Blackstone (BX) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Blackstone Group L.P.
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	BX
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		658,866,467

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and Cash Equivalents	$ 1,570,741	$ 2,207,841
Cash Held by Blackstone Funds and Other	217,625	337,320
Investments (including assets pledged of $275,707 and $279,502 at March 31, 2019 and December 31, 2018, respectively)	21,180,950	20,377,031
Accounts Receivable	711,889	636,238
Due from Affiliates	2,320,291	1,994,123
Intangible Assets, Net	450,757	468,507
Goodwill	1,869,860	1,869,860
Other Assets	302,033	294,248
Right-of-Use Assets	521,932
Deferred Tax Assets	728,873	739,482
Total Assets	29,874,951	28,924,650
Liabilities and Partners' Capital
Loans Payable	10,011,155	9,951,862
Due to Affiliates	1,045,452	1,035,776
Accrued Compensation and Benefits	3,001,597	2,942,128
Securities Sold, Not Yet Purchased	128,106	142,617
Repurchase Agreements	218,865	222,202
Operating Lease Liabilities	587,408
Accounts Payable, Accrued Expenses and Other Liabilities	735,667	875,979
Total Liabilities	15,728,250	15,170,564
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	136,941	141,779
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 665,331,887 issued and outstanding as of March 31, 2019; 663,212,830 issued and outstanding as of December 31, 2018)	6,501,072	6,415,700
Accumulated Other Comprehensive Loss	(32,430)	(36,476)
Total The Blackstone Group L.P. Partners' Capital	6,468,642	6,379,224
Non-Controlling Interests in Consolidated Entities	3,852,346	3,648,766
Non-Controlling Interests in Blackstone Holdings	3,688,772	3,584,317
Total Partners' Capital	14,009,760	13,612,307
Total Liabilities and Partners' Capital	$ 29,874,951	$ 28,924,650

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments assets pledged	$ 275,707	$ 279,502
Partners' Capital, common units: issued	665,331,887	663,212,830
Partners' Capital, common units: outstanding	665,331,887	663,212,830
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 9,123,803	$ 8,890,745
Liabilities	7,322,489	7,177,062
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities	218,865	222,202
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	6,561,111	6,480,711
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	82,412	92,603
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	8,591,469	8,363,669
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	307,224	179,863
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	217,625	337,030
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	6,495	6,303
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	990	3,880
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	171,826	129,370
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 288,275	$ 252,176

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Performance Allocations
Realized	$ 242,375	$ 269,640
Unrealized	663,999	628,089
Principal Investments
Realized	73,261	42,145
Unrealized	169,044	111,774
Total Investment Income	1,148,679	1,051,648
Interest and Dividend Revenue	44,084	35,385
Other	10,250	(59,317)
Total Revenues	2,024,871	1,769,131
Expenses
Compensation and Benefits Compensation	471,397	389,403
Incentive Fee Compensation	5,406	6,662
Performance Allocations Compensation
Realized	86,395	112,062
Unrealized	287,015	254,435
Total Compensation and Benefits	850,213	762,562
General, Administrative and Other	146,062	126,713
Interest Expense	42,002	38,671
Fund Expenses	2,887	54,985
Total Expenses	1,041,164	982,931
Other Income
Net Gains from Fund Investment Activities	130,325	110,599
Income Before Provision for Taxes	1,114,032	896,799
Provision for Taxes	41,155	54,495
Net Income	1,072,877	842,304
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	2,480	(1,275)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	186,833	155,499
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	402,260	320,208
Net Income Attributable to The Blackstone Group L.P.	$ 481,304	$ 367,872
Net Income Per Common Unit
Common Units, Basic	$ 0.71	$ 0.55
Common Units, Diluted	$ 0.71	$ 0.53
Weighted-Average Common Units Outstanding
Common Units, Basic	674,507,698	674,479,140
Common Units, Diluted	1,200,480,240	1,210,573,854
Management and Advisory Fees, Net
Revenues
Revenues	$ 809,726	$ 728,849
Incentive Fees
Revenues
Revenues	$ 12,132	$ 12,566

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Income	$ 1,072,877	$ 842,304
Other Comprehensive Income, Net of Tax - Currency Translation Adjustment	7,183	4,426
Comprehensive Income	1,080,060	846,730
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	2,480	(1,275)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	186,833	153,110
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	405,397	320,208
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 485,350	$ 374,687

Condensed Consolidated Statem_5

Condensed Consolidated Statements 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, 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 (Loss)	843,579	$ 367,872		367,872	155,499	320,208
Currency Translation Adjustment	4,426		6,815	6,815	(2,389)
Capital Contributions	223,509				223,509
Capital Distributions	(1,184,440)	(570,570)		(570,570)	(121,711)	(492,159)
Transfer of Non-Controlling Interests in Consolidated Entities	22,989				22,989
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	3,520	3,520		3,520
Equity-Based Compensation	74,541	41,439		41,439		33,102
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(12,351)	$ (11,870)		(11,870)		(481)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		3,077,431
Change in The Blackstone Group L.P.'s Ownership Interest	6,124	$ (6,124)		(6,124)		6,124
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 23,661		23,661		(23,661)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		3,458,489
Issuance of Blackstone Common Units, Units		750,739
Ending Balance at Mar. 31, 2018	13,315,799	$ 6,541,409	(27,203)	6,514,206	3,333,954	3,467,639
Ending Balance, Units at Mar. 31, 2018		666,812,752
Beginning Balance at Dec. 31, 2017	210,944
Net Income (Loss)	(1,275)
Capital Contributions	1,100
Capital Distributions	(1,759)
Ending Balance at Mar. 31, 2018	209,010
Issuance of Blackstone Common Units	24,970	$ 24,970		24,970
Beginning Balance at Dec. 31, 2018	13,612,307	$ 6,415,700	(36,476)	6,379,224	3,648,766	3,584,317
Beginning Balance, Units at Dec. 31, 2018		663,212,830
Net Income (Loss)	1,070,397	$ 481,304		481,304	186,833	402,260
Currency Translation Adjustment	7,183		4,046	4,046		3,137
Capital Contributions	159,505				159,505
Capital Distributions	(871,807)	(390,263)		(390,263)	(141,498)	(340,046)
Transfer of Non-Controlling Interests in Consolidated Entities	(1,260)				(1,260)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	2,167	2,167		2,167
Equity-Based Compensation	92,671	51,859		51,859		40,812
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(9,254)	$ (9,251)		(9,251)		(3)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		1,812,474
Repurchase of Common Units and Blackstone Holdings Partnership Units	(52,149)	$ (52,149)		(52,149)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units		(1,544,115)
Change in The Blackstone Group L.P.'s Ownership Interest	10,965	$ (10,965)		(10,965)		10,965
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 12,670		12,670		(12,670)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		1,850,698
Ending Balance at Mar. 31, 2019	14,009,760	$ 6,501,072	$ (32,430)	$ 6,468,642	$ 3,852,346	$ 3,688,772
Ending Balance, Units at Mar. 31, 2019		665,331,887
Beginning Balance at Dec. 31, 2018	141,779
Net Income (Loss)	2,480
Capital Distributions	(7,318)
Ending Balance at Mar. 31, 2019	$ 136,941

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities
Net Income	$ 1,072,877	$ 842,304
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(324,140)	(306,440)
Changes in Unrealized Gains on Investments	(275,047)	(209,015)
Non-Cash Performance Allocations	(663,999)	(628,089)
Non-Cash Performance Allocations and Incentive Fee Compensation	378,816	373,159
Equity-Based Compensation Expense	121,179	92,223
Amortization of Intangibles	17,750	14,492
Other Non-Cash Amounts Included in Net Income	(6,282)	86,332
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entity		31,422
Cash Relinquished with Deconsolidation of Fund Entities		(899,959)
Accounts Receivable	106,815	132,711
Due from Affiliates	(309,916)	(186,713)
Other Assets	6,577	(5,918)
Accrued Compensation and Benefits	(347,853)	(403,634)
Securities Sold, Not Yet Purchased	(14,883)	16,003
Accounts Payable, Accrued Expenses and Other Liabilities	(356,158)	(391,003)
Repurchase Agreements	(3,338)	23,678
Due to Affiliates	28,964	11,469
Investments Purchased	(882,973)	(5,007,608)
Cash Proceeds from Sale of Investments	1,582,142	4,644,753
Net Cash Provided by (Used in) Operating Activities	130,531	(1,769,833)
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(18,858)	(4,686)
Net Cash Used in Investing Activities	(18,858)	(4,686)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(148,782)	(123,422)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	157,880	221,578
Payments Under Tax Receivable Agreement	(84,640)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(61,403)	(12,351)
Proceeds from Loans Payable	16	2,248,376
Repayment and Repurchase of Loans Payable	(823)	(1,004,660)
Distributions to Unitholders	(730,309)	(1,062,729)
Net Cash Provided by (Used in) Financing Activities	(868,061)	266,792
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(407)	21,368
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Decrease	(756,795)	(1,486,359)
Beginning of Period	2,545,161	3,936,489
End of Period	1,788,366	2,450,130
Supplemental Disclosure of Cash Flows Information
Payments for Interest	42,979	41,764
Payments for Income Taxes	10,656	20,201
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	242
Non-Cash Distributions to Non-Controlling Interest Holders	(34)
Transfer of Interests to Non-Controlling Interest Holders	(1,260)	22,989
Change in The Blackstone Group L.P.'s Ownership Interest	(10,965)	(6,124)
Net Settlement of Vested Common Units	55,951	98,870
Conversion of Blackstone Holdings Units to Common Units	12,670	23,661
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(14,572)	(23,818)
Due to Affiliates	12,405	20,298
Partners' Capital	$ 2,167	3,520
Issuance of New Units		$ 24,970

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents	$ 1,570,741	$ 2,207,841
Cash Held by Blackstone Funds and Other	217,625	337,320
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 1,788,366	$ 2,545,161	$ 2,450,130	$ 3,936,489

Organization

Organization	3 Months Ended
	Mar. 31, 2019
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: Real Estate, Private Equity, Hedge Fund Solutions and Credit. The Partnership was formed as a Delaware limited partnership on March 12, 2007. The Partnership is managed and operated by its general partner, Blackstone Group Management L.L.C., which is in turn wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). The activities of the Partnership are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings”, “Blackstone Holdings Partnerships” or the “Holding Partnerships”). The Partnership, through its wholly owned subsidiaries, is the sole general partner in each of these Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common units, on a one-to-one

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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 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, 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 19. “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. 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. 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 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. Results from Blackstone’s investments in Strategic Partners funds are reported on a three month lag. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. The Partnership manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Partnership, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The Partnership takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. The Partnership also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that the Partnership has borrowed and sold. The Partnership is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. The Partnership is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments The Partnership recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date the Partnership enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. The Partnership formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and the Partnership’s evaluation of effectiveness of its hedged transaction. At least monthly, the Partnership also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, the Partnership uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The Partnership may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, the Partnership presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains 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”. Leases Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term. 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 February 2016, the FASB issued amended guidance on the accounting for leases. The new guidance was effective for Blackstone beginning January 1, 2019 and was adopted on a modified retrospective basis. Blackstone elected to apply the guidance to each lease that had commenced as of the adoption date. As a result, periods prior to January 1, 2019 are presented in accordance with previous GAAP. Blackstone also elected a package of practical expedients which resulted in no requirement to reassess (a) whether any expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases and (c) the recognition requirements for initial direct costs for any existing leases. Blackstone also elected a practical expedient to account for lease and nonlease components as a single lease component. Short-term leases, which have a stated lease term of twelve months or less, have been excluded from the Operating Lease Liability and ROU Assets as a result of a policy election made by Blackstone. The guidance requires the recognition of lease assets and lease liabilities for those leases previously classified as operating leases and it retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are similar, but not identical to, to the classification criteria for distinguishing between capital leases and operating leases under previous GAAP. For operating leases, a lessee is required to do the fol

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: March 31, December 31, 2019 2018 Finite-Lived Intangible Assets / Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,261,819 ) (1,244,069 ) Intangible Assets, Net $ 450,757 $ 468,507 Amortization expense associated with Blackstone’s intangible assets was $17.7 million and $14.5 million for the three months ended March 31, 2019 and 2018, respectively. Amortization of Intangible Assets held at March 31, 2019 is expected to be $71.0 million, $71.0 million, $71.0 million, $63.3 million, and $34.3 million for each of the years ending December 31, 2019, 2020, 2021, 2022, and 2023, respectively. Blackstone’s intangible assets as of March 31, 2019 are expected to amortize over a weighted-average period of 8.4 years.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments	4. Investments Investments consist of the following: March 31, December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,603,847 $ 8,376,338 Equity Method Investments Partnership Investments 3,815,993 3,649,423 Accrued Performance Allocations 6,486,450 5,883,924 Corporate Treasury Investments 2,005,174 2,206,493 Other Investments 269,486 260,853 $ 21,180,950 $ 20,377,031 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $384.7 million and $366.5 million at March 31, 2019 and December 31, 2018, 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 March 31, 2019 2018 Realized Losses $ (2,912 ) $ (17,858 ) Net Change in Unrealized Gains 106,003 97,241 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 103,091 79,383 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 27,234 31,216 Other Income - Net Gains from Fund Investment Activities $ 130,325 $ 110,599 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata non-controlling Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended March 31, 2019 and 2018, 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 $155.4 million and $162.5 million for the three months ended March 31, 2019 and 2018, respectively. Accrued Performance Allocations Accrued Performance Allocations to the Partnership in respect of performance of certain Blackstone Funds were as follows: Real Private Hedge Fund Estate Equity Solutions Credit Total Accrued Performance Allocations, December 31, 2018 $ 2,853,261 $ 2,642,119 $ 22,921 $ 365,623 $ 5,883,924 Performance Allocations as a Result of Changes in Fund Fair Values 446,166 390,972 17,070 63,564 917,772 Foreign Exchange Loss (11,398 ) — — — (11,398 ) Fund Distributions (101,274 ) (193,415 ) (497 ) (8,662 ) (303,848 ) Accrued Performance Allocations, March 31, 2019 $ 3,186,755 $ 2,839,676 $ 39,494 $ 420,525 $ 6,486,450 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 March 31, 2019 2018 Realized Gains $ 317 $ 2,339 Net Change in Unrealized Gains (Losses) 48,659 (8,194 ) $ 48,976 $ (5,855 ) Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. Other Investments include equity investments without readily determinable fair values which have a carrying value of $44.0 million as of March 31, 2019. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended March 31, 2019 2018 Realized Gains $ 24,236 $ 112 Net Change in Unrealized Gains (Losses) 10,722 (4,232 ) $ 34,958 $ (4,120 )

