Blackstone (BX) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 02, 2019
Document and Entity Information [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity Registrant Name	Blackstone Group Inc
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock
Trading Symbol	BX
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-33551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Local Phone Number	583-5000
Entity Address, State or Province	NY
Entity Address, City or Town	New York
City Area Code	212
Entity Address, Postal Zip Code	10154
Entity Common Stock, Shares Outstanding		661,410,926

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and Cash Equivalents	$ 1,484,444	$ 2,207,841
Cash Held by Blackstone Funds and Other	324,609	337,320
Investments (including assets pledged of $267,910 and $279,502 at June 30, 2019 and December 31, 2018, respectively)	22,242,040	20,377,031
Accounts Receivable	802,066	636,238
Due from Affiliates	2,211,737	1,994,123
Intangible Assets, Net	433,007	468,507
Goodwill	1,869,860	1,869,860
Other Assets	354,253	294,248
Right-of-Use Assets	507,065
Deferred Tax Assets	743,132	739,482
Total Assets	30,972,213	28,924,650
Liabilities and Partners' Capital
Loans Payable	10,676,138	9,951,862
Due to Affiliates	1,081,899	1,035,776
Accrued Compensation and Benefits	3,308,595	2,942,128
Securities Sold, Not Yet Purchased	128,512	142,617
Repurchase Agreements	207,676	222,202
Operating Lease Liabilities	574,619
Accounts Payable, Accrued Expenses and Other Liabilities	929,688	875,979
Total Liabilities	16,907,127	15,170,564
Redeemable Non-Controlling Interests in Consolidated Entities	101,310	141,779
The Blackstone Group L.P. Partners' Capital
Partners' Capital (common units: 660,588,369 issued and outstanding as of June 30, 2019; 663,212,830 issued and outstanding as of December 31, 2018)	6,335,897	6,415,700
Accumulated Other Comprehensive Loss	(27,542)	(36,476)
Total The Blackstone Group L.P. Partners' Capital	6,308,355	6,379,224
Non-Controlling Interests in Consolidated Entities	3,869,303	3,648,766
Non-Controlling Interests in Blackstone Holdings	3,786,118	3,584,317
Total Partners' Capital	13,963,776	13,612,307
Total Liabilities and Partners' Capital	$ 30,972,213	$ 28,924,650

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments assets pledged	$ 267,910	$ 279,502
Partners' Capital, common units: issued	660,588,369	663,212,830
Partners' Capital, common units: outstanding	660,588,369	663,212,830
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 9,335,396	$ 8,890,745
Liabilities	7,410,329	7,177,062
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities	207,676	222,202
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	6,536,220	6,480,711
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	82,174	92,603
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	8,623,436	8,363,669
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	369,978	179,863
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	324,609	337,030
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	16,774	6,303
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	599	3,880
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	173,544	129,370
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 410,715	$ 252,176

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Performance Allocations
Realized	$ 332,520	$ 503,376	$ 574,895	$ 773,016
Unrealized	157,732	440,351	821,731	1,068,440
Principal Investments
Realized	145,040	129,197	218,301	171,342
Unrealized	(37,345)	103,468	131,699	215,242
Total Investment Income	597,947	1,176,392	1,746,626	2,228,040
Interest and Dividend Revenue	43,686	40,073	87,770	75,458
Other	(17,120)	675,343	(6,870)	616,026
Total Revenues	1,486,806	2,632,570	3,511,677	4,401,701
Expenses
Compensation and Benefits Compensation	438,521	427,479	909,918	816,882
Incentive Fee Compensation	8,886	9,743	14,292	16,405
Performance Allocations Compensation
Realized	125,825	186,398	212,220	298,460
Unrealized	64,518	189,991	351,533	444,426
Total Compensation and Benefits	637,750	813,611	1,487,963	1,576,173
General, Administrative and Other	175,308	145,828	321,370	272,541
Interest Expense	43,596	39,320	85,598	77,991
Fund Expenses	5,586	17,622	8,473	72,607
Total Expenses	862,240	1,016,381	1,903,404	1,999,312
Other Income
Net Gains from Fund Investment Activities	61,131	73,519	191,456	184,118
Income Before Provision for Taxes	685,697	1,689,708	1,799,729	2,586,507
Provision for Taxes	38,736	138,731	79,891	193,226
Net Income	646,961	1,550,977	1,719,838	2,393,281
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	1,095	905	3,575	(370)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	80,744	129,078	267,577	284,577
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	259,330	678,952	661,590	999,160
Net Income Attributable to The Blackstone Group L.P.	$ 305,792	$ 742,042	$ 787,096	$ 1,109,914
Net Income Per Common Unit
Common Units, Basic	$ 0.45	$ 1.09	$ 1.17	$ 1.64
Common Units, Diluted	$ 0.45	$ 1.09	$ 1.16	$ 1.63
Weighted-Average Common Units Outstanding
Common Units, Basic	673,655,305	681,794,492	674,079,074	678,156,936
Common Units, Diluted	673,985,944	682,010,610	1,200,592,276	1,210,727,948
Management and Advisory Fees, Net
Revenues
Revenues	$ 840,378	$ 721,384	$ 1,650,104	$ 1,450,233
Incentive Fees
Revenues
Revenues	$ 21,915	$ 19,378	$ 34,047	$ 31,944

