gains from Fund Investment Activities	$ 73,519	$ 110,054	$ 184,118	$ 176,186

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 24,434,049
Ending Balance	22,008,182
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	1,879,406
Foreign Exchange Loss	(37,950)
Fund Distributions	(815,557)
Ending Balance	6,354,179
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	1,110,884
Fund Distributions	(217,712)
Ending Balance	2,810,143
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	606,245
Foreign Exchange Loss	(37,950)
Fund Distributions	(484,316)
Ending Balance	2,943,286
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	17,384
Fund Distributions	(7,081)
Ending Balance	24,105
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	144,893
Fund Distributions	(106,448)
Ending Balance	$ 576,645

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 1,176,392	$ 830,527	$ 2,228,040	$ 2,028,967
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	4,774	2,252	7,113	(3,429)
Net Change in Unrealized Gains (Losses)	(6,702)	12,815	(14,896)	43,295
Total Investment Income	$ (1,928)	$ 15,067	$ (7,783)	$ 39,866

Realized and Net Change in Un53

Realized and Net Change in Unrealized Gains, Other Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 1,176,392	$ 830,527	$ 2,228,040	$ 2,028,967
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	16,207	2,865	16,319	2,870
Net Change in Unrealized Gains	49,643	4,803	45,411	10,291
Total Investment Income	$ 65,850	$ 7,668	$ 61,730	$ 13,161

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 364,934
Unfunded Commitments	399
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	209,697	[1]
Unfunded Commitments	131	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	114,592	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	38,839	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,806	[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 41% 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 59% 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. As of the reporting date, the investee fund manager had elected to side-pocket 8% of Blackstone's investments in the category.
[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)	6 Months Ended
	Jun. 30, 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	41.00%
Percentage of investments redeemable as of reporting date	59.00%
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%
Investee funds categorized as non redeemable, percentage	8.00%
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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	$ (30,674,000)	$ 35,089,000	$ (26,248,000)	$ 46,593,000
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	$ 0		$ (1,400,000)

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,319,676	$ 1,071,169
Derivative Liabilities, Notional	1,102,657	2,190,208
Derivative Assets, Fair Value	30,378	32,787
Derivative Liabilities, Fair Value	57,375	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	1,319,676	1,071,169
Derivative Liabilities, Notional	1,102,657	2,139,351
Derivative Assets, Fair Value	30,378	32,787
Derivative Liabilities, Fair Value	57,375	41,345
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	5,001	2,073
Derivative Liabilities, Notional	20,532	2,073
Derivative Assets, Fair Value	125	304
Derivative Liabilities, Fair Value	2,168	304
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	32,306	45,670
Derivative Liabilities, Notional	50,056	45,582
Derivative Assets, Fair Value	1,565	3,731
Derivative Liabilities, Fair Value	4,839	5,163
Freestanding Derivatives | Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	25,325	25,645
Derivative Assets, Fair Value	488	526
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	198,028	279,050
Derivative Liabilities, Notional	98,298	296,252
Derivative Assets, Fair Value	782	2,097
Derivative Liabilities, Fair Value	570	2,975
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	114,194	493,181
Derivative Liabilities, Notional	11,099	264,693
Derivative Assets, Fair Value	5,295	24,087
Derivative Liabilities, Fair Value	1,087	5,628
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	944,822	225,550
Derivative Liabilities, Notional	922,672	1,530,751
Derivative Assets, Fair Value	22,123	2,042
Derivative Liabilities, Fair Value	$ 48,711	$ 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)		$ (13)	$ (8)	$ (35)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	$ 12,836	(9,402)	9,974	(8,917)
Net Change in Unrealized Gain (Loss)	39,327	15,430	(1,771)	15,200
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	173		174
Net Change in Unrealized Gain (Loss)	(5)		52
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(107)	268	(508)	(1,658)
Net Change in Unrealized Gain (Loss)	615	1,214	488	3,161
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	12,321	(6,663)	8,238	(3,312)
Net Change in Unrealized Gain (Loss)	1,456	14,642	(2,272)	12,682
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	449	(3,007)	2,070	(3,947)
Net Change in Unrealized Gain (Loss)	$ 37,261	$ (426)	$ (39)	$ (643)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Loans and Receivables	$ 346,603	$ 239,659
Assets	8,452,816	12,649,547
Liabilities	6,770,774	11,339,206
Debt Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Investments	522,033	418,061
Other
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Investments		458
Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Investments	502,095	475,485
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Investments	7,082,085	10,825,759
Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Investments		690,125
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Fair value of Loan payable	6,528,326	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 [Abstract]
Fair value of Loan payable	175,900	703,164
Fair value of due to Affiliates	$ 63,279	$ 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	$ 15		$ 827
Realized Gains (Losses) | Assets
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	1,089	$ 2,103	(27,628)	$ 9,609
Realized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments		1		1
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	1,074	(543)	(4,399)	1,329
Realized Gains (Losses) | Corporate Bonds
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments		2,580	(24,056)	8,214
Realized Gains (Losses) | Other
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments		65		65
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	(2,878)		(2,297)
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	(30,869)	31,402	(1,511)	34,666
Net Change In Unrealized Gains (Losses) | Loans and Receivables
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments				7,418
Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	(2,095)	7,116	(1,867)	20,225
Net Change In Unrealized Gains (Losses) | Corporate Loans
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	(25,896)	25,084	(7,046)	13,695
Net Change In Unrealized Gains (Losses) | Corporate Bonds
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments		(927)	9,693	(6,801)
Net Change In Unrealized Gains (Losses) | Subordinated Notes
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments	$ 16,846	24,800	60,460	32,712
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Option, Qualitative Disclosures Related to Election [Abstract]
Realized and net change in unrealized gains (losses) on financial instruments		$ 129	$ 6	$ 129