Net Asset Value as Fair Value

Net Asset Value as Fair Value	3 Months Ended
	Mar. 31, 2019
Net Asset Value as Fair Value	5. Net Asset Value as Fair Value A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of March 31, 2019 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 213,598 $ 130 (a) (a) Credit Driven 85,520 268 (b) (b) Equity 38,786 — (c) (c) Commodities 1,686 — (d) (d) $ 339,590 $ 398 (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 31% 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 69% 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	3 Months Ended
	Mar. 31, 2019
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 Blackstone uses foreign currency forward contracts to hedge portions of Blackstone’s net investments in foreign operations. The gains and losses due to change in fair value attributable to changes in spot exchange rates on foreign currency derivatives designated as net investment hedges were recognized in Other Comprehensive Income, Net of Tax - Currency Translation Adjustment. For the three months ended March 31, 2019 there was no resulting gain or loss. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 380,710 $ 14,101 $ 1,078,852 $ 17,820 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 106,502 899 229,075 1,833 224,841 1,286 245,371 1,636 Credit Default Swaps 2,052 118 35,037 2,178 — — 34,060 4,004 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 14,205 279 121,184 900 108,271 524 16,952 164 Interest Rate Contracts 8,500 19 11,000 369 — — 10,000 311 Credit Default Swaps — — 73,212 2,373 20,952 55 46,685 5,710 Total Return Swaps 2,089 15 28,527 776 — — 31,440 1,855 Equity Options 1 39 — — — — — — 514,059 15,470 1,576,887 26,249 1,152,201 45,497 1,229,128 52,844 $ 514,059 $ 15,470 $ 1,576,887 $ 26,249 $ 1,152,201 $ 45,497 $ 1,229,128 $ 52,844 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended March 31, 2019 2018 Net Investment Hedges - Foreign Currency Contracts Hedge Ineffectiveness $ — $ (8 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (2,248 ) $ 1,621 Foreign Currency Contracts 1,672 (4,083 ) Credit Default Swaps 1,110 (401 ) Total Return Swaps (120 ) 1 Equity Options (8 ) — $ 406 $ (2,862 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (8,263 ) $ (37,300 ) Foreign Currency Contracts (1,564 ) (3,728 ) Credit Default Swaps 3,941 (127 ) Total Return Swaps 978 57 Equity Options (50 ) — $ (4,958 ) $ (41,098 ) As of March 31, 2019 and December 31, 2018, the Partnership had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	3 Months Ended
	Mar. 31, 2019
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, 2019 2018 Assets Loans and Receivables $ 208,226 $ 304,173 Equity and Preferred Securities 414,804 390,095 Debt Securities 548,440 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,965,348 6,766,700 $ 8,136,818 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,484,323 $ 6,473,233 Due to Affiliates 42,733 3,201 Subordinated Notes Loans Payable 76,457 7,478 Due to Affiliates 49,976 52,811 $ 6,653,489 $ 6,536,723 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains Assets Loans and Receivables $ (1,084 ) $ (760 ) $ — $ — Equity and Preferred Securities 1 22,365 — 228 Debt Securities (35 ) 14,932 812 581 Assets of Consolidated CLO Vehicles Corporate Loans (3,851 ) 179,802 (5,473 ) 18,850 Corporate Bonds — — (24,056 ) 9,693 Other — — — 6 $ (4,969 ) $ 216,339 $ (28,717 ) $ 29,358 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (51,560 ) $ — $ — Subordinated Notes — (66,144 ) — 43,614 $ — $ (117,704 ) $ — $ 43,614 The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2019 December 31, 2018 For Financial Assets For Financial Assets Past Due (a) Past Due (a) (Deficiency) Excess Excess Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (149 ) $ — $ — $ 2,421 $ — $ — Debt Securities 2,697 — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (126,907 ) — — (301,085 ) — — $ (124,359 ) $ — $ — $ (325,324 ) $ — $ — (a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due. As of March 31, 2019 and December 31, 2018, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual non-accrual

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements of Financial Instruments	8. Fair Value Measurements of Financial Instruments The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy: March 31, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 462,734 $ — $ — $ — $ 462,734 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 65,478 65,478 Equity Securities 36,300 45,867 197,096 — 279,263 Partnership and LLC Interests — 10,912 362,047 — 372,959 Debt Instruments — 794,631 125,816 — 920,447 Freestanding Derivatives Foreign Currency Contracts — 279 — — 279 Total Return Swaps — 15 — — 15 Interest Rate Swaps — 19 — — 19 Other — 39 — — 39 Assets of Consolidated CLO Vehicles Corporate Loans — 6,406,507 558,841 — 6,965,348 Total Investments of Consolidated Blackstone Funds 36,300 7,258,269 1,243,800 65,478 8,603,847 Corporate Treasury Investments Equity Securities 242,696 — — — 242,696 Debt Instruments 41,923 1,420,827 32,804 — 1,495,554 Other — — — 266,924 266,924 Total Corporate Treasury Investments 284,619 1,420,827 32,804 266,924 2,005,174 Other Investments 193,200 — 26,329 7,188 226,717 Total Investments 514,119 8,679,096 1,302,933 339,590 10,835,738 Accounts Receivable - Loans and Receivables — — 208,226 — 208,226 Other Assets Freestanding Derivatives Interest Rate Contracts 479 13,622 — — 14,101 Foreign Currency Contracts — 899 — — 899 Credit Default Swaps — 118 — — 118 Total Other Assets 479 14,639 — — 15,118 $ 977,332 $ 8,693,735 $ 1,511,159 $ 339,590 $ 11,521,816 March 31, 2019 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,484,323 $ — $ 6,484,323 Subordinated Notes (b) — 76,457 — 76,457 Total Loans Payable — 6,560,780 — 6,560,780 Due to Affiliates - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 42,733 — 42,733 Subordinated Notes (b) — 49,976 — 49,976 Total Due to Affiliates — 92,709 — 92,709 Securities Sold, Not Yet Purchased 33,035 95,071 — 128,106 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 900 — 900 Credit Default Swaps — 2,373 — 2,373 Total Return Swaps — 776 — 776 Interest Rate Swaps — 369 — 369 Total Liabilities of Consolidated Blackstone Funds — 4,418 — 4,418 Freestanding Derivatives Interest Rate Contracts 885 16,935 — 17,820 Foreign Currency Contracts — 1,833 — 1,833 Credit Default Swaps — 2,178 — 2,178 Total Freestanding Derivatives 885 20,946 — 21,831 Total Accounts Payable, Accrued Expenses and Other Liabilities 885 25,364 — 26,249 $ 33,920 $ 6,773,924 $ — $ 6,807,844 December 31, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 623,526 $ — $ — $ — $ 623,526 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 80,726 80,726 Equity Securities 42,937 34,946 201,566 — 279,449 Partnership and LLC Interests — 7,170 355,273 — 362,443 Debt Instruments — 752,622 133,819 — 886,441 Freestanding Derivatives Foreign Currency Contracts — 524 — — 524 Credit Default Swaps — 55 — — 55 Assets of Consolidated CLO Vehicles Corporate Loans — 6,093,342 673,358 — 6,766,700 Total Investments of Consolidated Blackstone Funds 42,937 6,888,659 1,364,016 80,726 8,376,338 Corporate Treasury Investments Equity Securities 233,834 — — — 233,834 Debt Instruments 243,297 1,444,968 24,568 — 1,712,833 Other — — — 259,826 259,826 Total Corporate Treasury Investments 477,131 1,444,968 24,568 259,826 2,206,493 Other Investments 176,432 — 31,617 7,581 215,630 Total Investments 696,500 8,333,627 1,420,201 348,133 10,798,461 Accounts Receivable - Loans and Receivables — — 304,173 — 304,173 Other Assets Freestanding Derivatives Interest Rate Contracts 1,274 42,358 — — 43,632 Foreign Currency Contracts — 1,286 — — 1,286 Total Other Assets 1,274 43,644 — — 44,918 $ 1,321,300 $ 8,377,271 $ 1,724,374 $ 348,133 $ 11,771,078 December 31, 2018 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,473,233 $ — $ 6,473,233 Subordinated Notes (b) — 7,478 — 7,478 Total Loans Payable — 6,480,711 — 6,480,711 Due to Affiliates - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 3,201 — 3,201 Subordinated Notes (b) — 52,811 — 52,811 Total Due to Affiliates — 56,012 — 56,012 Securities Sold, Not Yet Purchased 35,959 106,658 — 142,617 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 164 — 164 Credit Default Swaps — 5,710 — 5,710 Total Return Swaps — 1,855 — 1,855 Interest Rate Swaps — 311 — 311 Total Liabilities of Consolidated Blackstone Funds — 8,040 — 8,040 Freestanding Derivatives Interest Rate Contracts 3,080 36,084 — 39,164 Foreign Currency Contracts — 1,636 — 1,636 Credit Default Swaps — 4,004 — 4,004 Total Freestanding Derivatives 3,080 41,724 — 44,804 Total Accounts Payable, Accrued Expenses and Other Liabilities 3,080 49,764 — 52,844 $ 39,039 $ 6,693,145 $ — $ 6,732,184 (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, such 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 subordinated notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (1) the fair value of any beneficial interests held by Blackstone, and (2) the carrying value of any beneficial interests that represent compensation for services. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2019: Valuation Unobservable Weighted- Fair Value Techniques Inputs Ranges Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 157,403 Discounted Cash Flows Discount Rate 6.9% - 28.5% 13.0% Revenue CAGR -44.6% - 33.4% 7.2% Book Value Multiple 0.9x - 9.5x 8.9x Exit Capitalization Rate 4.3% - 11.4% 7.5% Exit Multiple - EBITDA 3.2x - 17.4x 10.7x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 26,280 Market Comparable Companies Book Value Multiple 0.9x N/A Dollar/Acre Multiple $7.0 - $34.2 $27.9 EBITDA Multiple 8.0x - 13.0x 12.8x 6,423 Other N/A N/A N/A 6,990 Transaction Price N/A N/A N/A Partnership and LLC Interests 297,357 Discounted Cash Flows Discount Rate 3.8% - 26.5% 9.7% Revenue CAGR -6.0% - 33.2% 18.9% Book Value Multiple 9.3x N/A Exit Capitalization Rate 3.0% - 15.0% 6.2% Exit Multiple - EBITDA 3.5x - 15.8x 10.0x Exit Multiple - NOI 13.3x N/A 9,468 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $6.3 - $12.0 $7.7 2,360 Other N/A N/A N/A 52,862 Transaction Price N/A N/A N/A Debt Instruments 9,098 Discounted Cash Flows Discount Rate 7.0% - 19.3% 9.9% Exit Capitalization Rate 4.2% N/A Exit Multiple - EBITDA 6.5x N/A 102,868 Third Party Pricing N/A N/A N/A 26 Other N/A N/A N/A 13,824 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 40 Discounted Cash Flows Discount Rate 3.5% N/A 558,801 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,243,800 Corporate Treasury Investments $ 9,378 Discounted Cash Flows Discount Rate 6.2% - 9.4% 8.2% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 67.6% Reinvestment Rate LIBOR + 400 bps N/A 23,426 Third Party Pricing N/A N/A N/A Loans and Receivables 208,226 Discounted Cash Flows Discount Rate 5.6% - 10.0% 7.5% Other Investments 25,092 Discounted Cash Flows Discount Rate 0.9% - 29.8% 3.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 1,237 Transaction Price N/A N/A N/A $ 1,511,159 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, 2018: Valuation Unobservable Weighted- Fair Value Techniques Inputs Ranges Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 138,725 Discounted Cash Flows Discount Rate 7.1% - 26.1% 12.6% Revenue CAGR -0.8% - 32.4% 6.6% Book Value Multiple 0.9x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 8.0% Exit Multiple - EBITDA 0.1x - 17.5x 10.3x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 21,050 Market Comparable Companies Book Value Multiple 0.8x - 8.0x 1.3x Dollar/Acre Multiple $7.0 - $44.1 $32.9 21,492 Other N/A N/A N/A 20,250 Transaction Price N/A N/A N/A 49 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 295,251 Discounted Cash Flows Discount Rate 4.1% - 26.5% 9.7% Revenue CAGR -1.1% - 48.4% 26.9% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 2.9% - 15.0% 6.3% Exit Multiple - EBITDA 0.1x - 15.3x 10.0x Exit Multiple - NOI 13.3x N/A 9,444 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $5.3 - $12.0 $7.5 9,390 Other N/A N/A N/A 41,188 Transaction Price N/A N/A N/A Debt Instruments 8,342 Discounted Cash Flows Discount Rate 7.0% - 19.3% 9.8% Revenue CAGR 0.7% N/A Exit Multiple - EBITDA 6.5x N/A 120,843 Third Party Pricing N/A N/A N/A 4,634 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 41 Discounted Cash Flows Discount Rate 5.0% N/A 673,317 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,364,016 Corporate Treasury Investments $ 7,947 Discounted Cash Flows Discount Rate 4.4% - 7.5% 6.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months - 13 Months 21 Months Recovery Rate 17.5% - 70.0% 67.7% Reinvestment Rate LIBOR + 400 bps N/A 16,621 Third Party Pricing N/A N/A N/A Loans and Receivables 304,173 Discounted Cash Flows Discount Rate 6.1% - 12.8% 8.7% Other Investments 26,631 Discounted Cash Flows Discount Rate 1.0% - 15.0% 2.8% 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 4,986 Transaction Price N/A N/A N/A $ 1,724,374 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 as of the reporting date 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 could have resulted in a lower (higher) fair value measurement. Increases (decreases) in any of exit multiples and revenue compound annual growth rates in isolation could have resulted in a higher (lower) fair value measurement. Since December 31, 2018, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. The following tables summarize the changes in financial assets and liabilities measured at fair value for which the Partnership has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2019 2018 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 $ 1,029,371 $ 239,659 $ 119,642 $ 1,388,672 Transfer In Due to Consolidation and Acquisition — — — — 50,043 — — 50,043 Transfer Out Due to Deconsolidation — — — — (217,182 ) — — (217,182 ) Transfer In to Level III (b) 151,085 — 12,806 163,891 117,089 — — 117,089 Transfer Out of Level III (b) (307,800 ) — (13,850 ) (321,650 ) (101,336 ) — (8,068 ) (109,404 ) Purchases 76,995 72,291 7,569 156,855 193,859 76,663 4,486 275,008 Sales (62,933 ) (165,668 ) (871 ) (229,472 ) (133,311 ) (153,194 ) (175 ) (286,680 ) Settlements — (7,151 ) — (7,151 ) — (3,683 ) (4 ) (3,687 ) Changes in Gains Included in Earnings 22,437 4,581 (2,706 ) 24,312 24,618 3,690 1,468 29,776 Balance, End of Period $ 1,243,800 $ 208,226 $ 59,133 $ 1,511,159 $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 27,922 $ — $ (2,132 ) $ 25,790 $ 19,119 $ 3,691 $ (251 ) $ 22,559 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. There were no Level III financial liabilities as of and for the three months ended March 31, 2019 and 2018.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
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 entities. In addition, there is no recourse to the Partnership for the consolidated VIEs’ liabilities including the liabilities of the consolidated CLO vehicles. The Partnership holds variable interests in certain VIEs which are not consolidated as it is determined that the Partnership is not the primary beneficiary. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated non-consolidated March 31, December 31, 2019 2018 Investments $ 1,014,960 $ 942,700 Due from Affiliates 300,227 254,744 Potential Clawback Obligation 171,559 159,691 Maximum Exposure to Loss $ 1,486,746 $ 1,357,135 Amounts Due to Non-Consolidated $ 356 $ 207