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Income	$ 646,961	$ 1,550,977	$ 1,719,838	$ 2,393,281
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	8,753	(30,674)	15,936	(26,248)
Comprehensive Income	655,714	1,520,303	1,735,774	2,367,033
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	1,095	905	3,575	(370)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	80,744	129,077	267,577	282,187
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	263,195	678,952	668,592	999,160
Comprehensive Income Attributable to The Blackstone Group L.P.	$ 310,680	$ 711,369	$ 796,030	$ 1,086,056

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)	2,393,651	$ 1,109,914		1,109,914	284,577	999,160
Currency Translation Adjustment	(26,248)		(23,858)	(23,858)	(2,390)
Capital Contributions	424,132				424,132
Capital Distributions	(1,781,297)	(806,770)		(806,770)	(291,963)	(682,564)
Transfer of Non-Controlling Interests in Consolidated Entities	22,208				22,208
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	10,922	10,922		10,922
Equity-Based Compensation	180,419	100,519		100,519		79,900
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(15,331)	$ (14,496)		(14,496)		(835)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		3,032,372
Repurchase of Common Units and Blackstone Holdings Partnership Units	(71,685)	$ (71,685)		(71,685)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units		(2,200,000)
Change in The Blackstone Group L.P.'s Ownership Interest	(835)	$ 835		835		(835)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 82,505		82,505		(82,505)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		12,434,878
Issuance of Blackstone Common Units, Units		750,739
Ending Balance at Jun. 30, 2018	14,476,797	$ 7,105,225	(57,876)	7,047,349	3,492,621	3,936,827
Ending Balance, Units at Jun. 30, 2018		673,544,082
Beginning Balance at Dec. 31, 2017	210,944
Net Income (Loss)	(370)
Capital Contributions	1,100
Capital Distributions	(52,875)
Ending Balance at Jun. 30, 2018	158,799
Beginning Balance at Mar. 31, 2018	13,315,799	$ 6,541,409	(27,203)	6,514,206	3,333,954	3,467,639
Beginning Balance, Units at Mar. 31, 2018		666,812,752
Net Income (Loss)	1,550,072	$ 742,042		742,042	129,078	678,952
Currency Translation Adjustment	(30,674)		(30,673)	(30,673)	(1)
Capital Contributions	200,623				200,623
Capital Distributions	(596,857)	(236,200)		(236,200)	(170,252)	(190,405)
Transfer of Non-Controlling Interests in Consolidated Entities	(781)				(781)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	7,402	7,402		7,402
Equity-Based Compensation	105,878	59,080		59,080		46,798
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(2,980)	$ (2,626)		(2,626)		(354)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		(45,059)
Repurchase of Common Units and Blackstone Holdings Partnership Units	(71,685)	$ (71,685)		(71,685)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units		(2,200,000)
Change in The Blackstone Group L.P.'s Ownership Interest		$ 6,959		6,959		(6,959)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 58,844		58,844		(58,844)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		8,976,389
Ending Balance at Jun. 30, 2018	14,476,797	$ 7,105,225	(57,876)	7,047,349	3,492,621	3,936,827
Ending Balance, Units at Jun. 30, 2018		673,544,082
Beginning Balance at Mar. 31, 2018	209,010
Net Income (Loss)	905
Capital Distributions	(51,116)
Ending Balance at Jun. 30, 2018	158,799
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)	1,716,263	$ 787,096		787,096	267,577	661,590
Currency Translation Adjustment	15,936		8,934	8,934		7,002
Capital Contributions	289,276				289,276
Capital Distributions	(1,518,706)	(639,210)		(639,210)	(335,020)	(544,476)
Transfer of Non-Controlling Interests in Consolidated Entities	(1,296)				(1,296)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	5,016	5,016		5,016
Equity-Based Compensation	180,813	101,200		101,200		79,613
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(10,619)	$ (10,613)		(10,613)		(6)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		1,853,730
Repurchase of Common Units and Blackstone Holdings Partnership Units	(325,214)	$ (325,214)		(325,214)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units		(8,100,000)
Change in The Blackstone Group L.P.'s Ownership Interest	23,270	$ (23,270)		(23,270)		23,270
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 25,192		25,192		(25,192)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		3,621,809