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		$ (11,950)	$ (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		(2,131)	(372)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		(10,752)	(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
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal			(21,455)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		933	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)	6 Months Ended	12 Months Ended
	Jun. 30, 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 ($)		Jun. 30, 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		Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 346,603	$ 239,659
Assets		8,452,816	12,649,547
Securities Sold, Not Yet Purchased		155,780	154,380
Liabilities		6,770,774	11,339,206
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		25,934	8,801
Derivatives liabilities		57,375	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
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		538,418	853,680
Total Investments		12,064,769	15,842,638
Accounts Receivable - Loans and Receivables		346,603	239,659
Derivatives assets			4,443
Assets		12,972,820	16,940,420
Total Other Assets		23,030
Fair value of due to Affiliates		66,548	41,386	[1]
Securities Sold, Not Yet Purchased		155,780	154,380
Total Accounts Payable, Accrued Expenses and Other Liabilities		57,375	41,798
Liabilities		6,983,929	11,535,384
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		51,449	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		782	2,097
Derivatives liabilities		570	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		22,123	2,042
Derivatives liabilities		48,711	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		368,203	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		125	304
Derivatives liabilities		2,168	304
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		364,934	465,460
Assets		364,934	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		19,252	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		6,704,226	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]	6,528,326	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]	175,900	703,164	[1]
Fair value of due to Affiliates	[2]	63,279
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	8,608,565	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		5,926	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]	488	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]	5,295	101
Derivatives liabilities		1,087	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]	86,463	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]	261,372	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]	315,519	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]	855,778	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]	7,082,085	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]	1,565	3,731
Derivatives liabilities		4,839	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]	86,463	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]	86,463	130,339
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,088,001	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		259,219	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		309,131	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		2,519,651	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		259,219	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		259,219	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		538,418	853,680
Total Investments		608,837	543,381
Derivatives assets			575
Assets		1,148,190	1,397,636
Total Other Assets		935
Total Accounts Payable, Accrued Expenses and Other Liabilities		551	415
Liabilities		551	415
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		551	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		935	575
Derivatives liabilities		551	415
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		248,494	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]	51,212	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]	51,212	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		309,131	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		309,131	282,866
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		9,889,551	13,684,784
Derivatives assets			3,868
Assets		9,911,646	13,688,652
Total Other Assets		22,095
Fair value of due to Affiliates		66,548	41,386	[1]
Securities Sold, Not Yet Purchased		155,780	154,380
Total Accounts Payable, Accrued Expenses and Other Liabilities		56,824	41,383
Liabilities		6,983,378	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		50,898	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		782	2,097
Derivatives liabilities		570	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		21,188	1,467
Derivatives liabilities		48,160	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		13,955	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		125	304
Derivatives liabilities		2,168	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		6,704,226	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]	6,528,326	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]	175,900	703,164	[1]
Fair value of due to Affiliates	[2]	63,279
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]	7,384,166	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		5,926	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]	488	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]	5,295	101
Derivatives liabilities		1,087	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]	51,051	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]	1,527	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]	771,977	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]	6,552,263	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]	1,565	3,731
Derivatives liabilities		4,839	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		2,491,430	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		2,491,430	1,943,654
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,201,447	1,149,013
Accounts Receivable - Loans and Receivables		346,603	239,659
Assets		1,548,050	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		86,502	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]	1,086,724	1,029,371
Assets		1,086,724	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]	159,109	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]	313,992	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]	83,801	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]	529,822	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		28,221	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		$ 28,221	$ 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	6 Months Ended
		Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level I into Level II (a)	[1]	$ 762		$ 762
Transfers from Level II into Level I (b)	[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	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 8,452,816	$ 12,649,547
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	12,972,820	16,940,420
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,548,050	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	217,709	$ 239,659
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 128,894
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	5.80%	7.10%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	10.20%	10.30%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.00%	8.80%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 61,105	$ 65,821
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.00%	2.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	20.00%	20.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	12 months	12 months
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	70.00%	70.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
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	$ 25,397	$ 29,572
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	0.70%	0.70%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	8.90%	13.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Maximum | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.13%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	1.90%	2.20%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Weighted Average | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.01%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,086,724	$ 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	$ 37
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	8.00%
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
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
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	$ 529,785	$ 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	118,659	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	1,477	$ 862
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	28,049	$ 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	10,870	$ 21,716
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 54
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.10%	7.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	(11.90%)	1.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	1.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	5.00%	5.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	2.8	4
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	8.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	10	9.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		8.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.7	0.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	25.70%	31.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	37.30%	49.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	9.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	11.40%	11.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	16	16
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	12.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	17	17
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		12.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9	0.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	12.60%	12.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.10%	7.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	8.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	8.10%	8.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	10.2	9.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	11
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	14.2	11
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		10.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.8	0.9
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	$ 267,616	$ 293,744
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
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	$ 578	$ 530
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	1	1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 27,668	$ 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	17,587	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	$ 543	$ 758
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	4.60%	4.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	(2.10%)	(22.20%)
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	8.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	1.50%	3.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	0.1	0.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	26.50%	26.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	45.50%	71.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	9.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	25.00%	10.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	28.6	15
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.90%	9.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.60%	8.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	9.2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	5.90%	5.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	10.5	8.6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 7,384	$ 6,122
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	23.60%	7.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	3.90%	8.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		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	$ 12,680	$ 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	$ 63,737	$ 50,136
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	6.30%	6.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	16.70%	18.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.50%	9.60%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 11,070	$ 8,886
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.00%	2.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	20.00%	20.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	12 months	12 months
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate		4.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 17,151	$ 15,363
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		5.10%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	30.00%	30.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate	3.50%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	0.70%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		6.30%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	70.00%	70.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate	4.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	6.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		5.40%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	68.00%	68.10%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate	3.91%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	4.10%