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2019
Repurchase Agreements	10. Repurchase Agreements At March 31, 2019, the Partnership pledged securities with a carrying value of $275.7 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. At December 31, 2018, the Partnership pledged securities with a carrying value of $279.5 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2019 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 52,456 $ 117,413 $ 48,996 $ 218,865 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 218,865 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 42,908 $ 144,731 $ 34,563 $ 222,202 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 222,202 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	3 Months Ended
	Mar. 31, 2019
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of March 31, 2019 and December 31, 2018: March 31, 2019 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 15,470 $ 14,636 $ 94 $ 740 March 31, 2019 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 26,093 $ 10,842 $ 13,691 $ 1,560 Repurchase Agreements 218,865 218,865 — — $ 244,958 $ 229,707 $ 13,691 $ 1,560 December 31, 2018 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 45,416 $ 37,788 $ 5,547 $ 2,081 December 31, 2018 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 52,844 $ 35,905 $ 15,377 $ 1,562 Repurchase Agreements 222,202 222,202 — — $ 275,046 $ 258,107 $ 15,377 $ 1,562 (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. Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: March 31, December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements, Net $ 133,544 $ 120,372 Prepaid Expenses 139,880 110,732 Freestanding Derivatives 15,118 44,918 Other 13,491 18,226 $ 302,033 $ 294,248 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of March 31, 2019, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.1 billion, which was offset with an accompanying overdraft of $1.1 billion.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2019
Borrowings	12. Borrowings On April 10, 2019, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), issued €600 million aggregate principal amount of Senior Notes due April 10, 2029 (the “2029 Notes”). The 2029 Notes have an interest rate of 1.500% per annum, accruing from April 10, 2019. Interest on the 2029 Notes is payable annually in arrears on April 10 of each year, commencing on April 10, 2020. The 2029 Notes will be fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, by The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The Guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the 2029 Notes have been capitalized and are being amortized over the life of the 2029 Notes. The 2029 Notes are not included in the March 31, 2019 Condensed Consolidated Statement of Financial Condition. The following table presents the general characteristics of each of our notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis as indicated by their respective interest payment dates. March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 5.875%, Due 3/15/2021 $ 399,059 $ 421,680 $ 398,947 $ 421,720 4.750%, Due 2/15/2023 395,431 423,440 395,166 417,600 2.000%, Due 5/19/2025 332,658 353,434 339,959 352,197 1.000%, Due 10/5/2026 664,747 665,205 679,193 647,564 3.150%, Due 10/2/2027 296,799 289,200 296,717 285,030 6.250%, Due 8/15/2042 238,274 297,375 238,221 289,225 5.000%, Due 6/15/2044 488,801 517,400 488,747 490,150 4.450%, Due 7/15/2045 344,068 335,265 344,038 329,770 4.000%, Due 10/2/2047 290,207 265,890 290,163 262,800 $ 3,450,044 $ 3,568,889 $ 3,471,151 $ 3,496,056 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. Included within Loans Payable and Due to Affiliates within the Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2019 December 31, 2018 Weighted- Weighted- Weighted- Average Weighted- Average Average Remaining Average Remaining Borrowing Interest Maturity in Borrowing Interest Maturity in Outstanding Rate Years Outstanding Rate Years Senior Secured Notes $ 6,530,613 4.31% 7.0 $ 6,531,550 4.20% 7.5 Subordinated Notes 321,866 (a) N/A 331,735 (a) N/A $ 6,852,479 $ 6,863,285 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles. Senior Secured Notes and Subordinated Notes comprise the following amounts: March 31, 2019 December 31, 2018 Amounts Due to Non- Amounts Due to Non- Consolidated Affiliates Consolidated Affiliates Borrowing Borrowing Fair Value Outstanding Fair Value Fair Value Outstanding Fair Value Senior Secured Notes $ 6,527,056 $ 42,750 $ 42,733 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 126,433 81,790 49,976 60,289 111,659 52,811 $ 6,653,489 $ 124,540 $ 92,709 $ 6,536,723 $ 114,909 $ 56,012 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. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. As of March 31, 2019 and December 31, 2018, the fair value of the consolidated CLO assets was $7.3 billion and $7.1 billion, respectively. Scheduled principal payments for borrowings as of March 31, 2019 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2019 $ — $ 331 $ 331 2020 — — — 2021 400,000 — 400,000 2022 — — — 2023 400,000 — 400,000 Thereafter 2,709,620 6,852,479 9,562,099 $ 3,509,620 $ 6,852,810 $ 10,362,430

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases	13. Leases The Partnership enters into non-cancelable The components of lease expense were as follows: Three Months Ended March 31, 2019 Operating Lease Cost Straight-Line Lease Cost (a) $ 21,865 Variable Lease Cost 3,105 Sublease Income (164 ) $ 24,806 (a) Straight-line lease cost includes short-term leases, which are immaterial. Supplemental cash flow information related to leases were as follows: Three Months Ended March 31, 2019 Operating Cash Flows from Operating Leases $ 22,132 Right-of-Use 388 The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of March 31, 2019: 2019 $ 59,318 2020 79,301 2021 84,866 2022 77,853 2023 76,212 Thereafter 272,494 Total Lease Payments (a) 650,044 Less: Imputed Interest (62,636 ) Present Value of Operating Lease Liabilities $ 587,408 (a) Excludes $117.9 million of lease payments for signed leases that have not yet commenced. As of December 31, 2018, the aggregate minimum future payments, net of sublease income, required on operating leases are as follows: 2019 $ 78,506 2020 72,191 2021 80,914 2022 79,094 2023 77,248 Thereafter 273,347 Total $ 661,300

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes	14. Income Taxes Blackstone’s effective tax rate was 3.7% and 6.1% for the three months ended March 31, 2019 and 2018, respectively. Blackstone’s income tax provision was $41.2 million and $54.5 million for the three months ended March 31, 2019 and 2018, 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	3 Months Ended
	Mar. 31, 2019
Net Income Per Common Unit	15. Net Income Per Common Unit Basic and diluted net income per common unit for the three months ended March 31, 2019 and March 31, 2018 was calculated as follows: Three Months Ended March 31, 2019 2018 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 481,304 $ 367,872 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 369,889 278,746 Net Income Attributable to The Blackstone Group L.P., Diluted $ 851,193 $ 646,618 Units Outstanding Weighted-Average Common Units Outstanding, Basic 674,507,698 674,479,140 Weighted-Average Unvested Deferred Restricted Common Units 207,752 198,934 Weighted-Average Blackstone Holdings Partnership Units 525,764,790 535,895,780 Weighted-Average Common Units Outstanding, Diluted 1,200,480,240 1,210,573,854 Net Income Per Common Unit, Basic $ 0.71 $ 0.55 Net Income Per Common Unit, Diluted $ 0.71 $ 0.53 Distributions Declared Per Common Unit (a) $ 0.58 $ 0.85 (a) Distributions declared reflects the calendar date of the declaration for each distribution. 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 Unit Repurchase Program On April 16, 2018, the board of directors of our general partner, Blackstone Group Management L.L.C., authorized the repurchase 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 months ended March 31, 2019, Blackstone repurchased 1.5 million Blackstone common units at a total cost of $52.1 million. During the three months ended March 31, 2018, no units were repurchased. As of March 31, 2019, the amount remaining available for repurchases under this program was $406.4 million.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2019
Equity-Based Compensation	16. Equity-Based Compensation The Partnership has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the three months ended March 31, 2019 and March 31, 2018, the Partnership recorded compensation expense of $121.2 million and $92.2 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $18.6 million and $14.5 million, respectively. As of March 31, 2019, there was $943.6 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 2.9 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,196,324,909 as of March 31, 2019. Total outstanding unvested phantom units were 49,075 as of March 31, 2019. A summary of the status of the Partnership’s unvested equity-based awards as of March 31, 2019 and of changes during the period January 1, 2019 through March 31, 2019 is presented below: Blackstone Holdings The Blackstone Group L.P. Equity Settled Awards Cash Settled Awards Deferred Weighted- Restricted Weighted- Weighted- Average Common Average Average Partnership Grant Date Units and Grant Date Phantom Grant Date Unvested Units Units Fair Value Options Fair Value Units Fair Value Balance, December 31, 2018 31,554,127 $ 34.38 9,312,268 $ 31.43 46,808 $ 34.66 Granted 78,238 32.02 1,607,798 30.03 — — Vested (1,723,439 ) 34.57 (1,877,552 ) 29.80 (80 ) 33.47 Forfeited (92,957 ) 32.17 (120,008 ) 31.55 — — Balance, March 31, 2019 29,815,969 $ 34.02 8,922,506 $ 31.50 46,728 $ 33.29 Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2019, are expected to vest: Weighted- Average Service Period Units in Years Blackstone Holdings Partnership Units 26,705,736 3.0 Deferred Restricted Blackstone Common Units 7,591,629 2.3 Total Equity-Based Awards 34,297,365 2.9 Phantom Units 39,024 2.3

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions	17. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,816,801 $ 1,520,100 Due from Certain Non-Controlling 491,734 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 11,756 11,548 $ 2,320,291 $ 1,994,123 March 31, December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 725,034 $ 796,902 Due to Non-Consolidated 138,581 99,728 Due to Note-Holders of Consolidated CLO Vehicles 92,708 56,012 Due to Certain Non-Controlling 48,320 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 40,809 29,521 $ 1,045,452 $ 1,035,776 Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of March 31, 2019 and December 31, 2018, such investments aggregated $877.8 million and $842.9 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 $2.4 million and $1.3 million for the three months ended March 31, 2019 and 2018, 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 $725.0 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 18. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies	18. Commitments and Contingencies Commitments Investment Commitments Blackstone had $3.0 billion of investment commitments as of March 31, 2019 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 $475.7 million as of March 31, 2019 which includes $93.9 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of March 31, 2019 was $192.9 million. Litigation Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against the Partnership. Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by 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. In December 2017, a purported derivative suit (Mayberry v. KKR & Co., L.P., et al.) was filed in the Commonwealth of Kentucky Franklin County Circuit Court on behalf of the Kentucky Retirement System (“KRS”) by eight of its members and beneficiaries alleging various breaches of fiduciary duty and other violations of Kentucky state law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BAAM L.P.”). The suit names more than 30 defendants, including The Blackstone Group L.P.; BAAM L.P.; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-President and CEO of the Hedge Fund Solutions Group, Vice Chairman of Blackstone and CEO of BAAM (collectively, the “Blackstone Defendants”). Aside from the Blackstone Defendants, the action also names current and former KRS trustees and former KRS officers and various other service providers to KRS and their related persons. The plaintiffs filed an amended complaint in January 2018. In November 2018, the Circuit Court granted one defendant’s motion to dismiss and denied all other defendants’ motions to dismiss, including those of the Blackstone Defendants. In January 2019, certain of the KRS trustee and officer defendants noticed appeals from the denial of the motions to dismiss to the Kentucky Court of Appeals, and also filed a motion to stay the Mayberry proceedings in Circuit Court pending the outcome of those appeals. In addition, several defendants, including Blackstone and BAAM L.P., filed petitions in the Kentucky Court of Appeals for a writ of prohibition against the ongoing Mayberry proceedings on the ground that the plaintiffs lack standing. In April 2019, the KRS trustee and officer defendants’ appeals were transferred to the Kentucky Supreme Court. On April 23, 2019, the Kentucky Court of Appeals granted the Blackstone Defendants’ petition for a writ of prohibition and vacated the Circuit Court’s November 30, 2018 Opinion and Order denying the motion to dismiss for lack of standing. On April 24, 2019, the Mayberry Plaintiffs filed a notice of appeal of that order to the Kentucky Supreme Court. Blackstone believes that this suit is totally without merit and intends to defend it vigorously. Contingent Obligations (Clawback) Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. The lives of the carry funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2028. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: March 31, 2019 December 31, 2018 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 16,130 $ 10,295 $ 26,425 $ 15,770 $ 10,053 $ 25,823 Private Equity 24,684 (13,089 ) 11,595 13,296 (12,448 ) 848 Credit 1,328 1,461 2,789 1,355 1,495 2,850 $ 42,142 $ (1,333 ) $ 40,809 $ 30,421 $ (900 ) $ 29,521 (a) The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis. For Private Equity, Real Estate, and certain Credit Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of the Partnership, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2019, $691.8 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 are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation. If, at March 31, 2019, 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 $6.9 billion, on an after-tax