Ending Balance at Jun. 30, 2019	13,963,776	$ 6,335,897	(27,542)	6,308,355	3,869,303	3,786,118
Ending Balance, Units at Jun. 30, 2019		660,588,369
Beginning Balance at Dec. 31, 2018	141,779
Net Income (Loss)	3,575
Capital Distributions	(44,044)
Ending Balance at Jun. 30, 2019	101,310
Beginning Balance at Mar. 31, 2019	14,009,760	$ 6,501,072	(32,430)	6,468,642	3,852,346	3,688,772
Beginning Balance, Units at Mar. 31, 2019		665,331,887
Net Income (Loss)	645,866	$ 305,792		305,792	80,744	259,330
Currency Translation Adjustment	8,753		4,888	4,888		3,865
Capital Contributions	129,771				129,771
Capital Distributions	(646,899)	(248,947)		(248,947)	(193,522)	(204,430)
Transfer of Non-Controlling Interests in Consolidated Entities	(36)				(36)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders	2,849	2,849		2,849
Equity-Based Compensation	88,142	49,341		49,341		38,801
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units	(1,365)	$ (1,362)		(1,362)		(3)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		41,256
Repurchase of Common Units and Blackstone Holdings Partnership Units	(273,065)	$ (273,065)		(273,065)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units		(6,555,885)
Change in The Blackstone Group L.P.'s Ownership Interest		$ (12,305)		(12,305)		12,305
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units		$ 12,522		12,522		(12,522)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		1,771,111
Ending Balance at Jun. 30, 2019	13,963,776	$ 6,335,897	$ (27,542)	$ 6,308,355	$ 3,869,303	$ 3,786,118
Ending Balance, Units at Jun. 30, 2019		660,588,369
Beginning Balance at Mar. 31, 2019	136,941
Net Income (Loss)	1,095
Capital Distributions	(36,726)
Ending Balance at Jun. 30, 2019	$ 101,310

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net Income	$ 1,719,838	$ 2,393,281
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(817,759)	(995,992)
Changes in Unrealized Gains on Investments	(243,959)	(290,232)
Non-Cash Performance Allocations	(821,731)	(1,068,440)
Non-Cash Performance Allocations and Incentive Fee Compensation	574,630	757,064
Equity-Based Compensation Expense	223,979	208,994
Amortization of Intangibles	35,500	28,984
Other Non-Cash Amounts Included in Net Income	2,332	172,435
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	(23,512)	(8,030)
Due from Affiliates	(198,164)	(330,468)
Other Assets	(37,961)	(29,640)
Accrued Compensation and Benefits	(251,331)	(417,051)
Securities Sold, Not Yet Purchased	(18,851)	5,005
Accounts Payable, Accrued Expenses and Other Liabilities	(271,284)	(476,348)
Repurchase Agreements	(14,526)	63,649
Due to Affiliates	19,638	31,306
Investments Purchased	(4,208,546)	(9,706,998)
Cash Proceeds from Sale of Investments	4,626,572	7,870,341
Net Cash Provided by (Used in) Operating Activities	294,865	(2,660,677)
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(33,524)	(8,898)
Net Cash Used in Investing Activities	(33,524)	(8,898)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(347,836)	(338,849)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	288,119	421,801
Payments Under Tax Receivable Agreement	(84,640)
Net Settlement of Vested Common Units and Repurchase of Common and Blackstone Holdings Partnership Units	(335,833)	(87,016)
Proceeds from Loans Payable	668,640	3,218,399
Repayment and Repurchase of Loans Payable	(1,886)	(1,004,660)
Distributions to Unitholders	(1,183,686)	(1,489,334)
Net Cash Provided by (Used in) Financing Activities	(997,122)	720,341
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(327)	11,671
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Decrease	(736,108)	(1,937,563)
Beginning of Period	2,545,161	3,936,489
End of Period	1,809,053	1,998,926
Supplemental Disclosure of Cash Flows Information
Payments for Interest	86,095	84,040
Payments for Income Taxes	45,966	109,944
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	233
Non-Cash Distributions to Non-Controlling Interest Holders	(31,228)	(5,924)
Notes Issuance Costs	5,409
Transfer of Interests to Non-Controlling Interest Holders	(1,296)	22,208
Change in The Blackstone Group L.P.'s Ownership Interest	(23,270)	835
Net Settlement of Vested Common Units	59,302	100,861
Conversion of Blackstone Holdings Units to Common Units	25,192	82,505
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(31,248)	(74,130)
Due to Affiliates	26,232	63,208
Partners' Capital	$ 5,016	10,922
Issuance of New Units		$ 24,970