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,243,635	$ 936,455	$ 1,388,672	$ 1,027,820
Transfer In Due to Consolidation and Acquisition			35,040	50,043	34,651
Transfer Out Due to Deconsolidation			(44,095)	(217,182)	(38,629)
Transfer In to Level III	[1]	152,666	74,600	180,401	79,521
Transfer Out of Level III	[1]	(124,866)	(117,095)	(156,821)	(158,581)
Purchases		512,808	389,782	799,556	578,556
Sales		(261,530)	(155,496)	(548,047)	(441,437)
Settlements		(5,635)	(2,385)	(9,321)	(4,987)
Changes in Gains Included in Earnings and Other Comprehensive Income		30,972	20,906	60,749	60,798
Balance, End of Period		1,548,050	1,137,712	1,548,050	1,137,712
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		5,450	695	28,020	14,103
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	117,349	138,433	119,642	130,588
Transfer In to Level III	[1],[2]		6,473		16,396
Transfer Out of Level III	[1],[2]	(7,649)	(11,930)	(15,717)	(18,010)
Purchases	[2]	15,327	9,155	19,812	21,603
Sales	[2]	(23,304)	(34,014)	(23,479)	(44,045)
Settlements	[2]	(1)	(993)	(4)	(1,093)
Changes in Gains Included in Earnings and Other Comprehensive Income	[2]	13,001	8,565	14,469	10,250
Balance, End of Period	[2]	114,723	115,689	114,723	115,689
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	(49)	123	(289)	462
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		163,135	112,056	239,659	211,359
Purchases		294,258	268,222	370,921	337,705
Sales		(110,508)	(75,342)	(263,703)	(251,502)
Settlements		(5,634)	(1,392)	(9,317)	(3,894)
Changes in Gains Included in Earnings and Other Comprehensive Income		5,352	2,735	9,043	12,611
Balance, End of Period		346,603	306,279	346,603	306,279
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		5,353	2,735	9,044	12,610
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		963,151	685,966	1,029,371	685,873
Transfer In Due to Consolidation and Acquisition			35,040	50,043	34,651
Transfer Out Due to Deconsolidation			(44,095)	(217,182)	(38,629)
Transfer In to Level III	[1]	152,666	68,127	180,401	63,125
Transfer Out of Level III	[1]	(117,217)	(105,165)	(141,104)	(140,571)
Purchases		203,223	112,405	408,823	219,248
Sales		(127,718)	(46,140)	(260,865)	(145,890)
Changes in Gains Included in Earnings and Other Comprehensive Income		12,619	9,606	37,237	37,937
Balance, End of Period		1,086,724	715,744	1,086,724	715,744
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		$ 146	$ (2,163)	$ 19,265	$ 1,031
[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 ($)	Jun. 30, 2018	Jun. 30, 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	Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Total Assets	$ 30,075,297	$ 34,415,919
Total Liabilities	15,439,701	20,692,828
Non-Controlling Interests	3,492,621	$ 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	Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
VIE Assets	$ 1,222,471	$ 902,726
Maximum Exposure to Loss	1,282,413	1,001,236
Investments
Variable Interest Entity [Line Items]
VIE Assets	969,868	805,501
Accounts Receivable
Variable Interest Entity [Line Items]
VIE Assets		15,760
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	252,603	81,465
Due to Affiliates
Variable Interest Entity [Line Items]
VIE Liabilities	4,110	179
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	$ 55,832	$ 98,331