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Segment Reporting	19. 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: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of global, Europe and Asia-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 • Private Equity – Blackstone’s Private Equity segment primarily comprises its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, including energy and Asia-focused funds, a core private equity fund, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences private investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business. • Hedge Fund Solutions – The largest component of Blackstone’s Hedge Fund Solutions segment is Blackstone Alternative Asset Management, which manages a broad range of commingled and customized hedge fund of fund solutions. The segment 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 the form of mutual funds and UCITS and trade directly. • Credit – Blackstone’s Credit segment consists principally of GSO Capital Partners LP, which is organized into performing credit strategies (which include mezzanine lending funds, middle market direct lending funds and other performing credit strategy funds), distressed strategies (which include credit alpha strategies, stressed/distressed funds and energy strategies) and long only strategies (which consist of CLOs, closed end funds, open end funds and separately managed accounts). In addition, the segment includes a publicly traded master limited partnership investment platform, Harvest, and our insurer-focused platform, Blackstone Insurance Solutions. These business segments are differentiated by their various investment strategies. The Real Estate, Private Equity, Hedge Fund Solutions and Credit segments primarily earn their income from management fees and investment returns on assets under management. Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation The following tables present the financial data for Blackstone’s four segments as of March 31, 2019 and for the three months ended March 31, 2019 and 2018. March 31, 2019 and the Three Months Then Ended Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 260,245 $ 219,417 $ 137,328 $ 140,528 $ 757,518 Transaction, Advisory and Other Fees, Net 23,911 37,291 318 3,630 65,150 Management Fee Offsets (280 ) (4,985 ) — (3,341 ) (8,606 ) Total Management and Advisory Fees, Net 283,876 251,723 137,646 140,817 814,062 Fee Related Performance Revenues 6,676 — — 1,103 7,779 Fee Related Compensation (114,816 ) (107,587 ) (42,954 ) (58,674 ) (324,031 ) Other Operating Expenses (38,986 ) (34,201 ) (17,885 ) (32,239 ) (123,311 ) Fee Related Earnings 136,750 109,935 76,807 51,007 374,499 Realized Performance Revenues 77,182 156,599 4,091 8,897 246,769 Realized Performance Compensation (29,900 ) (50,556 ) (1,413 ) (3,371 ) (85,240 ) Realized Principal Investment Income (Loss) (2,131 ) 25,139 (283 ) 3,183 25,908 Total Net Realizations 45,151 131,182 2,395 8,709 187,437 Total Segment Distributable Earnings $ 181,901 $ 241,117 $ 79,202 $ 59,716 $ 561,936 Segment Assets $ 7,861,900 $ 7,868,736 $ 2,014,350 $ 3,667,241 $ 21,412,227 Three Months Ended March 31, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 226,526 $ 182,961 $ 129,228 $ 168,441 $ 707,156 Transaction, Advisory and Other Fees, Net 23,088 11,094 345 2,539 37,066 Management Fee Offsets (1,668 ) (3,193 ) — (3,317 ) (8,178 ) Total Management and Advisory Fees, Net 247,946 190,862 129,573 167,663 736,044 Fee Related Performance Revenues 4,503 — — (666 ) 3,837 Fee Related Compensation (100,610 ) (89,566 ) (39,639 ) (66,259 ) (296,074 ) Other Operating Expenses (29,417 ) (31,151 ) (18,785 ) (27,739 ) (107,092 ) Fee Related Earnings 122,422 70,145 71,149 72,999 336,715 Realized Performance Revenues 151,181 77,123 10,177 39,890 278,371 Realized Performance Compensation (56,115 ) (33,045 ) (2,923 ) (22,746 ) (114,829 ) Realized Principal Investment Income 14,690 6,338 640 7,025 28,693 Total Net Realizations 109,756 50,416 7,894 24,169 192,235 Total Segment Distributable Earnings $ 232,178 $ 120,561 $ 79,043 $ 97,168 $ 528,950 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2019 and 2018 along with Total Assets as of March 31, 2019: Three Months Ended March 31, 2019 2018 Revenues Total GAAP Revenues $ 2,024,871 $ 1,769,131 Less: Unrealized Performance Revenues (a) (664,333 ) (628,339 ) Less: Unrealized Principal Investment Income (b) (139,925 ) (13,978 ) Less: Interest and Dividend Revenue (c) (46,699 ) (36,385 ) Less: Other Revenue (d) (13,189 ) 60,894 Impact of Consolidation (e) (69,849 ) (103,524 ) Amortization of Intangibles (f) 387 387 Transaction-Related Charges (g) 1,468 (2,582 ) Intersegment Eliminations 1,787 1,341 Total Segment Revenue (h) $ 1,094,518 $ 1,046,945 Three Months Ended March 31, 2019 2018 Expenses Total GAAP Expenses $ 1,041,164 $ 982,931 Less: Unrealized Performance Allocations Compensation (i) (287,015 ) (254,435 ) Less: Equity-Based Compensation (j) (66,776 ) (44,148 ) Less: Interest Expense (k) (41,638 ) (38,238 ) Impact of Consolidation (e) (10,861 ) (59,899 ) Amortization of Intangibles (f) (16,096 ) (14,486 ) Transaction-Related Charges (g) (87,983 ) (55,071 ) Intersegment Eliminations 1,787 1,341 Total Segment Expenses (l) $ 532,582 $ 517,995 Three Months Ended March 31, 2019 2018 Other Income Total GAAP Other Income $ 130,325 $ 110,599 Impact of Consolidation (e) (130,325 ) (110,599 ) Total Segment Other Income $ — $ — Three Months Ended March 31, 2019 2018 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 1,114,032 $ 896,799 Less: Unrealized Performance Revenues (a) (664,333 ) (628,339 ) Less: Unrealized Principal Investment Income (b) (139,925 ) (13,978 ) Less: Interest and Dividend Revenue (c) (46,699 ) (36,385 ) Less: Other Revenue (d) (13,189 ) 60,894 Plus: Unrealized Performance Allocations Compensation (i) 287,015 254,435 Plus: Equity-Based Compensation (j) 66,776 44,148 Plus: Interest Expense (k) 41,638 38,238 Impact of Consolidation (e) (189,313 ) (154,224 ) Amortization of Intangibles (f) 16,483 14,873 Transaction-Related Charges (g) 89,451 52,489 Total Segment Distributable Earnings $ 561,936 $ 528,950 As of March 31, 2019 Total Assets Total GAAP Assets $ 29,874,951 Impact of Consolidation (e) (8,462,724 ) Total Segment Assets $ 21,412,227 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. (e) 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 (f) Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstones investment in Pátria, which is accounted for under the equity method. (g) 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. (h) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2019 2018 Total Segment Management and Advisory Fees, Net $ 814,062 $ 736,044 Total Segment Fee Related Performance Revenues 7,779 3,837 Total Segment Realized Performance Revenues 246,769 278,371 Total Segment Realized Principal Investment Income 25,908 28,693 Total Segment Revenues $ 1,094,518 $ 1,046,945 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement. (l) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2019 2018 Total Segment Fee Related Compensation $ 324,031 $ 296,074 Total Segment Realized Performance Compensation 85,240 114,829 Total Segment Other Operating Expenses 123,311 107,092 Total Segment Expenses $ 532,582 $ 517,995 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 Management and Advisory Fees, Net GAAP $ 809,726 $ 728,849 Segment Adjustment (a) 4,336 7,195 Total Segment $ 814,062 $ 736,044 Three Months Ended March 31, 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 12,132 $ 12,566 Investment Income - Realized Performance Allocations 242,375 269,640 GAAP 254,507 282,206 Total Segment Less: Realized Performance Revenues (246,769 ) (278,371 ) Segment Adjustment (b) 41 2 Total Segment $ 7,779 $ 3,837 Three Months Ended March 31, 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 471,397 $ 389,403 Incentive Fee Compensation 5,406 6,662 Realized Performance Allocations Compensation 86,395 112,062 GAAP 563,198 508,127 Total Segment Less: Realized Performance Compensation (85,240 ) (114,829 ) Less: Equity-Based Compensation - Operating Compensation (63,708 ) (40,248 ) Less: Equity-Based Compensation - Performance Compensation (3,068 ) (3,900 ) Segment Adjustment (c) (87,151 ) (53,076 ) Total Segment $ 324,031 $ 296,074 Three Months Ended March 31, 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 146,062 $ 126,713 Segment Adjustment (d) (22,751 ) (19,621 ) Total Segment $ 123,311 $ 107,092 Three Months Ended March 31, 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 12,132 $ 12,566 Investment Income - Realized Performance Allocations 242,375 269,640 GAAP 254,507 282,206 Total Segment Less: Fee Related Performance Revenues (7,779 ) (3,837 ) Segment Adjustment (b) 41 2 Total Segment $ 246,769 $ 278,371 Three Months Ended March 31, 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 5,406 $ 6,662 Realized Performance Allocation Compensation 86,395 112,062 GAAP 91,801 118,724 Total Segment Less: Fee Related Performance Compensation (3,493 ) 5 Less: Equity-Based Compensation - Performance Compensation (3,068 ) (3,900 ) Total Segment $ 85,240 $ 114,829 Three Months Ended March 31, 2019 2018 Realized Principal Investment Income GAAP $ 73,261 $ 42,145 Segment Adjustment (e) (47,353 ) (13,452 ) Total Segment $ 25,908 $ 28,693 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the Total Segment measures. (e) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events	20. Subsequent Events On April 10, 2019, Blackstone issued €600 million aggregate principal amount of 1.500% Senior Notes which will mature on April 10, 2029. See Note 12. “Borrowings” for additional information. On April 18, 2019, Blackstone announced its decision to convert The Blackstone Group L.P. from a Delaware limited partnership to a Delaware corporation named The Blackstone Group Inc. (the “Conversion”). The Conversion is expected to become effective on July 1, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 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, 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 19. “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. 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.
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 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. Results from Blackstone’s investments in Strategic Partners funds are reported on a three month lag.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. The Partnership manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Partnership, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The Partnership takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. The Partnership also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that the Partnership has borrowed and sold. The Partnership is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. The Partnership is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments The Partnership recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date the Partnership enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. The Partnership formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and the Partnership’s evaluation of effectiveness of its hedged transaction. At least monthly, the Partnership also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, the Partnership uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The Partnership may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, the Partnership presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains 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”.
Leases	Leases Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term.
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 February 2016, the FASB issued amended guidance on the accounting for leases. The new guidance was effective for Blackstone beginning January 1, 2019 and was adopted on a modified retrospective basis. Blackstone elected to apply the guidance to each lease that had commenced as of the adoption date. As a result, periods prior to January 1, 2019 are presented in accordance with previous GAAP. Blackstone also elected a package of practical expedients which resulted in no requirement to reassess (a) whether any expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases and (c) the recognition requirements for initial direct costs for any existing leases. Blackstone also elected a practical expedient to account for lease and nonlease components as a single lease component. Short-term leases, which have a stated lease term of twelve months or less, have been excluded from the Operating Lease Liability and ROU Assets as a result of a policy election made by Blackstone. The guidance requires the recognition of lease assets and lease liabilities for those leases previously classified as operating leases and it retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are similar, but not identical to, to the classification criteria for distinguishing between capital leases and operating leases under previous GAAP. For operating leases, a lessee is required to do the following: (a) recognize a right-of-use

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 2019 2018 Finite-Lived Intangible Assets / Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,261,819 ) (1,244,069 ) Intangible Assets, Net $ 450,757 $ 468,507

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments	Investments consist of the following: March 31, December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,603,847 $ 8,376,338 Equity Method Investments Partnership Investments 3,815,993 3,649,423 Accrued Performance Allocations 6,486,450 5,883,924 Corporate Treasury Investments 2,005,174 2,206,493 Other Investments 269,486 260,853 $ 21,180,950 $ 20,377,031
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 March 31, 2019 2018 Realized Losses $ (2,912 ) $ (17,858 ) Net Change in Unrealized Gains 106,003 97,241 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 103,091 79,383 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 27,234 31,216 Other Income - Net Gains from Fund Investment Activities $ 130,325 $ 110,599
Performance Fees Allocated to Funds	Accrued Performance Allocations to the Partnership in respect of performance of certain Blackstone Funds were as follows: Real Private Hedge Fund Estate Equity Solutions Credit Total Accrued Performance Allocations, December 31, 2018 $ 2,853,261 $ 2,642,119 $ 22,921 $ 365,623 $ 5,883,924 Performance Allocations as a Result of Changes in Fund Fair Values 446,166 390,972 17,070 63,564 917,772 Foreign Exchange Loss (11,398 ) — — — (11,398 ) Fund Distributions (101,274 ) (193,415 ) (497 ) (8,662 ) (303,848 ) Accrued Performance Allocations, March 31, 2019 $ 3,186,755 $ 2,839,676 $ 39,494 $ 420,525 $ 6,486,450
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 March 31, 2019 2018 Realized Gains $ 317 $ 2,339 Net Change in Unrealized Gains (Losses) 48,659 (8,194 ) $ 48,976 $ (5,855 )
Realized and Net Change in Unrealized Gains in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended March 31, 2019 2018 Realized Gains $ 24,236 $ 112 Net Change in Unrealized Gains (Losses) 10,722 (4,232 ) $ 34,958 $ (4,120 )

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments	A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of March 31, 2019 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 213,598 $ 130 (a) (a) Credit Driven 85,520 268 (b) (b) Equity 38,786 — (c) (c) Commodities 1,686 — (d) (d) $ 339,590 $ 398 (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 31% 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 69% 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 Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 380,710 $ 14,101 $ 1,078,852 $ 17,820 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 106,502 899 229,075 1,833 224,841 1,286 245,371 1,636 Credit Default Swaps 2,052 118 35,037 2,178 — — 34,060 4,004 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 14,205 279 121,184 900 108,271 524 16,952 164 Interest Rate Contracts 8,500 19 11,000 369 — — 10,000 311 Credit Default Swaps — — 73,212 2,373 20,952 55 46,685 5,710 Total Return Swaps 2,089 15 28,527 776 — — 31,440 1,855 Equity Options 1 39 — — — — — — 514,059 15,470 1,576,887 26,249 1,152,201 45,497 1,229,128 52,844 $ 514,059 $ 15,470 $ 1,576,887 $ 26,249 $ 1,152,201 $ 45,497 $ 1,229,128 $ 52,844
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 March 31, 2019 2018 Net Investment Hedges - Foreign Currency Contracts Hedge Ineffectiveness $ — $ (8 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (2,248 ) $ 1,621 Foreign Currency Contracts 1,672 (4,083 ) Credit Default Swaps 1,110 (401 ) Total Return Swaps (120 ) 1 Equity Options (8 ) — $ 406 $ (2,862 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (8,263 ) $ (37,300 ) Foreign Currency Contracts (1,564 ) (3,728 ) Credit Default Swaps 3,941 (127 ) Total Return Swaps 978 57 Equity Options (50 ) — $ (4,958 ) $ (41,098 )

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, 2019 2018 Assets Loans and Receivables $ 208,226 $ 304,173 Equity and Preferred Securities 414,804 390,095 Debt Securities 548,440 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,965,348 6,766,700 $ 8,136,818 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,484,323 $ 6,473,233 Due to Affiliates 42,733 3,201 Subordinated Notes Loans Payable 76,457 7,478 Due to Affiliates 49,976 52,811 $ 6,653,489 $ 6,536,723
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains Assets Loans and Receivables $ (1,084 ) $ (760 ) $ — $ — Equity and Preferred Securities 1 22,365 — 228 Debt Securities (35 ) 14,932 812 581 Assets of Consolidated CLO Vehicles Corporate Loans (3,851 ) 179,802 (5,473 ) 18,850 Corporate Bonds — — (24,056 ) 9,693 Other — — — 6 $ (4,969 ) $ 216,339 $ (28,717 ) $ 29,358 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (51,560 ) $ — $ — Subordinated Notes — (66,144 ) — 43,614 $ — $ (117,704 ) $ — $ 43,614
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2019 December 31, 2018 For Financial Assets For Financial Assets Past Due (a) Past Due (a) (Deficiency) Excess Excess Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (149 ) $ — $ — $ 2,421 $ — $ — Debt Securities 2,697 — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (126,907 ) — — (301,085 ) — — $ (124,359 ) $ — $ — $ (325,324 ) $ — $ — (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 Fi_2