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents	$ 1,484,444	$ 2,207,841
Cash Held by Blackstone Funds and Other	324,609	337,320
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 1,809,053	$ 2,545,161	$ 1,998,926	$ 3,936,489

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization	1. Organization Effective July 1, 2019, The Blackstone Group L.P. converted from a Delaware limited partnership to a Delaware corporation, The Blackstone Group Inc. (the “Conversion”). This report includes results of The Blackstone Group L.P. prior to the Conversion and for the quarter ended June 30, 2019. In this report, references to “Blackstone,” the “Corporation” or the “Partnership” refer to (a) The Blackstone Group Inc. and its consolidated subsidiaries following the Conversion and (b) The Blackstone Group L.P. and its consolidated subsidiaries prior to the Conversion. All references to shares or per share amounts prior to the Conversion refer to units or per unit amounts. Blackstone, together with its subsidiaries, 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. Blackstone was formed on March 12, 2007, and, until the Conversion, was managed and operated by 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 Blackstone 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”). Blackstone, 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 one

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone 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. ’s Annual Report on Form 10-K for the year ended December , filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of , its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which 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 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 Blackstone 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. Blackstone 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, 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 holds a variable interest is a VIE and (b) whether ’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. Blackstone 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 is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by . The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by , affiliates of 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, 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 ’s Performance Allocations and Principal Investments. Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments held by . 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 Blackstone 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 Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone 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 Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone 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 Blackstone’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 Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone 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, Blackstone 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 share of the results of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). 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, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone 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 Blackstone 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. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone 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 interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, including certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Senior and subordinated notes issued by CLO vehicles are classified within Level II of the fair value hierarchy. ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’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 Real Estate Investments – Private Equity 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, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone 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. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Blackstone 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, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side-pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value”. Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone 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. Blackstone 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, Blackstone’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 Blackstone’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), Blackstone’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, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone 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 Blackstone 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. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone 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 date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — 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. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value. Blackstone 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 Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone 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 Blackstone has borrowed and sold. Blackstone 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. Blackstone 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 Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone 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. Blackstone 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 Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone 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, Blackstone 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. Blackstone 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, Blackstone 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 Blackstone,