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 217.8	$ 169.7

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 182,489	$ 118,840
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	182,489	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	182,489	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	48,796	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	109,116	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	$ 24,577

Offsetting of Assets and Liab73

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 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	$ 182,489	$ 118,840
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	182,489	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	239,864	155,527
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	226,432	122,119
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	6,811	32,405
Net Amount	6,621	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	25,934	8,801
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	23,822	3,279
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0	0
Derivatives Net Amount	2,112	5,522
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	57,375	36,234
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	43,943	3,279
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	6,811	32,405
Derivatives Net Amount	$ 6,621	$ 550

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 122,318	$ 126,566
Prepaid Expenses	90,687	78,723
Other Assets	16,901	32,965
Freestanding Derivatives	23,030	4,443
Total	$ 252,936	$ 242,697

Offsetting Of Assets And Liab75

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Jun. 30, 2018USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.5
Overdraft facility	$ 1.5

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - Senior Secured Notes - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Carrying Value		$ 3,488,358	$ 3,514,815
Debt instrument, fair value	[1]	3,600,894	3,836,528
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		398,727	398,514
Debt instrument, fair value	[1]	425,360	438,320
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		394,645	394,137
Debt instrument, fair value	[1]	418,840	434,200
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		346,136	355,425
Debt instrument, fair value	[1]	369,728	385,433
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		691,478	709,871
Debt instrument, fair value	[1]	677,906	711,440
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		296,557	296,399
Debt instrument, fair value	[1]	284,700	295,320
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,119	238,019
Debt instrument, fair value	[1]	294,700	328,200
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,640	488,536
Debt instrument, fair value	[1]	526,000	574,100
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		343,981	343,925
Debt instrument, fair value	[1]	337,260	372,575
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,075	289,989
Debt instrument, fair value	[1]	$ 266,400	$ 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	6 Months Ended
	Jun. 30, 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
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
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
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		6 Months Ended	12 Months Ended
		Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,865,160	$ 11,583,607
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,533,425	$ 10,689,240
Weighted Average Interest Rate		3.83%	2.35%
Weighted Average Remaining Maturity in Years		3 years 2 months 12 days	4 years 1 month 6 days
Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 331,735	$ 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	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair Value	$ 6,770,774	$ 11,339,206
Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	3,488,358	3,514,815
Fair Value	6,531,595	10,595,652
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	239,179	743,554
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	114,909	54,400
Fair Value	66,548	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	$ 63,279	$ 40,390

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 7.5	$ 13.4

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Debt Instrument [Line Items]
2,018	$ 2,819
2,019	0
2,020	0
2,021	400,000
2,022	0
Thereafter	10,016,720
Total	10,419,539
Operating Borrowings
Debt Instrument [Line Items]
2,019	0
2,020	0
2,021	400,000
2,022	0
Thereafter	3,151,560
Total	3,551,560
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2,018	2,819
2,019	0
2,020	0
2,022	0
Thereafter	6,865,160
Total	$ 6,867,979

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Taxes [Line Items]
Effective tax rate	8.20%	3.90%	7.50%	4.80%
Provision for Taxes	$ 138,731	$ 29,608	$ 193,226	$ 87,045