Fair Value Measurements of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy: March 31, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 462,734 $ — $ — $ — $ 462,734 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 65,478 65,478 Equity Securities 36,300 45,867 197,096 — 279,263 Partnership and LLC Interests — 10,912 362,047 — 372,959 Debt Instruments — 794,631 125,816 — 920,447 Freestanding Derivatives Foreign Currency Contracts — 279 — — 279 Total Return Swaps — 15 — — 15 Interest Rate Swaps — 19 — — 19 Other — 39 — — 39 Assets of Consolidated CLO Vehicles Corporate Loans — 6,406,507 558,841 — 6,965,348 Total Investments of Consolidated Blackstone Funds 36,300 7,258,269 1,243,800 65,478 8,603,847 Corporate Treasury Investments Equity Securities 242,696 — — — 242,696 Debt Instruments 41,923 1,420,827 32,804 — 1,495,554 Other — — — 266,924 266,924 Total Corporate Treasury Investments 284,619 1,420,827 32,804 266,924 2,005,174 Other Investments 193,200 — 26,329 7,188 226,717 Total Investments 514,119 8,679,096 1,302,933 339,590 10,835,738 Accounts Receivable - Loans and Receivables — — 208,226 — 208,226 Other Assets Freestanding Derivatives Interest Rate Contracts 479 13,622 — — 14,101 Foreign Currency Contracts — 899 — — 899 Credit Default Swaps — 118 — — 118 Total Other Assets 479 14,639 — — 15,118 $ 977,332 $ 8,693,735 $ 1,511,159 $ 339,590 $ 11,521,816 March 31, 2019 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,484,323 $ — $ 6,484,323 Subordinated Notes (b) — 76,457 — 76,457 Total Loans Payable — 6,560,780 — 6,560,780 Due to Affiliates - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 42,733 — 42,733 Subordinated Notes (b) — 49,976 — 49,976 Total Due to Affiliates — 92,709 — 92,709 Securities Sold, Not Yet Purchased 33,035 95,071 — 128,106 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 900 — 900 Credit Default Swaps — 2,373 — 2,373 Total Return Swaps — 776 — 776 Interest Rate Swaps — 369 — 369 Total Liabilities of Consolidated Blackstone Funds — 4,418 — 4,418 Freestanding Derivatives Interest Rate Contracts 885 16,935 — 17,820 Foreign Currency Contracts — 1,833 — 1,833 Credit Default Swaps — 2,178 — 2,178 Total Freestanding Derivatives 885 20,946 — 21,831 Total Accounts Payable, Accrued Expenses and Other Liabilities 885 25,364 — 26,249 $ 33,920 $ 6,773,924 $ — $ 6,807,844 December 31, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 623,526 $ — $ — $ — $ 623,526 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 80,726 80,726 Equity Securities 42,937 34,946 201,566 — 279,449 Partnership and LLC Interests — 7,170 355,273 — 362,443 Debt Instruments — 752,622 133,819 — 886,441 Freestanding Derivatives Foreign Currency Contracts — 524 — — 524 Credit Default Swaps — 55 — — 55 Assets of Consolidated CLO Vehicles Corporate Loans — 6,093,342 673,358 — 6,766,700 Total Investments of Consolidated Blackstone Funds 42,937 6,888,659 1,364,016 80,726 8,376,338 Corporate Treasury Investments Equity Securities 233,834 — — — 233,834 Debt Instruments 243,297 1,444,968 24,568 — 1,712,833 Other — — — 259,826 259,826 Total Corporate Treasury Investments 477,131 1,444,968 24,568 259,826 2,206,493 Other Investments 176,432 — 31,617 7,581 215,630 Total Investments 696,500 8,333,627 1,420,201 348,133 10,798,461 Accounts Receivable - Loans and Receivables — — 304,173 — 304,173 Other Assets Freestanding Derivatives Interest Rate Contracts 1,274 42,358 — — 43,632 Foreign Currency Contracts — 1,286 — — 1,286 Total Other Assets 1,274 43,644 — — 44,918 $ 1,321,300 $ 8,377,271 $ 1,724,374 $ 348,133 $ 11,771,078 December 31, 2018 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,473,233 $ — $ 6,473,233 Subordinated Notes (b) — 7,478 — 7,478 Total Loans Payable — 6,480,711 — 6,480,711 Due to Affiliates - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 3,201 — 3,201 Subordinated Notes (b) — 52,811 — 52,811 Total Due to Affiliates — 56,012 — 56,012 Securities Sold, Not Yet Purchased 35,959 106,658 — 142,617 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 164 — 164 Credit Default Swaps — 5,710 — 5,710 Total Return Swaps — 1,855 — 1,855 Interest Rate Swaps — 311 — 311 Total Liabilities of Consolidated Blackstone Funds — 8,040 — 8,040 Freestanding Derivatives Interest Rate Contracts 3,080 36,084 — 39,164 Foreign Currency Contracts — 1,636 — 1,636 Credit Default Swaps — 4,004 — 4,004 Total Freestanding Derivatives 3,080 41,724 — 44,804 Total Accounts Payable, Accrued Expenses and Other Liabilities 3,080 49,764 — 52,844 $ 39,039 $ 6,693,145 $ — $ 6,732,184 (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, such 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 subordinated notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (1) the fair value of any beneficial interests held by Blackstone, and (2) the carrying value of any beneficial interests that represent compensation for services.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2019: Valuation Unobservable Weighted- Fair Value Techniques Inputs Ranges Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 157,403 Discounted Cash Flows Discount Rate 6.9% - 28.5% 13.0% Revenue CAGR -44.6% - 33.4% 7.2% Book Value Multiple 0.9x - 9.5x 8.9x Exit Capitalization Rate 4.3% - 11.4% 7.5% Exit Multiple - EBITDA 3.2x - 17.4x 10.7x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 26,280 Market Comparable Companies Book Value Multiple 0.9x N/A Dollar/Acre Multiple $7.0 - $34.2 $27.9 EBITDA Multiple 8.0x - 13.0x 12.8x 6,423 Other N/A N/A N/A 6,990 Transaction Price N/A N/A N/A Partnership and LLC Interests 297,357 Discounted Cash Flows Discount Rate 3.8% - 26.5% 9.7% Revenue CAGR -6.0% - 33.2% 18.9% Book Value Multiple 9.3x N/A Exit Capitalization Rate 3.0% - 15.0% 6.2% Exit Multiple - EBITDA 3.5x - 15.8x 10.0x Exit Multiple - NOI 13.3x N/A 9,468 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $6.3 - $12.0 $7.7 2,360 Other N/A N/A N/A 52,862 Transaction Price N/A N/A N/A Debt Instruments 9,098 Discounted Cash Flows Discount Rate 7.0% - 19.3% 9.9% Exit Capitalization Rate 4.2% N/A Exit Multiple - EBITDA 6.5x N/A 102,868 Third Party Pricing N/A N/A N/A 26 Other N/A N/A N/A 13,824 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 40 Discounted Cash Flows Discount Rate 3.5% N/A 558,801 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,243,800 Corporate Treasury Investments $ 9,378 Discounted Cash Flows Discount Rate 6.2% - 9.4% 8.2% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 30.0% - 70.0% 67.6% Reinvestment Rate LIBOR + 400 bps N/A 23,426 Third Party Pricing N/A N/A N/A Loans and Receivables 208,226 Discounted Cash Flows Discount Rate 5.6% - 10.0% 7.5% Other Investments 25,092 Discounted Cash Flows Discount Rate 0.9% - 29.8% 3.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 1,237 Transaction Price N/A N/A N/A $ 1,511,159 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, 2018: Valuation Unobservable Weighted- Fair Value Techniques Inputs Ranges Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 138,725 Discounted Cash Flows Discount Rate 7.1% - 26.1% 12.6% Revenue CAGR -0.8% - 32.4% 6.6% Book Value Multiple 0.9x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 8.0% Exit Multiple - EBITDA 0.1x - 17.5x 10.3x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 21,050 Market Comparable Companies Book Value Multiple 0.8x - 8.0x 1.3x Dollar/Acre Multiple $7.0 - $44.1 $32.9 21,492 Other N/A N/A N/A 20,250 Transaction Price N/A N/A N/A 49 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 295,251 Discounted Cash Flows Discount Rate 4.1% - 26.5% 9.7% Revenue CAGR -1.1% - 48.4% 26.9% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 2.9% - 15.0% 6.3% Exit Multiple - EBITDA 0.1x - 15.3x 10.0x Exit Multiple - NOI 13.3x N/A 9,444 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $5.3 - $12.0 $7.5 9,390 Other N/A N/A N/A 41,188 Transaction Price N/A N/A N/A Debt Instruments 8,342 Discounted Cash Flows Discount Rate 7.0% - 19.3% 9.8% Revenue CAGR 0.7% N/A Exit Multiple - EBITDA 6.5x N/A 120,843 Third Party Pricing N/A N/A N/A 4,634 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 41 Discounted Cash Flows Discount Rate 5.0% N/A 673,317 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,364,016 Corporate Treasury Investments $ 7,947 Discounted Cash Flows Discount Rate 4.4% - 7.5% 6.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months - 13 Months 21 Months Recovery Rate 17.5% - 70.0% 67.7% Reinvestment Rate LIBOR + 400 bps N/A 16,621 Third Party Pricing N/A N/A N/A Loans and Receivables 304,173 Discounted Cash Flows Discount Rate 6.1% - 12.8% 8.7% Other Investments 26,631 Discounted Cash Flows Discount Rate 1.0% - 15.0% 2.8% 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 4,986 Transaction Price N/A N/A N/A $ 1,724,374 N/A Not applicable. CAGR Compound annual growth rate. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples. NOI Net operating income. P/E Price-earnings ratio. Third Party Pricing Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used	The following tables summarize the changes in financial assets and liabilities measured at fair value for which the Partnership has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2019 2018 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 $ 1,029,371 $ 239,659 $ 119,642 $ 1,388,672 Transfer In Due to Consolidation and Acquisition — — — — 50,043 — — 50,043 Transfer Out Due to Deconsolidation — — — — (217,182 ) — — (217,182 ) Transfer In to Level III (b) 151,085 — 12,806 163,891 117,089 — — 117,089 Transfer Out of Level III (b) (307,800 ) — (13,850 ) (321,650 ) (101,336 ) — (8,068 ) (109,404 ) Purchases 76,995 72,291 7,569 156,855 193,859 76,663 4,486 275,008 Sales (62,933 ) (165,668 ) (871 ) (229,472 ) (133,311 ) (153,194 ) (175 ) (286,680 ) Settlements — (7,151 ) — (7,151 ) — (3,683 ) (4 ) (3,687 ) Changes in Gains Included in Earnings 22,437 4,581 (2,706 ) 24,312 24,618 3,690 1,468 29,776 Balance, End of Period $ 1,243,800 $ 208,226 $ 59,133 $ 1,511,159 $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date $ 27,922 $ — $ (2,132 ) $ 25,790 $ 19,119 $ 3,691 $ (251 ) $ 22,559 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	The Partnership’s maximum exposure to loss relating to non-consolidated March 31, December 31, 2019 2018 Investments $ 1,014,960 $ 942,700 Due from Affiliates 300,227 254,744 Potential Clawback Obligation 171,559 159,691 Maximum Exposure to Loss $ 1,486,746 $ 1,357,135 Amounts Due to Non-Consolidated $ 356 $ 207

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding the Partnership’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2019 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 52,456 $ 117,413 $ 48,996 $ 218,865 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 218,865 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 42,908 $ 144,731 $ 34,563 $ 222,202 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 222,202 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of March 31, 2019 and December 31, 2018: March 31, 2019 Gross and Net Amounts of Gross Amounts Not Offset Assets in the Statement of in Financial Condition of Financial Financial Cash Condition Instruments Received Net Amount Assets Freestanding Derivatives $ 15,470 $ 14,636 $ 94 $ 740 December 31, 2018 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Condition Instruments Received Net Amount Assets Freestanding Derivatives $ 45,416 $ 37,788 $ 5,547 $ 2,081 (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.
Offsetting of Liabilities	March 31, 2019 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the Statement of Statement of Financial Condition Financial Financial Cash Condition Instruments Pledged Net Amount Liabilities Freestanding Derivatives $ 26,093 $ 10,842 $ 13,691 $ 1,560 Repurchase Agreements 218,865 218,865 — — $ 244,958 $ 229,707 $ 13,691 $ 1,560 December 31, 2018 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Condition Instruments Pledged Net Amount Liabilities Freestanding Derivatives $ 52,844 $ 35,905 $ 15,377 $ 1,562 Repurchase Agreements 222,202 222,202 — — $ 275,046 $ 258,107 $ 15,377 $ 1,562 (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.
Components of Other Assets	Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: March 31, December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements, Net $ 133,544 $ 120,372 Prepaid Expenses 139,880 110,732 Freestanding Derivatives 15,118 44,918 Other 13,491 18,226 $ 302,033 $ 294,248

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2019
Carrying Value and Fair Value of Blackstone Issued Notes	March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 5.875%, Due 3/15/2021 $ 399,059 $ 421,680 $ 398,947 $ 421,720 4.750%, Due 2/15/2023 395,431 423,440 395,166 417,600 2.000%, Due 5/19/2025 332,658 353,434 339,959 352,197 1.000%, Due 10/5/2026 664,747 665,205 679,193 647,564 3.150%, Due 10/2/2027 296,799 289,200 296,717 285,030 6.250%, Due 8/15/2042 238,274 297,375 238,221 289,225 5.000%, Due 6/15/2044 488,801 517,400 488,747 490,150 4.450%, Due 7/15/2045 344,068 335,265 344,038 329,770 4.000%, Due 10/2/2047 290,207 265,890 290,163 262,800 $ 3,450,044 $ 3,568,889 $ 3,471,151 $ 3,496,056 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Partnership's Borrowings Through Consolidated CLO Vehicles	Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2019 December 31, 2018 Weighted- Weighted- Weighted- Average Weighted- Average Average Remaining Average Remaining Borrowing Interest Maturity in Borrowing Interest Maturity in Outstanding Rate Years Outstanding Rate Years Senior Secured Notes $ 6,530,613 4.31% 7.0 $ 6,531,550 4.20% 7.5 Subordinated Notes 321,866 (a) N/A 331,735 (a) N/A $ 6,852,479 $ 6,863,285 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.
Components of Senior Secured Notes and Subordinated Notes	Senior Secured Notes and Subordinated Notes comprise the following amounts: March 31, 2019 December 31, 2018 Amounts Due to Non- Amounts Due to Non- Consolidated Affiliates Consolidated Affiliates Borrowing Borrowing Fair Value Outstanding Fair Value Fair Value Outstanding Fair Value Senior Secured Notes $ 6,527,056 $ 42,750 $ 42,733 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 126,433 81,790 49,976 60,289 111,659 52,811 $ 6,653,489 $ 124,540 $ 92,709 $ 6,536,723 $ 114,909 $ 56,012
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2019 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2019 $ — $ 331 $ 331 2020 — — — 2021 400,000 — 400,000 2022 — — — 2023 400,000 — 400,000 Thereafter 2,709,620 6,852,479 9,562,099 $ 3,509,620 $ 6,852,810 $ 10,362,430

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense were as follows: Three Months Ended March 31, 2019 Operating Lease Cost Straight-Line Lease Cost (a) $ 21,865 Variable Lease Cost 3,105 Sublease Income (164 ) $ 24,806 (a) Straight-line lease cost includes short-term leases, which are immaterial.
Schedule of Supplemental cash flow information related to leases	Supplemental cash flow information related to leases were as follows: Three Months Ended March 31, 2019 Operating Cash Flows from Operating Leases $ 22,132 Right-of-Use 388
Schedule of Undiscounted cash flows on an annual basis for Operating Lease Liabilities	The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of March 31, 2019: 2019 $ 59,318 2020 79,301 2021 84,866 2022 77,853 2023 76,212 Thereafter 272,494 Total Lease Payments (a) 650,044 Less: Imputed Interest (62,636 ) Present Value of Operating Lease Liabilities $ 587,408 (a) Excludes $117.9 million of lease payments for signed leases that have not yet commenced.
Aggregate Minimum Future Payments, Net of Sublease Income, Required on Operating Leases	As of December 31, 2018, the aggregate minimum future payments, net of sublease income, required on operating leases are as follows: 2019 $ 78,506 2020 72,191 2021 80,914 2022 79,094 2023 77,248 Thereafter 273,347 Total $ 661,300

Net Income Per Common Unit (Tab

Net Income Per Common Unit (Tables)	3 Months Ended
	Mar. 31, 2019
Basic and Diluted Net Income Per Common Unit	Basic and diluted net income per common unit for the three months ended March 31, 2019 and March 31, 2018 was calculated as follows: Three Months Ended March 31, 2019 2018 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 481,304 $ 367,872 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units 369,889 278,746 Net Income Attributable to The Blackstone Group L.P., Diluted $ 851,193 $ 646,618 Units Outstanding Weighted-Average Common Units Outstanding, Basic 674,507,698 674,479,140 Weighted-Average Unvested Deferred Restricted Common Units 207,752 198,934 Weighted-Average Blackstone Holdings Partnership Units 525,764,790 535,895,780 Weighted-Average Common Units Outstanding, Diluted 1,200,480,240 1,210,573,854 Net Income Per Common Unit, Basic $ 0.71 $ 0.55 Net Income Per Common Unit, Diluted $ 0.71 $ 0.53 Distributions Declared Per Common Unit (a) $ 0.58 $ 0.85 (a) Distributions declared reflects the calendar date of the declaration for each distribution.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of the Partnership’s unvested equity-based awards as of March 31, 2019 and of changes during the period January 1, 2019 through March 31, 2019 is presented below: Blackstone Holdings The Blackstone Group L.P. Equity Settled Awards Cash Settled Awards Deferred Weighted- Restricted Weighted- Weighted- Average Common Average Average Partnership Grant Date Units and Grant Date Phantom Grant Date Unvested Units Units Fair Value Options Fair Value Units Fair Value Balance, December 31, 2018 31,554,127 $ 34.38 9,312,268 $ 31.43 46,808 $ 34.66 Granted 78,238 32.02 1,607,798 30.03 — — Vested (1,723,439 ) 34.57 (1,877,552 ) 29.80 (80 ) 33.47 Forfeited (92,957 ) 32.17 (120,008 ) 31.55 — — Balance, March 31, 2019 29,815,969 $ 34.02 8,922,506 $ 31.50 46,728 $ 33.29
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of March 31, 2019, are expected to vest: Weighted- Average Service Period Units in Years Blackstone Holdings Partnership Units 26,705,736 3.0 Deferred Restricted Blackstone Common Units 7,591,629 2.3 Total Equity-Based Awards 34,297,365 2.9 Phantom Units 39,024 2.3