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P., Basic		$ 742,042	$ 337,407	$ 1,109,914	$ 789,316
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units			260,488	858,727	624,716
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 742,042	$ 597,895	$ 1,968,641	$ 1,414,032
Weighted-Average Common Units Outstanding, Basic		681,794,492	664,681,299	678,156,936	662,820,839
Weighted-Average Unvested Deferred Restricted Common Units		216,118	998,974	207,526	904,079
Weighted-Average Blackstone Holdings Partnership Units			534,326,066	532,363,486	536,031,472
Weighted-Average Common Units Outstanding, Diluted		682,010,610	1,200,006,339	1,210,727,948	1,199,756,390
Net Income Per Common Unit, Basic		$ 1.09	$ 0.51	$ 1.64	$ 1.19
Net Income Per Common Unit, Diluted		1.09	0.50	1.63	1.18
Distributions Declared Per Common Unit	[1]	$ 0.35	$ 0.87	$ 1.20	$ 1.34
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail)	3 Months Ended
	Jun. 30, 2018shares
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Blackstone Holdings Partnership Units	528,872,187

Net Income Per Common Unit - Ad

Net Income Per Common Unit - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Apr. 16, 2018
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 928,300,000		$ 928,300,000
Common stock repurchased, units	2,200,000	0	2,200,000	0
Common stock repurchased, cost	$ 71,700,000		$ 71,700,000
Blackstone
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program					$ 1,000,000,000

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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	$ 116,800	$ 88,500	$ 208,994	$ 179,729
Tax benefits in relation to equity-based awards	20,100	$ 22,700	34,500	$ 36,800
Estimated unrecognized compensation expense related to unvested awards	$ 793,800		$ 793,800
Weighted-average period for recognized compensation expense related to unvested awards, years			4 years
Total vested and unvested outstanding units	1,203,395,001		1,203,395,001
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	44,850		44,850

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	6 Months Ended
	Jun. 30, 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	2,224,551
Vested (Units) | shares	(2,161,371)
Forfeited (Units) | shares	(56,362)
Ending Balance | shares	30,030,007
Beginning Balance | $ / shares	$ 35.26
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	32.01
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	36.27
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	32.89
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	3,343,695
Vested (Units) | shares	(3,309,089)
Forfeited (Units) | shares	(213,508)
Ending Balance | shares	8,841,072
Beginning Balance | $ / shares	$ 30.03
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	32.48
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	30.48
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	30.34
Ending Balance | $ / shares	$ 30.76
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	$ 32.24

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	6 Months Ended
	Jun. 30, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	26,551,896
Deferred Restricted Blackstone Common Units (Units)	7,761,280
Total Equity-Based Awards (Units)	34,313,176
Phantom Units (Units)	37,120
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years 6 months
Deferred Restricted Blackstone Common Units (Weighted-Average Service in Years)	2 years 1 month 6 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 2 months 12 days
Phantom Units (Weighted-Average Service Period in Years)	2 years 4 months 24 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 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	$ 413,095	$ 410,877
Amounts Due from Portfolio Companies and Funds	514,064	587,955
Management Fees and Performance Allocations Due from Non-Consolidated Funds	547,235	594,484
Payments Made on Behalf of Non-Consolidated Entities	526,087	355,766
Investments Redeemed in Non-Consolidated Funds	14,355	77,943
Accrual for Potential Clawback of Previously Distributed Performance Allocations	1,113	1,112
Due from Affiliates, total	2,015,949	2,028,137
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	779,758	715,734
Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees	63,349	87,829
Distributions Received on Behalf of Blackstone Entities	4,373	38,789
Payments Made by Non-Consolidated Entities	51,050	51,249
Due to Note Holders of Consolidated CLO Vehicles	66,548	41,386
Accrual for Potential Repayment of Previously Received Performance Allocations	2,172	2,171
Due to Affiliates, total	$ 967,250	$ 937,158

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Investments	$ 22,008,182		$ 22,008,182		$ 24,434,049
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	779,800		$ 779,800
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 282,800		$ 282,800
After-tax net present value discount rate assumption	15.00%		15.00%
Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 8,608,565		$ 8,608,565		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	37,000	$ 20,000	65,800	$ 50,500
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	843,800		843,800		$ 813,200
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 1,200	$ 1,100	$ 2,500	$ 1,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 2,400
Total investments at risk in respect of guarantees extended	$ 15.9
Contingent obligations currently anticipated to expire end	2,028
Provision for cash clawback	$ 696.5
Contingent Obligations (Clawback)	6,500
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	185.7
Contingent Obligations (Clawback)	6,000
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	545.2
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 155.4