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,816,801 $ 1,520,100 Due from Certain Non-Controlling 491,734 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 11,756 11,548 $ 2,320,291 $ 1,994,123 March 31, December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 725,034 $ 796,902 Due to Non-Consolidated 138,581 99,728 Due to Note-Holders of Consolidated CLO Vehicles 92,708 56,012 Due to Certain Non-Controlling 48,320 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 40,809 29,521 $ 1,045,452 $ 1,035,776

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2019 December 31, 2018 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 16,130 $ 10,295 $ 26,425 $ 15,770 $ 10,053 $ 25,823 Private Equity 24,684 (13,089 ) 11,595 13,296 (12,448 ) 848 Credit 1,328 1,461 2,789 1,355 1,495 2,850 $ 42,142 $ (1,333 ) $ 40,809 $ 30,421 $ (900 ) $ 29,521 (a) The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of March 31, 2019 and for the three months ended March 31, 2019 and 2018. March 31, 2019 and the Three Months Then Ended Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 260,245 $ 219,417 $ 137,328 $ 140,528 $ 757,518 Transaction, Advisory and Other Fees, Net 23,911 37,291 318 3,630 65,150 Management Fee Offsets (280 ) (4,985 ) — (3,341 ) (8,606 ) Total Management and Advisory Fees, Net 283,876 251,723 137,646 140,817 814,062 Fee Related Performance Revenues 6,676 — — 1,103 7,779 Fee Related Compensation (114,816 ) (107,587 ) (42,954 ) (58,674 ) (324,031 ) Other Operating Expenses (38,986 ) (34,201 ) (17,885 ) (32,239 ) (123,311 ) Fee Related Earnings 136,750 109,935 76,807 51,007 374,499 Realized Performance Revenues 77,182 156,599 4,091 8,897 246,769 Realized Performance Compensation (29,900 ) (50,556 ) (1,413 ) (3,371 ) (85,240 ) Realized Principal Investment Income (Loss) (2,131 ) 25,139 (283 ) 3,183 25,908 Total Net Realizations 45,151 131,182 2,395 8,709 187,437 Total Segment Distributable Earnings $ 181,901 $ 241,117 $ 79,202 $ 59,716 $ 561,936 Segment Assets $ 7,861,900 $ 7,868,736 $ 2,014,350 $ 3,667,241 $ 21,412,227 Three Months Ended March 31, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 226,526 $ 182,961 $ 129,228 $ 168,441 $ 707,156 Transaction, Advisory and Other Fees, Net 23,088 11,094 345 2,539 37,066 Management Fee Offsets (1,668 ) (3,193 ) — (3,317 ) (8,178 ) Total Management and Advisory Fees, Net 247,946 190,862 129,573 167,663 736,044 Fee Related Performance Revenues 4,503 — — (666 ) 3,837 Fee Related Compensation (100,610 ) (89,566 ) (39,639 ) (66,259 ) (296,074 ) Other Operating Expenses (29,417 ) (31,151 ) (18,785 ) (27,739 ) (107,092 ) Fee Related Earnings 122,422 70,145 71,149 72,999 336,715 Realized Performance Revenues 151,181 77,123 10,177 39,890 278,371 Realized Performance Compensation (56,115 ) (33,045 ) (2,923 ) (22,746 ) (114,829 ) Realized Principal Investment Income 14,690 6,338 640 7,025 28,693 Total Net Realizations 109,756 50,416 7,894 24,169 192,235 Total Segment Distributable Earnings $ 232,178 $ 120,561 $ 79,043 $ 97,168 $ 528,950
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2019 and 2018 along with Total Assets as of March 31, 2019: Three Months Ended March 31, 2019 2018 Revenues Total GAAP Revenues $ 2,024,871 $ 1,769,131 Less: Unrealized Performance Revenues (a) (664,333 ) (628,339 ) Less: Unrealized Principal Investment Income (b) (139,925 ) (13,978 ) Less: Interest and Dividend Revenue (c) (46,699 ) (36,385 ) Less: Other Revenue (d) (13,189 ) 60,894 Impact of Consolidation (e) (69,849 ) (103,524 ) Amortization of Intangibles (f) 387 387 Transaction-Related Charges (g) 1,468 (2,582 ) Intersegment Eliminations 1,787 1,341 Total Segment Revenue (h) $ 1,094,518 $ 1,046,945 Three Months Ended March 31, 2019 2018 Expenses Total GAAP Expenses $ 1,041,164 $ 982,931 Less: Unrealized Performance Allocations Compensation (i) (287,015 ) (254,435 ) Less: Equity-Based Compensation (j) (66,776 ) (44,148 ) Less: Interest Expense (k) (41,638 ) (38,238 ) Impact of Consolidation (e) (10,861 ) (59,899 ) Amortization of Intangibles (f) (16,096 ) (14,486 ) Transaction-Related Charges (g) (87,983 ) (55,071 ) Intersegment Eliminations 1,787 1,341 Total Segment Expenses (l) $ 532,582 $ 517,995 Three Months Ended March 31, 2019 2018 Other Income Total GAAP Other Income $ 130,325 $ 110,599 Impact of Consolidation (e) (130,325 ) (110,599 ) Total Segment Other Income $ — $ — Three Months Ended March 31, 2019 2018 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 1,114,032 $ 896,799 Less: Unrealized Performance Revenues (a) (664,333 ) (628,339 ) Less: Unrealized Principal Investment Income (b) (139,925 ) (13,978 ) Less: Interest and Dividend Revenue (c) (46,699 ) (36,385 ) Less: Other Revenue (d) (13,189 ) 60,894 Plus: Unrealized Performance Allocations Compensation (i) 287,015 254,435 Plus: Equity-Based Compensation (j) 66,776 44,148 Plus: Interest Expense (k) 41,638 38,238 Impact of Consolidation (e) (189,313 ) (154,224 ) Amortization of Intangibles (f) 16,483 14,873 Transaction-Related Charges (g) 89,451 52,489 Total Segment Distributable Earnings $ 561,936 $ 528,950 As of March 31, 2019 Total Assets Total GAAP Assets $ 29,874,951 Impact of Consolidation (e) (8,462,724 ) Total Segment Assets $ 21,412,227 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. (e) 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 (f) Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstones investment in Pátria, which is accounted for under the equity method. (g) 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. (h) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2019 2018 Total Segment Management and Advisory Fees, Net $ 814,062 $ 736,044 Total Segment Fee Related Performance Revenues 7,779 3,837 Total Segment Realized Performance Revenues 246,769 278,371 Total Segment Realized Principal Investment Income 25,908 28,693 Total Segment Revenues $ 1,094,518 $ 1,046,945 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement. (l) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2019 2018 Total Segment Fee Related Compensation $ 324,031 $ 296,074 Total Segment Realized Performance Compensation 85,240 114,829 Total Segment Other Operating Expenses 123,311 107,092 Total Segment Expenses $ 532,582 $ 517,995
Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations	The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 Management and Advisory Fees, Net GAAP $ 809,726 $ 728,849 Segment Adjustment (a) 4,336 7,195 Total Segment $ 814,062 $ 736,044 Three Months Ended March 31, 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 12,132 $ 12,566 Investment Income - Realized Performance Allocations 242,375 269,640 GAAP 254,507 282,206 Total Segment Less: Realized Performance Revenues (246,769 ) (278,371 ) Segment Adjustment (b) 41 2 Total Segment $ 7,779 $ 3,837 Three Months Ended March 31, 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 471,397 $ 389,403 Incentive Fee Compensation 5,406 6,662 Realized Performance Allocations Compensation 86,395 112,062 GAAP 563,198 508,127 Total Segment Less: Realized Performance Compensation (85,240 ) (114,829 ) Less: Equity-Based Compensation - Operating Compensation (63,708 ) (40,248 ) Less: Equity-Based Compensation - Performance Compensation (3,068 ) (3,900 ) Segment Adjustment (c) (87,151 ) (53,076 ) Total Segment $ 324,031 $ 296,074 Three Months Ended March 31, 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 146,062 $ 126,713 Segment Adjustment (d) (22,751 ) (19,621 ) Total Segment $ 123,311 $ 107,092 Three Months Ended March 31, 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 12,132 $ 12,566 Investment Income - Realized Performance Allocations 242,375 269,640 GAAP 254,507 282,206 Total Segment Less: Fee Related Performance Revenues (7,779 ) (3,837 ) Segment Adjustment (b) 41 2 Total Segment $ 246,769 $ 278,371 Three Months Ended March 31, 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 5,406 $ 6,662 Realized Performance Allocation Compensation 86,395 112,062 GAAP 91,801 118,724 Total Segment Less: Fee Related Performance Compensation (3,493 ) 5 Less: Equity-Based Compensation - Performance Compensation (3,068 ) (3,900 ) Total Segment $ 85,240 $ 114,829 Three Months Ended March 31, 2019 2018 Realized Principal Investment Income GAAP $ 73,261 $ 42,145 Segment Adjustment (e) (47,353 ) (13,452 ) Total Segment $ 25,908 $ 28,693 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the Total Segment measures. (e) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019SegmentPerson
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 Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Liability	$ 587,408	$ 601,700
Right-of-Use Assets	$ 521,932	$ 540,700

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets / Contractual Rights	$ 1,712,576	$ 1,712,576
Accumulated Amortization	(1,261,819)	(1,244,069)
Intangible Assets, Net	$ 450,757	$ 468,507

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Intangible Assets [Line Items]
Amortization Expense	$ 17,750	$ 14,492
Expected amortization of intangibles, 2019	71,000
Expected amortization of intangibles, 2020	71,000
Expected amortization of intangibles, 2021	71,000
Expected amortization of intangibles, 2022	63,300
Expected amortization of intangibles, 2023	$ 34,300
Intangible assets expected to amortize over a weighted-average period	8 years 4 months 24 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments	$ 21,180,950	$ 20,377,031
Partnership Investments
Schedule of Investments [Line Items]
Investments	3,815,993	3,649,423
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	6,486,450	5,883,924
Other Investments
Schedule of Investments [Line Items]
Investments	269,486	260,853
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	8,603,847	8,376,338
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,005,174	$ 2,206,493

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investment [Line Items]
Investments	$ 21,180,950		$ 20,377,031
Recognized net gains related to equity method investments	155,400	$ 162,500
Other Investments
Investment [Line Items]
Investments	269,486		260,853
Equity investments, carrying value	$ 44,000
Patria Investments Limited and Patria Investimentos Ltda.
Investment [Line Items]
Equity method investment, percentage	40.00%
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 8,603,847		8,376,338
Consolidated Blackstone Funds | Blackstone
Investment [Line Items]
Investments	$ 384,700		$ 366,500

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	$ 1,148,679	$ 1,051,648
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	44,084	35,385
Other Income - Net Gains from Fund Investment Activities	130,325	110,599
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Losses	(2,912)	(17,858)
Net Change in Unrealized Gains	106,003	97,241
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	103,091	79,383
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	27,234	31,216
Other Income - Net Gains from Fund Investment Activities	$ 130,325	$ 110,599

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 20,377,031
Ending Balance	21,180,950
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	5,883,924
Performance Allocations as a Result of Changes in Fund Fair Values	917,772
Foreign Exchange Loss	(11,398)
Fund Distributions	(303,848)
Ending Balance	6,486,450
Real Estate Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,853,261
Performance Allocations as a Result of Changes in Fund Fair Values	446,166
Foreign Exchange Loss	(11,398)
Fund Distributions	(101,274)
Ending Balance	3,186,755
Private Equity Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,642,119
Performance Allocations as a Result of Changes in Fund Fair Values	390,972
Fund Distributions	(193,415)
Ending Balance	2,839,676
Hedge Fund Solutions Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	22,921
Performance Allocations as a Result of Changes in Fund Fair Values	17,070
Fund Distributions	(497)
Ending Balance	39,494
Credit Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	365,623
Performance Allocations as a Result of Changes in Fund Fair Values	63,564
Fund Distributions	(8,662)
Ending Balance	$ 420,525

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 1,148,679	$ 1,051,648
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	317	2,339
Net Change in Unrealized Gains (Losses)	48,659	(8,194)
Total realized and net change in unrealized gains (losses)	$ 48,976	$ (5,855)

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 1,148,679	$ 1,051,648
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	24,236	112
Net Change in Unrealized Gains (Losses)	10,722	(4,232)
Total Investment Income	$ 34,958	$ (4,120)

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 339,590
Unfunded Commitments	398
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	213,598	[1]
Unfunded Commitments	130	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	85,520	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	38,786	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,686	[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 31% 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 69% 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 Stra_2

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2019
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	31.00%
Percentage of investments redeemable as of reporting date	69.00%
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%

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 514,059	$ 1,152,201
Derivative Liabilities, Notional	1,576,887	1,229,128
Derivative Assets, Fair Value	15,470	45,497
Derivative Liabilities, Fair Value	26,249	52,844
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	514,059	1,152,201
Derivative Liabilities, Notional	1,576,887	1,229,128
Derivative Assets, Fair Value	15,470	45,497
Derivative Liabilities, Fair Value	26,249	52,844
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,052
Derivative Liabilities, Notional	35,037	34,060
Derivative Assets, Fair Value	118
Derivative Liabilities, Fair Value	2,178	4,004
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		20,952
Derivative Liabilities, Notional	73,212	46,685
Derivative Assets, Fair Value		55
Derivative Liabilities, Fair Value	2,373	5,710
Freestanding Derivatives | Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,089
Derivative Liabilities, Notional	28,527	31,440
Derivative Assets, Fair Value	15
Derivative Liabilities, Fair Value	776	1,855
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	106,502	224,841
Derivative Liabilities, Notional	229,075	245,371
Derivative Assets, Fair Value	899	1,286
Derivative Liabilities, Fair Value	1,833	1,636
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	14,205	108,271
Derivative Liabilities, Notional	121,184	16,952
Derivative Assets, Fair Value	279	524
Derivative Liabilities, Fair Value	900	164
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	380,710	798,137
Derivative Liabilities, Notional	1,078,852	844,620
Derivative Assets, Fair Value	14,101	43,632
Derivative Liabilities, Fair Value	17,820	39,164
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	8,500
Derivative Liabilities, Notional	11,000	10,000
Derivative Assets, Fair Value	19
Derivative Liabilities, Fair Value	369	$ 311
Freestanding Derivatives | Equity Option | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1
Derivative Assets, Fair Value	$ 39

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)		$ (8)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	$ 406	(2,862)
Net Change in Unrealized Gain (Loss)	(4,958)	(41,098)
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	(120)	1
Net Change in Unrealized Gain (Loss)	978	57
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	1,110	(401)
Net Change in Unrealized Gain (Loss)	3,941	(127)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(2,248)	1,621
Net Change in Unrealized Gain (Loss)	(8,263)	(37,300)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	1,672	(4,083)
Net Change in Unrealized Gain (Loss)	(1,564)	(3,728)
Freestanding Derivatives | Equity Options
Derivative [Line Items]
Realized Gains (Losses)	(8)
Net Change in Unrealized Gain (Loss)	$ (50)	$ 0

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 208,226	$ 304,173
Assets	8,136,818	7,990,666
Liabilities	6,653,489	6,536,723
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	548,440	529,698
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	414,804	390,095
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	6,965,348	6,766,700
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	6,484,323	6,473,233
Fair value of due to Affiliates	42,733	3,201
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	76,457	7,478
Fair value of due to Affiliates	$ 49,976	$ 52,811

Realized and Net Change in Un_3

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (35)	$ 812
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(4,969)	(28,717)
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(1,084)
Realized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(3,851)	(5,473)
Realized Gains (Losses) | Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(24,056)
Net Change In Unrealized Gains (Losses)
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(117,704)	43,614
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	14,932	581
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	216,339	29,358
Net Change In Unrealized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(760)
Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	22,365	228
Net Change In Unrealized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	179,802	18,850
Net Change In Unrealized Gains (Losses) | Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		9,693
Net Change In Unrealized Gains (Losses) | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(51,560)
Net Change In Unrealized Gains (Losses) | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (66,144)	43,614
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		$ 6

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (124,359)	$ (325,324)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	2,697	(26,660)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(126,907)	(301,085)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (149)	$ 2,421

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 208,226	$ 304,173
Assets		8,136,818	7,990,666
Securities Sold, Not Yet Purchased		128,106	142,617
Liabilities		6,653,489	6,536,723
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		15,470	45,416
Derivatives liabilities		26,093	52,844
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		462,734	623,526
Total Investments		10,835,738	10,798,461
Accounts Receivable - Loans and Receivables		208,226	304,173
Derivatives assets		15,118	44,918
Assets		11,521,816	11,771,078
Fair value of Loan payable	[1],[2]	6,560,780	6,480,711
Fair value of due to Affiliates		92,709	56,012
Securities Sold, Not Yet Purchased		128,106	142,617
Total Accounts Payable, Accrued Expenses and Other Liabilities		26,249	52,844
Liabilities		6,807,844	6,732,184
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		21,831	44,804
Fair Value, Measurements, Recurring | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		899
Derivatives liabilities		1,833	1,636
Fair Value, Measurements, Recurring | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		14,101	43,632
Derivatives liabilities		17,820	39,164
Fair Value, Measurements, Recurring | Freestanding Derivatives | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets			1,286
Fair Value, Measurements, Recurring | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		6,965,348
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		226,717	215,630
Fair Value, Measurements, Recurring | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	6,484,323	6,473,233
Fair value of due to Affiliates	[1],[2]	42,733	3,201
Fair Value, Measurements, Recurring | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	76,457	7,478
Fair value of due to Affiliates	[1],[2]	49,976	52,811
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		118
Derivatives liabilities		2,178	4,004
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		339,590	348,133
Assets		339,590	348,133
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,188	7,581
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,603,847	8,376,338
Derivatives liabilities		4,418	8,040
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		15
Derivatives liabilities		776	1,855
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		279	524
Derivatives liabilities		900	164
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		19
Derivatives liabilities		369	311
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		39
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		65,478	80,726
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		279,263	279,449
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		372,959	362,443
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		920,447	886,441
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			6,766,700
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments			55
Derivatives liabilities		2,373	5,710
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		65,478	80,726
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		65,478	80,726
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,005,174	2,206,493
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		266,924	259,826
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		242,696	233,834
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,495,554	1,712,833
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		266,924	259,826
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		266,924	259,826
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		462,734	623,526
Total Investments		514,119	696,500
Derivatives assets		479	1,274
Assets		977,332	1,321,300
Securities Sold, Not Yet Purchased		33,035	35,959
Total Accounts Payable, Accrued Expenses and Other Liabilities		885	3,080
Liabilities		33,920	39,039
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		885	3,080
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		479	1,274
Derivatives liabilities		885	3,080
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		193,200	176,432
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		36,300	42,937
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		36,300	42,937
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		284,619	477,131
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		242,696	233,834
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		41,923	243,297
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,679,096	8,333,627
Derivatives assets		14,639	43,644
Assets		8,693,735	8,377,271
Fair value of Loan payable	[1],[2]	6,560,780	6,480,711
Fair value of due to Affiliates		92,709	56,012
Securities Sold, Not Yet Purchased		95,071	106,658
Total Accounts Payable, Accrued Expenses and Other Liabilities		25,364	49,764
Liabilities		6,773,924	6,693,145
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		20,946	41,724
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		899
Derivatives liabilities		1,833	1,636
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		13,622	42,358
Derivatives liabilities		16,935	36,084
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets			1,286
Fair Value, Measurements, Recurring | Level 2 | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		6,406,507
Fair Value, Measurements, Recurring | Level 2 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments			0
Fair Value, Measurements, Recurring | Level 2 | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	6,484,323	6,473,233
Fair value of due to Affiliates	[1],[2]	42,733	3,201
Fair Value, Measurements, Recurring | Level 2 | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	76,457	7,478
Fair value of due to Affiliates	[1],[2]	49,976	52,811
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		118
Derivatives liabilities		2,178	4,004
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,258,269	6,888,659
Derivatives liabilities		4,418	8,040
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		15
Derivatives liabilities		776	1,855
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		279	524
Derivatives liabilities		900	164
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		19
Derivatives liabilities		369	311
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		39
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		45,867	34,946
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		10,912	7,170
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		794,631	752,622
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			6,093,342
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments			55
Derivatives liabilities		2,373	5,710
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,420,827	1,444,968
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,420,827	1,444,968
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,302,933	1,420,201
Accounts Receivable - Loans and Receivables		208,226	304,173
Assets		1,511,159	1,724,374
Fair Value, Measurements, Recurring | Level 3 | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		558,841
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		26,329	31,617
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,243,800	1,364,016
Assets		1,243,800	1,364,016
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		197,096	201,566
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		362,047	355,273
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		125,816	133,819
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			673,358
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		32,804	24,568
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		$ 32,804	$ 24,568
[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, such 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 subordinated notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (1) the fair value of any beneficial interests held by Blackstone, and (2) the carrying value of any beneficial interests that represent compensation for services.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 8,136,818	$ 7,990,666
Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.00%
Level 3 | Other Investments | Maximum | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	0.00%
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 11,521,816	11,771,078
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,511,159	1,724,374
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 208,226	$ 304,173
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	5.60%	6.10%
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	10.00%	12.80%
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		8.70%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 25,092	$ 26,631
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%
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%
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
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%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,237	$ 4,986
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	0.90%	1.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	0.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	70.00%
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	29.80%	15.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Maximum | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	20.00%
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		2.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,243,800	$ 1,364,016
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	40	$ 41
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		5.00%
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	558,801	$ 673,317
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		3.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	157,403	$ 138,725
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E		17
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		12.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 26,280	$ 21,050
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple	27.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 6,423	21,492
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	$ 6,990	20,250
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		$ 49
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	6.90%	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	(44.60%)	0.80%
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	0.9	0.9
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	4.30%	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	3.2	0.1
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	17
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	12.8
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		0.8
Dollar/Acre Multiple	7	7
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	28.50%	26.10%
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	33.40%	32.40%
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	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	17.4	17.5
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
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9	8
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]
Dollar/Acre Multiple	34.2	44.1
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	13.00%	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	7.20%	6.60%
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	8.9	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	7.50%	8.00%
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	10.7	10.3
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		1.3
Dollar/Acre Multiple		32.9
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	$ 297,357	$ 295,251
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		13.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	9,468	$ 9,444
Book Value Multiple		1.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	2,360	$ 9,390
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	$ 52,862	$ 41,188
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	3.80%	4.10%
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	(6.00%)	1.10%
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	9.3	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	3.00%	2.90%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	1.2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple	6.3	5.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	3.5	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	33.20%	48.40%
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	15.00%	15.00%
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	15.8	15.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	13.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple	12	12
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	9.70%	9.70%
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	18.90%	26.90%
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	6.20%	6.30%
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	10
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple	7.7
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Other | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple		7.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 9,098	$ 8,342
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		0.70%
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 Multiple - EBITDA		6.5
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	13,824	$ 4,634
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	$ 102,868	$ 120,843
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	4.20%
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	7.00%	7.00%
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	19.30%	19.30%
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	9.90%	9.80%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 9,378	$ 7,947
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	0.00%	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%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	12 months
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 23,426	$ 16,621
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		4.40%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	20.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag		12 months
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%	17.50%
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	6.20%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag		21 months
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 | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.40%	7.50%
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	8.20%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag		13 months
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	67.60%	67.70%
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		6.60%

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 1,724,374	$ 1,388,672
Transfer In Due to Consolidation and Acquisition			50,043
Transfer Out Due to Deconsolidation			(217,182)
Transfer In to Level III	[1]	163,891	117,089
Transfer Out of Level III	[1]	(321,650)	(109,404)
Purchases		156,855	275,008
Sales		(229,472)	(286,680)
Settlements		(7,151)	(3,687)
Changes in Gains (Losses) Included in Earnings		24,312	29,776
Balance, End of Period		1,511,159	1,243,635
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		25,790	22,559
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	[2]	56,185	119,642
Transfer In to Level III	[1]	12,806
Transfer Out of Level III	[1]	(13,850)	(8,068)
Purchases	[2]	7,569	4,486
Sales	[2]	(871)	(175)
Settlements	[2]		(4)
Changes in Gains (Losses) Included in Earnings	[2]	(2,706)	1,468
Balance, End of Period	[2]	59,133	117,349
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	[2]	(2,132)	(251)
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		304,173	239,659
Purchases		72,291	76,663
Sales		(165,668)	(153,194)
Settlements		(7,151)	(3,683)
Changes in Gains (Losses) Included in Earnings		4,581	3,690
Balance, End of Period		208,226	163,135
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		0	3,691
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		1,364,016	1,029,371
Transfer In Due to Consolidation and Acquisition			50,043
Transfer Out Due to Deconsolidation			(217,182)
Transfer In to Level III	[1]	151,085	117,089
Transfer Out of Level III	[1]	(307,800)	(101,336)
Purchases		76,995	193,859
Sales		(62,933)	(133,311)
Changes in Gains (Losses) Included in Earnings		22,437	24,618
Balance, End of Period		1,243,800	963,151
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		$ 27,922	$ 19,119
[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.

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 1,486,746	$ 1,357,135
Investments
Variable Interest Entity [Line Items]
VIE Assets	1,014,960	942,700
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	300,227	254,744
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	171,559	159,691
Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 356	$ 207

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 275.7	$ 279.5

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 218,865	$ 222,202
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	218,865	222,202
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"		0
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	218,865	222,202
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		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	52,456	42,908
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	117,413	144,731
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	$ 48,996	$ 34,563

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ 218,865	$ 222,202
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	218,865	222,202
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	244,958	275,046
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	229,707	258,107
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	13,691	15,377
Net Amount	1,560	1,562
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	15,470	45,416
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	14,636	37,788
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	94	5,547
Derivatives Net Amount	740	2,081
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	26,093	52,844
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	10,842	35,905
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	13,691	15,377
Derivatives Net Amount	$ 1,560	$ 1,562

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 133,544	$ 120,372
Prepaid Expenses	139,880	110,732
Freestanding Derivatives	15,118	44,918
Other	13,491	18,226
Total Other Assets	$ 302,033	$ 294,248

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Mar. 31, 2019USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.1
Overdraft facility	$ 1.1

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) € in Millions, $ in Billions	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2019EUR (€)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity | €		€ 600
Line of credit expiration date	Apr. 10, 2029
Fair value of the CLO assets | $	$ 7.3		$ 7.1
Debt Instrument, Interest Rate, Stated Percentage	1.50%	1.50%

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying Value		$ 3,450,044	$ 3,471,151
Debt instrument, fair value	[1]	3,568,889	3,496,056
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		399,059	398,947
Debt instrument, fair value	[1]	421,680	421,720
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		395,431	395,166
Debt instrument, fair value	[1]	423,440	417,600
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		332,658	339,959
Debt instrument, fair value	[1]	353,434	352,197
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		664,747	679,193
Debt instrument, fair value	[1]	665,205	647,564
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		296,799	296,717
Debt instrument, fair value	[1]	289,200	285,030
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,274	238,221
Debt instrument, fair value	[1]	297,375	289,225
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,801	488,747
Debt instrument, fair value	[1]	517,400	490,150
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,068	344,038
Debt instrument, fair value	[1]	335,265	329,770
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,207	290,163
Debt instrument, fair value	[1]	$ 265,890	$ 262,800
[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 Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2019
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%
5.875% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.875%
Debt instrument, maturity date	Mar. 15, 2021
4.750% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%
Debt instrument, maturity date	Feb. 15, 2023
2.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%
Debt instrument, maturity date	May 19, 2025
1.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026
3.150% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 2, 2027
6.250% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
5.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
4.450% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
4.000% Notes | Senior Secured 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) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding		$ 3,450,044	$ 3,471,151
Weighted Average Remaining Maturity in Years		7 years	7 years 6 months
Liabilities of Consolidated CLO Vehicles
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,852,479	$ 6,863,285
Weighted Average Interest Rate		4.31%	4.20%
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,530,613	$ 6,531,550
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 321,866	$ 331,735
Weighted Average Interest Rate	[1]
[1]	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding	$ 3,450,044	$ 3,471,151
Fair Value	6,653,489	6,536,723
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	6,527,056	6,476,434
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	126,433	60,289
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	124,540	114,909
Fair Value	92,709	56,012
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	42,750	3,250
Fair Value	42,733	3,201
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	81,790	111,659
Fair Value	$ 49,976	$ 52,811

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
2019	$ 331
2021	400,000
2023	400,000
Thereafter	9,562,099
Total	10,362,430
Operating Borrowings
Debt Instrument [Line Items]
2021	400,000
2023	400,000
Thereafter	2,709,620
Total	3,509,620
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2019	331
Thereafter	6,852,479
Total	$ 6,852,810

Leases - Additional informaton

Leases - Additional informaton (Detail) $ in Millions	Mar. 31, 2019USD ($)
Leases [Abstract]
Weighted-average remaining lease term	8 years
Weighted-average discount rate	2.50%
Lease payments	$ 117.9

Leases Components of leases exp

Leases Components of leases expenses (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Operating Lease Cost
Straight-Line Lease Cost	$ 21,865	[1]
Variable Lease Cost	3,105
Sublease Income	(164)
Operating Lease Cost	$ 24,806
[1]	Straight-line lease cost includes short-term leases, which are immaterial.

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating Cash Flows from Operating Leases	$ 22,132
Right-of-Use Assets Obtained in Exchange for New Operating Lease, Liabilities	$ 388

Leases Cash flows Annual Basis

Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($) $ in Thousands		Mar. 31, 2019	Jan. 01, 2019
2019		$ 59,318
2020		79,301
2021		84,866
2022		77,853
2023		76,212
Thereafter		272,494
Total Lease Payments	[1]	650,044
Less: Imputed Interest		(62,636)
Present Value of Operating Lease Liabilities		$ 587,408	$ 601,700
[1]	Excludes $117.9 million of lease payments for signed leases that have not yet commenced.