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Realized Incentive Fees		$ 19,378	$ 40,303	$ 31,944	$ 86,814
Performance Revenues Realized - Allocations		503,376	602,662	773,016	1,714,567
Performance Revenues Unrealized - Allocations		440,351	95,532	1,068,440	(29,089)
Principal Investment Income (Loss), Realized		129,197	125,058	171,342	376,402
Principal Investment Income (Loss), Unrealized		103,468	7,275	215,242	(32,913)
Total Investment Income		1,176,392	830,527	2,228,040	2,028,967
Interest and Dividend Revenue		40,073	33,703	75,458	62,198
Other		675,343	(59,664)	616,026	(63,876)
Total Revenues		2,632,570	1,535,726	4,401,701	3,450,444
Compensation		427,479	367,203	816,882	718,792
Performance Compensation, Realized - Allocations		186,398	195,738	298,460	562,216
Performance Compensation, Unrealized - Allocations		189,991	86,910	444,426	94,443
Total Compensation and Benefits		813,611	670,883	1,576,173	1,418,948
Interest Expense		39,320	41,089	77,991	81,335
Total Expenses		1,016,381	881,193	1,999,312	1,802,966
Economic Income	[1]	1,689,708	764,587	2,586,507	1,823,664
Segment Assets		30,075,297		30,075,297		$ 34,415,919
Investment Advice
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		721,384	690,857	1,450,233	1,336,341
Operating Segments
Segment Reporting Information [Line Items]
Realized Incentive Fees			40,303		86,814
Transaction, Advisory and Other Fees, Net		40,912	38,892	77,978	79,114
Management Fee Offsets		(10,833)	(13,424)	(19,011)	(47,023)
Performance Revenues Realized - Incentive Fees		19,504		32,070
Performance Revenues Realized - Allocations		503,555	603,096	773,197	1,715,044
Performance Revenues Unrealized - Allocations		440,424	95,707	1,068,763	(28,371)
Total Performance Revenue		963,483	739,106	1,874,030	1,773,487
Principal Investment Income (Loss), Realized		94,647	100,887	123,340	303,781
Principal Investment Income (Loss), Unrealized		52,126	(33,167)	66,104	(132,102)
Total Investment Income		146,773	67,720	189,444	171,679
Interest and Dividend Revenue		41,727	33,703	78,112	62,199
Other		94,416	(62,469)	33,522	(70,756)
Total Revenues		1,969,393	1,474,896	3,634,146	3,283,026
Compensation		317,390		653,717	594,284
Expenses			305,257
Performance Compensation, Realized - Incentive Fees		9,743	21,032	16,405	43,497
Performance Compensation, Realized - Allocations		186,398	195,738	298,460	562,216
Performance Compensation, Unrealized - Allocations		189,991	86,910	444,426	94,443
Total Compensation and Benefits		703,522	608,937	1,413,008	1,294,440
Interest Expense		38,885	40,294	77,123	79,744
Other Operating Expenses		122,466	105,838	229,558	202,300
Total Expenses		864,873	755,069	1,719,689	1,576,484
Economic Income	[1]	1,104,520	719,827	1,914,457	1,706,542
Segment Assets		21,486,487		21,486,487
Operating Segments | Management Service, Base
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		692,915	671,368	1,400,071	1,314,326
Operating Segments | Investment Advice
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		722,994	696,836	1,459,038	1,346,417
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Transaction, Advisory and Other Fees, Net		12,780	17,289	23,874	33,465
Management Fee Offsets		(4,351)	(3,753)	(7,544)	(15,943)
Performance Revenues Realized - Allocations		138,171	198,168	215,294	780,849
Performance Revenues Unrealized - Allocations		498,274	9	895,590	(184,469)
Total Performance Revenue		636,445	198,177	1,110,884	596,380
Principal Investment Income (Loss), Realized		32,600	41,168	38,938	122,462
Principal Investment Income (Loss), Unrealized		84,247	(25,892)	101,615	(66,414)
Total Investment Income		116,847	15,276	140,553	56,048
Interest and Dividend Revenue		11,549	7,922	20,092	14,583
Other		26,667	(16,124)	10,259	(17,924)
Total Revenues		995,458	396,471	1,676,600	1,020,999
Compensation		103,798		203,527	174,279
Expenses			90,676
Performance Compensation, Realized - Allocations		68,513	63,060	101,558	244,693
Performance Compensation, Unrealized - Allocations		193,747	22,219	372,549	(17,137)
Total Compensation and Benefits		366,058	175,955	677,634	401,835
Interest Expense		12,773	10,728	22,906	21,155
Other Operating Expenses		36,047	28,592	67,198	56,353
Total Expenses		414,878	215,275	767,738	479,343
Economic Income		580,580	181,196	908,862	541,656
Segment Assets		7,574,520		7,574,520
Operating Segments | Private Equity Segment | Management Service, Base
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		195,521	177,684	378,482	354,390
Operating Segments | Private Equity Segment | Investment Advice
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		203,950	191,220	394,812	371,912
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Realized Incentive Fees			4,878		7,760
Transaction, Advisory and Other Fees, Net		23,859	16,087	46,947	37,366
Management Fee Offsets		(3,785)	(5,018)	(5,453)	(8,568)
Performance Revenues Realized - Incentive Fees		11,394		15,769