Aggregate Minimum Future Paymen

Aggregate Minimum Future Payments, Net of Sublease Income, Required on Operating Leases (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2019	$ 78,506
2020	72,191
2021	80,914
2022	79,094
2023	77,248
Thereafter	273,347
Total	$ 661,300

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Taxes [Line Items]
Effective Income Tax Rate	3.70%	6.10%
Provision for Taxes	$ 41,155	$ 54,495

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P., Basic		$ 481,304	$ 367,872
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		369,889	278,746
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 851,193	$ 646,618
Weighted-Average Common Units Outstanding, Basic		674,507,698	674,479,140
Weighted-Average Unvested Deferred Restricted Common Units		207,752	198,934
Weighted-Average Blackstone Holdings Partnership Units		525,764,790	535,895,780
Weighted-Average Common Units Outstanding, Diluted		1,200,480,240	1,210,573,854
Net Income Per Common Unit, Basic		$ 0.71	$ 0.55
Net Income Per Common Unit, Diluted		0.71	0.53
Distributions Declared Per Common Unit	[1]	$ 0.58	$ 0.85
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Net Income Per Common Unit - Ad

Net Income Per Common Unit - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 16, 2018
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 406,400,000
Common stock repurchased, units	1,500,000	0
Common stock repurchased, cost	$ 52,100,000
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
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units			171,502,746
Compensation expense in relation to equity-based awards	$ 121,179	$ 92,223
Tax benefits in relation to equity-based awards	18,600	$ 14,500
Estimated unrecognized compensation expense related to unvested awards	$ 943,600
Weighted-average period for recognized compensation expense related to unvested awards, years	2 years 10 months 24 days
Total vested and unvested outstanding units	1,196,324,909
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	49,075

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	31,554,127
Granted (Units) | shares	78,238
Vested (Units) | shares	(1,723,439)
Forfeited (Units) | shares	(92,957)
Ending Balance | shares	29,815,969
Beginning Balance | $ / shares	$ 34.38
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	32.02
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	34.57
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	32.17
Ending Balance | $ / shares	$ 34.02
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	9,312,268
Granted (Units) | shares	1,607,798
Vested (Units) | shares	(1,877,552)
Forfeited (Units) | shares	(120,008)
Ending Balance | shares	8,922,506
Beginning Balance | $ / shares	$ 31.43
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	30.03
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	29.80
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	31.55
Ending Balance | $ / shares	$ 31.50
Blackstone Group L P | Cash Settled Awards Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	46,808
Vested (Units) | shares	(80)
Ending Balance | shares	46,728
Beginning Balance | $ / shares	$ 34.66
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	33.47
Ending Balance | $ / shares	$ 33.29

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	3 Months Ended
	Mar. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	26,705,736
Deferred Restricted Blackstone Common Units (Units)	7,591,629
Total Equity-Based Awards (Units)	34,297,365
Phantom Units (Units)	39,024
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years
Deferred Restricted Blackstone Common Units (Weighted-Average Service in Years)	2 years 3 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	2 years 10 months 24 days
Phantom Units (Weighted-Average Service Period in Years)	2 years 3 months 18 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 1,816,801	$ 1,520,100
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	491,734	462,475
Accrual for Potential Clawback of Previously Distributed Performance Allocations	11,756	11,548
Due from Affiliates, total	2,320,291	1,994,123
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	725,034	796,902
Due to Non-Consolidated Entities	138,581	99,728
Due to Note-Holders of Consolidated CLO Vehicles	92,708	56,012
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	48,320	53,613
Accrual for Potential Repayment of Previously Received Performance Allocations	40,809	29,521
Due to Affiliates, total	$ 1,045,452	$ 1,035,776

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Investments	$ 21,180,950		$ 20,377,031
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	$ 725,000
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 256,500
After-tax net present value discount rate assumption	15.00%
Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 8,603,847		8,376,338
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	31,000	$ 28,900
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	877,800		$ 842,900
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 2,400	$ 1,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 3,000
Total investments at risk in respect of guarantees extended	$ 27.5
Contingent obligations currently anticipated to expire end	2028
Provision for cash clawback	$ 691.8
Contingent Obligations (Clawback)	6,900
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	192.9
Contingent Obligations (Clawback)	6,300
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	475.7
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 93.9

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Product Liability Contingency [Line Items]
Clawback obligations		$ 40,809	$ 29,521
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		42,142	30,421
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	(1,333)	(900)
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		26,425	25,823
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		16,130	15,770
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	10,295	10,053
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations		11,595	848
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		24,684	13,296
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	(13,089)	(12,448)
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations		2,789	2,850
Credit Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		1,328	1,355
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 1,461	$ 1,495
[1]	The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Other Operating Expenses	$ (10,250)	$ 59,317
Realized Performance Revenues	254,507	282,206
Realized Performance Compensation	(91,801)	(118,724)
Segment Assets	29,874,951		$ 28,924,650
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	757,518	707,156
Transaction, Advisory and Other Fees, Net	65,150	37,066
Management Fee Offsets	(8,606)	(8,178)
Total Management and Advisory Fees, Net	814,062	736,044
Fee Related Performance Revenues	7,779	3,837
Fee Related Compensation	(324,031)	(296,074)
Other Operating Expenses	(123,311)	(107,092)
Fee Related Earnings	374,499	336,715
Realized Performance Revenues	246,769	278,371
Realized Performance Compensation	(85,240)	(114,829)
Realized Principal Investment Income (Loss)	25,908	28,693
Total Net Realizations	187,437	192,235
Total Segment Distributable Earnings	561,936	528,950
Segment Assets	21,412,227
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	260,245	226,526
Transaction, Advisory and Other Fees, Net	23,911	23,088
Management Fee Offsets	(280)	(1,668)
Total Management and Advisory Fees, Net	283,876	247,946
Fee Related Performance Revenues	6,676	4,503
Fee Related Compensation	(114,816)	(100,610)
Other Operating Expenses	(38,986)	(29,417)
Fee Related Earnings	136,750	122,422
Realized Performance Revenues	77,182	151,181
Realized Performance Compensation	(29,900)	(56,115)
Realized Principal Investment Income (Loss)	(2,131)	14,690
Total Net Realizations	45,151	109,756
Total Segment Distributable Earnings	181,901	232,178
Segment Assets	7,861,900
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	219,417	182,961
Transaction, Advisory and Other Fees, Net	37,291	11,094
Management Fee Offsets	(4,985)	(3,193)
Total Management and Advisory Fees, Net	251,723	190,862
Fee Related Performance Revenues	0
Fee Related Compensation	(107,587)	(89,566)
Other Operating Expenses	(34,201)	(31,151)
Fee Related Earnings	109,935	70,145
Realized Performance Revenues	156,599	77,123
Realized Performance Compensation	(50,556)	(33,045)
Realized Principal Investment Income (Loss)	25,139	6,338
Total Net Realizations	131,182	50,416
Total Segment Distributable Earnings	241,117	120,561
Segment Assets	7,868,736
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	137,328	129,228
Transaction, Advisory and Other Fees, Net	318	345
Management Fee Offsets	0
Total Management and Advisory Fees, Net	137,646	129,573
Fee Related Performance Revenues	0
Fee Related Compensation	(42,954)	(39,639)
Other Operating Expenses	(17,885)	(18,785)
Fee Related Earnings	76,807	71,149
Realized Performance Revenues	4,091	10,177
Realized Performance Compensation	(1,413)	(2,923)
Realized Principal Investment Income (Loss)	(283)	640
Total Net Realizations	2,395	7,894
Total Segment Distributable Earnings	79,202	79,043
Segment Assets	2,014,350
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Base Management Fees	140,528	168,441
Transaction, Advisory and Other Fees, Net	3,630	2,539
Management Fee Offsets	(3,341)	(3,317)
Total Management and Advisory Fees, Net	140,817	167,663
Fee Related Performance Revenues	1,103	(666)
Fee Related Compensation	(58,674)	(66,259)
Other Operating Expenses	(32,239)	(27,739)
Fee Related Earnings	51,007	72,999
Realized Performance Revenues	8,897	39,890
Realized Performance Compensation	(3,371)	(22,746)
Realized Principal Investment Income (Loss)	3,183	7,025
Total Net Realizations	8,709	24,169
Total Segment Distributable Earnings	59,716	$ 97,168
Segment Assets	$ 3,667,241

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Revenues		$ 2,024,871	$ 1,769,131
Less: Unrealized Principal Investment (Income) Loss		169,044	111,774
Total Expenses		1,041,164	982,931
Total Other Income		130,325	110,599
Income Before Provision for Taxes		1,114,032	896,799
Total Assets		29,874,951		$ 28,924,650
Less: Unrealized Principal Investment (Income) Loss		169,044	111,774
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	1,094,518	1,046,945
Total Expenses	[2]	532,582	517,995
Total Other Income		0
Income Before Provision for Taxes		561,936	528,950
Total Assets		21,412,227
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	(664,333)	(628,339)
Less: Unrealized Principal Investment (Income) Loss	[4]	(139,925)	(13,978)
Less: Interest and Dividend Revenue	[5]	(46,699)	(36,385)
Less: Other Revenue	[6]	(13,189)	60,894
Impact of Consolidation	[7]	(69,849)	(103,524)
Amortization of Intangibles	[8]	387	387
Transaction-Related Charges	[9]	1,468	(2,582)
Less: Unrealized Performance Allocations Compensation	[10]	(287,015)	(254,435)
Less: Equity Based Compensation	[11]	(66,776)	(44,148)
Less: Interest Expense	[12]	(41,638)	(38,238)
Impact of Consolidation	[7]	(10,861)	(59,899)
Amortization of Intangibles	[8]	(16,096)	(14,486)
Transaction-Related Charges	[9]	(87,983)	(55,071)
Less: Unrealized Performance Allocations	[3]	(664,333)	(628,339)
Less: Unrealized Principal Investment (Income) Loss	[4]	(139,925)	(13,978)
Less: Interest and Dividend Revenue	[5]	(46,699)	(36,385)
Less: Other Revenue	[6]	(13,189)	60,894
Plus: Unrealized Performance Allocations Compensation	[10]	287,015	254,435
Plus: Equity Based Compensation	[11]	66,776	44,148
Plus: Interest Expense	[12]	41,638	38,238
Amortization of Intangibles	[8]	16,483	14,873
Transaction-Related Charges	[9]	89,451	52,489
Segment Adjustment
Segment Reporting Information [Line Items]
Total Revenues		1,787	1,341
Total Expenses		1,787	1,341
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[7]	(130,325)	(110,599)
Income Before Provision for Taxes	[7]	(189,313)	$ (154,224)
Total Assets	[7]	$ (8,462,724)
[1]	Total Segment Revenues is comprised of the following:Three Months Ended March 31, 2019 2018 Total Segment Management and Advisory Fees, Net $ 814,062 $ 736,044 Total Segment Fee Related Performance Revenues 7,779 3,837 Total Segment Realized Performance Revenues 246,769 278,371 Total Segment Realized Principal Investment Income 25,908 28,693 Total Segment Revenues $ 1,094,518 $ 1,046,945
[2]	Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2019 2018 Total Segment Fee Related Compensation $ 324,031 $ 296,074 Total Segment Realized Performance Compensation 123,311 107,092 Total Segment Other Operating Expenses 85,240 114,829 Total Segment Expenses $ 532,582 $ 517,995.
[3]	This adjustment removes Unrealized Performance Revenues on a segment basis.
[4]	This adjustment removes Unrealized Principal Investment Income on a segment basis.
[5]	This adjustment removes Interest and Dividend Revenue on a segment basis.
[6]	This adjustment removes Other Revenue on a segment basis.
[7]	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.
[8]	Amortization of intangibles consists of the amortization of transaction-related intangibles including intangibles associated with Blackstones investment in Pátria, which is accounted for under the equity method.
[9]	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.
[10]	This adjustment removes Unrealized Performance Allocations Compensation.
[11]	This adjustment removes Equity-Based Compensation on a segment basis.
[12]	This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement.

Reconciliation of Total Segme_2

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total Segment Realized Performance Revenues		$ 254,507	$ 282,206
Total Revenues		2,024,871	1,769,131
Total Segment Realized Performance Compensation		91,801	118,724
Total Segment Other Operating Expenses		10,250	(59,317)
Total Expenses		1,041,164	982,931
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		814,062	736,044
Fee Related Performance Revenues		7,779	3,837
Total Segment Realized Performance Revenues		246,769	278,371
Total Segment Realized Principal Investment Income		25,908	28,693
Total Revenues	[1]	1,094,518	1,046,945
Total Segment Fee Related Compensation		324,031	296,074
Total Segment Realized Performance Compensation		85,240	114,829
Total Segment Other Operating Expenses		123,311	107,092
Total Expenses	[2]	$ 532,582	$ 517,995
[1]	Total Segment Revenues is comprised of the following:Three Months Ended March 31, 2019 2018 Total Segment Management and Advisory Fees, Net $ 814,062 $ 736,044 Total Segment Fee Related Performance Revenues 7,779 3,837 Total Segment Realized Performance Revenues 246,769 278,371 Total Segment Realized Principal Investment Income 25,908 28,693 Total Segment Revenues $ 1,094,518 $ 1,046,945
[2]	Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2019 2018 Total Segment Fee Related Compensation $ 324,031 $ 296,074 Total Segment Realized Performance Compensation 123,311 107,092 Total Segment Other Operating Expenses 85,240 114,829 Total Segment Expenses $ 532,582 $ 517,995.

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Investment Income - Realized Performance Allocations		$ 242,375	$ 269,640
Realized Performance Revenues		254,507	282,206
Compensation and Benefits Compensation		471,397	389,403
Incentive Fee Compensation		5,406	6,662
Realized Performance Allocations Compensation		86,395	112,062
Total Compensation and Benefits		563,198	508,127
General, Administrative and Other		146,062	126,713
Investment Income - Realized Performance Allocations		242,375	269,640
Realized Performance Revenues		254,507	282,206
Realized Performance Allocations Compensation		86,395	112,062
Total Segment		91,801	118,724
Investment Income Realized		73,261	42,145
Total Segment		91,801	118,724
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		809,726	728,849
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		12,132	12,566
Operating Segments
Segment Reporting Information [Line Items]
Revenues		814,062	736,044
Less: Realized Performance Revenues		(246,769)	(278,371)
Realized Performance Revenues		7,779	3,837
Realized Performance Revenues		246,769	278,371
General, Administrative and Other		123,311	107,092
Realized Performance Revenues		246,769	278,371
Total Segment		85,240	114,829
Investment Income Realized		25,908	28,693
Less: Equity-Based Compensation - Operating Compensation		(63,708)	(40,248)
Less: Equity-Based Compensation - Performance Compensation		(3,068)	(3,900)
Total Compensation and Benefits		324,031	296,074
Realized Performance Revenues		(7,779)	(3,837)
Total Segment		246,769	278,371
Less: Fee Related Performance Compensation		(3,493)	5
Less: Equity-based compensation - Performance Compensation Related		(3,068)	(3,900)
Total Segment		85,240	114,829
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		814,062	736,044
Segment Adjustment
Segment Reporting Information [Line Items]
Realized Performance Revenues	[1]	41	2
General, Administrative and Other	[2]	(22,751)	(19,621)
Investment Income Realized	[3]	(47,353)	(13,452)
Total Compensation and Benefits	[4]	(87,151)	(53,076)
Total Segment	[1]	41	2
Segment Adjustment | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues	[5]	$ 4,336	$ 7,195
[1]	Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
[2]	Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the Total Segment measures.
[3]	Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[4]	Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.
[5]	Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Other Operating Expenses in the Total Segment measures.

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - EUR (€) € in Millions	Apr. 10, 2019	Mar. 31, 2019
Subsequent Event [Line Items]
Debt instrument, interest rate		1.50%
Subsequent Event | 1.500% Notes
Subsequent Event [Line Items]
Debt instrument, face amount	€ 600
Debt instrument, maturity date	Apr. 10, 2029
Debt instrument, interest rate	1.50%