Performance Revenues Realized - Allocations		351,630	389,441	502,939	909,314
Performance Revenues Unrealized - Allocations		(160,578)	89,688	65,864	81,642
Total Performance Revenue		202,446	484,007	584,572	998,716
Principal Investment Income (Loss), Realized		50,199	57,599	64,889	177,178
Principal Investment Income (Loss), Unrealized		(28,044)	(20,519)	(25,357)	(104,372)
Total Investment Income		22,155	37,080	39,532	72,806
Interest and Dividend Revenue		14,494	14,493	29,622	26,587
Other		30,457	(22,965)	8,960	(26,115)
Total Revenues		539,306	751,549	1,180,386	1,526,536
Compensation		109,599		222,423	212,968
Expenses			110,266
Performance Compensation, Realized - Incentive Fees		5,820	2,711	8,030	4,044
Performance Compensation, Realized - Allocations		109,233	124,512	163,416	304,468
Performance Compensation, Unrealized - Allocations		(51,370)	64,254	27,800	82,046
Total Compensation and Benefits		173,282	301,743	421,669	603,526
Interest Expense		11,389	14,787	25,538	29,422
Other Operating Expenses		36,026	33,379	65,443	64,243
Total Expenses		220,697	349,909	512,650	697,191
Economic Income		318,609	401,640	667,736	829,345
Segment Assets		7,536,885		7,536,885
Operating Segments | Real Estate Segment | Management Service, Base
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		249,680	227,865	476,206	425,744
Operating Segments | Real Estate Segment | Investment Advice
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		269,754	238,934	517,700	454,542
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Realized Incentive Fees			6,548		20,635
Transaction, Advisory and Other Fees, Net		812	1,696	1,157	1,955
Performance Revenues Realized - Incentive Fees		6,887		15,058
Performance Revenues Realized - Allocations		383	447	2,389	1,044
Performance Revenues Unrealized - Allocations		9,930	14,849	14,991	33,664
Total Performance Revenue		17,200	21,844	32,438	55,343
Principal Investment Income (Loss), Realized		7,766	225	8,406	(407)
Principal Investment Income (Loss), Unrealized		(4,841)	11,578	(4,401)	29,871
Total Investment Income		2,925	11,803	4,005	29,464
Interest and Dividend Revenue		5,152	4,674	9,964	8,671
Other		17,619	(10,720)	7,331	(12,330)
Total Revenues		173,261	157,995	313,676	340,269
Compensation		48,086		98,386	94,965
Expenses			47,361
Performance Compensation, Realized - Incentive Fees		4,155	4,097	8,189	11,111
Performance Compensation, Realized - Allocations		937	265	3,352	568
Performance Compensation, Unrealized - Allocations		2,772	5,968	4,958	12,390
Total Compensation and Benefits		55,950	57,691	114,885	119,034
Interest Expense		5,900	6,688	12,171	13,231
Other Operating Expenses		18,494	16,318	37,279	32,697
Total Expenses		80,344	80,697	164,335	164,962
Economic Income		92,917	77,298	149,341	175,307
Segment Assets		2,275,685		2,275,685
Operating Segments | Hedge Fund Solutions Segment | Management Service, Base
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		129,553	128,698	258,781	257,166
Operating Segments | Hedge Fund Solutions Segment | Investment Advice
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		130,365	130,394	259,938	259,121
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Realized Incentive Fees			28,877		58,419
Transaction, Advisory and Other Fees, Net		3,461	3,820	6,000	6,328
Management Fee Offsets		(2,697)	(4,653)	(6,014)	(22,512)
Performance Revenues Realized - Incentive Fees		1,223		1,243
Performance Revenues Realized - Allocations		13,371	15,040	52,575	23,837
Performance Revenues Unrealized - Allocations		92,798	(8,839)	92,318	40,792
Total Performance Revenue		107,392	35,078	146,136	123,048
Principal Investment Income (Loss), Realized		4,082	1,895	11,107	4,548
Principal Investment Income (Loss), Unrealized		764	1,666	(5,753)	8,813
Total Investment Income		4,846	3,561	5,354	13,361
Interest and Dividend Revenue		10,532	6,614	18,434	12,358
Other		19,673	(12,660)	6,972	(14,387)
Total Revenues		261,368	168,881	463,484	395,222
Compensation		55,907		129,381	112,072
Expenses			56,954
Performance Compensation, Realized - Incentive Fees		(232)	14,224	186	28,342
Performance Compensation, Realized - Allocations		7,715	7,901	30,134	12,487
Performance Compensation, Unrealized - Allocations		44,842	(5,531)	39,119	17,144
Total Compensation and Benefits		108,232	73,548	198,820	170,045
Interest Expense		8,823	8,091	16,508	15,936
Other Operating Expenses		31,899	27,549	59,638	49,007
Total Expenses		148,954	109,188	274,966	234,988
Economic Income		112,414	59,693	188,518	160,234
Segment Assets		4,099,397		4,099,397
Operating Segments | Credit Segment | Management Service, Base
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		118,161	137,121	286,602	277,026
Operating Segments | Credit Segment | Investment Advice
Segment Reporting Information [Line Items]
Management and Advisory Fees, Net		$ 118,925	$ 136,288	$ 286,588	$ 260,842
[1]	Represents Total Segments Economic Income reconciled to Blackstone Consolidated Income Before Provision for Taxes.

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2018		Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017		Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues		$ 2,632,570		$ 1,535,726		$ 4,401,701		$ 3,450,444
Expenses		1,016,381		881,193		1,999,312		1,802,966
Other Income		73,519		110,054		184,118		176,186
Economic Income / Income Before Provision for Taxes	[1]	1,689,708		764,587		2,586,507		1,823,664
Total Assets		30,075,297				30,075,297				$ 34,415,919
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,969,393		1,474,896		3,634,146		3,283,026
Expenses		864,873		755,069		1,719,689		1,576,484
Economic Income / Income Before Provision for Taxes	[1]	1,104,520		719,827		1,914,457		1,706,542
Total Assets		21,486,487				21,486,487
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Revenues		663,177		60,830		767,555		167,418
Expenses		151,508		126,124		279,623		226,482
Other Income		73,519		110,054		184,118		176,186
Economic Income / Income Before Provision for Taxes	[1]	585,188		44,760		672,050		117,122
Total Assets		8,588,810				8,588,810
Consolidation Adjustments and Reconciling Items | Impact of Consolidation Adjustment [Member]
Segment Reporting Information [Line Items]
Revenues	[2]	82,752		57,503		186,276		159,142
Expenses	[2]	26,288		53,622		86,187		80,708
Other Income	[2]	73,519		110,054		184,118		176,186
Economic Income / Income Before Provision for Taxes	[1],[2]	129,983		113,935		284,207		254,620
Total Assets	[2]	8,588,810				8,588,810
Consolidation Adjustments and Reconciling Items | Amortization of Intangibles Adjustment [Member]
Segment Reporting Information [Line Items]
Revenues	[3]	(387)		(387)		(774)		(774)
Expenses	[3]	14,486		10,957		28,972		21,914
Economic Income / Income Before Provision for Taxes	[1],[3]	(14,873)		(11,344)		(29,746)		(22,688)
Consolidation Adjustments and Reconciling Items | Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues		(1,293)	[4]	(1,628)		(2,634)		(3,067)
Expenses		(1,293)	[4]	(1,628)		(2,634)		(3,067)
Consolidation Adjustments and Reconciling Items | Transaction Related Charges Adjustment [Member]
Segment Reporting Information [Line Items]
Revenues		582,105		5,342	[4]	584,687	[5]	12,117	[5]
Expenses		112,027		63,173	[4]	167,098	[5]	126,927	[5]
Economic Income / Income Before Provision for Taxes	[1]	$ 470,078		$ (57,831)	[4]	$ 417,589	[5]	$ (114,810)	[5]
[1]	Represents Total Segments Economic Income reconciled to Blackstone Consolidated Income Before Provision for Taxes.
[2]	The Impact of Consolidation adjustment represents the effect of consolidating Blackstone Funds, the elimination of Blackstone's interest in these funds, the increase to revenue representing the reimbursement of certain expenses by Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the segment presentation, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[3]	Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstone's investment in Patria, which is accounted for under the equity method.
[4]	Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. During the three months ended June 30, 2018, Transaction-Related Charges include $580.9 million of Other Revenues received upon the conclusion of Blackstone's investment sub-advisory relationship with FS Investments' funds.
[5]	Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. During the six months ended June 30, 2018, Transaction-Related Charges include $580.9 million of Other Revenues received upon the conclusion of Blackstone's investment sub-advisory relationship with FS Investments' funds.

Reconciliation of Total Segme96

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Segment Reporting Information [Line Items]
Transaction-Related Charges	$ 580.9	$ 580.9