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2019
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: June 30, December 31, 2019 2018 Finite-Lived Intangible Assets / Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,279,569 ) (1,244,069 ) Intangible Assets, Net $ 433,007 $ 468,507 Amortization expense associated with Blackstone’s intangible assets was $17.7 million and $35.5 million for the three and six month periods ended June 30, 2019, respectively, and $14.5 million and $29.0 million for the three and six month periods ended June 30, 2018, respectively. Amortization of Intangible Assets held at June 30, 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 June 30, 2019 are expected to amortize over a weighted-average period of 8.2 years.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments	4. Investments Investments consist of the following: June 30, December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,633,794 $ 8,376,338 Equity Method Investments Partnership Investments 3,802,565 3,649,423 Accrued Performance Allocations 6,743,542 5,883,924 Corporate Treasury Investments 2,797,908 2,206,493 Other Investments 264,231 260,853 $ 22,242,040 $ 20,377,031 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $ million and $ million at June , and December , , respectively. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income – Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Gains $ 5,198 $ 52,236 $ 2,286 $ 34,378 Net Change in Unrealized Gains (Losses) 6,257 (22,278 ) 112,260 74,963 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 11,455 29,958 114,546 109,341 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 49,676 43,561 76,910 74,777 Other Income - Net Gains from Fund Investment Activities $ 61,131 $ 73,519 $ 191,456 $ 184,118 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 six months ended June 30, 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 $72.3 million and $165.6 million for the three months ended June 30, 2019 and 2018, respectively. recognized net gains related to its equity method investments of $ million and $ million for the six months ended June , and , respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone 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 832,342 435,425 70,690 105,164 1,443,621 Foreign Exchange Loss (3,300 ) — — — (3,300 ) Fund Distributions (268,978 ) (291,911 ) (1,605 ) (18,209 ) (580,703 ) Accrued Performance Allocations, June 30, 2019 $ 3,413,325 $ 2,785,633 $ 92,006 $ 452,578 $ 6,743,542 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents ’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Gains $ 22,983 $ 4,774 $ 23,300 $ 7,113 Net Change in Unrealized Gains (Losses) 558 (6,702 ) 49,217 (14,896 ) $ 23,541 $ (1,928 ) $ 72,517 $ (7,783 ) 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 $48.9 million as of June 30, 2019. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Gains $ 21,491 $ 16,207 $ 45,727 $ 16,319 Net Change in Unrealized Gains (Losses) (3,933 ) 49,643 6,789 45,411 $ 17,558 $ 65,850 $ 52,516 $ 61,730

Net Asset Value as Fair Value

Net Asset Value as Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2019 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 217,399 $ 126 (a) (a) Credit Driven 84,306 268 (b) (b) Equity 36,859 — (c) (c) Commodities 1,720 — (d) (d) $ 340,284 $ 394 (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 29% 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 71% 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 12% of Blackstone’s investments in the category. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. June 30, 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 $ 1,000,426 $ 38,299 $ 488,463 $ 47,845 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 167,699 615 106,500 444 224,841 1,286 245,371 1,636 Credit Default Swaps 2,204 81 29,205 1,200 — — 34,060 4,004 Investments of Foreign Currency Contracts 29,931 863 78,769 814 108,271 524 16,952 164 Interest Rate Contracts — — 28,000 1,382 — — 10,000 311 Credit Default Swaps 12,612 535 59,888 2,435 20,952 55 46,685 5,710 Total Return Swaps 10,851 15 22,567 382 — — 31,440 1,855 Equity Options 1 173 1 19 — — — — $ 1,223,724 $ 40,581 $ 813,393 $ 54,521 $ 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 Six Months Ended 2019 2018 2019 2018 Net Investment Hedges - Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ — $ (8 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (416 ) $ 449 $ (2,664 ) $ 2,070 Foreign Currency Contracts (1,526 ) 12,321 146 8,238 Credit Default Swaps 881 (107 ) 1,991 (508 ) Total Return Swaps (275 ) 173 (395 ) 174 Equity Options (124 ) — (132 ) — $ (1,460 ) $ 12,836 $ (1,054 ) $ 9,974 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (2,892 ) $ 37,261 $ (11,155 ) $ (39 ) Foreign Currency Contracts 1,773 1,456 209 (2,272 ) Credit Default Swaps (294 ) 615 3,647 488 Total Return Swaps 393 (5 ) 1,371 52 Equity Options 115 — 65 — $ (905 ) $ 39,327 $ (5,863 ) $ (1,771 ) As of June 30, 2019 and December 31, 2018, Blackstone had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	6 Months Ended
	Jun. 30, 2019
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: June 30, December 31, 2019 2018 Assets Loans and Receivables $ 187,831 $ 304,173 Equity and Preferred Securities 223,630 390,095 Debt Securities 576,306 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,969,542 6,766,700 Other 988 — $ 7,958,297 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,474,210 $ 6,473,233 Due to Affiliates 45,243 3,201 Subordinated Notes Loans Payable 61,695 7,478 Due to Affiliates 49,575 52,811 $ 6,630,723 $ 6,536,723 The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains Gains (Losses) Assets Loans and Receivables $ (747 ) $ (1,897 ) $ — $ — Equity and Preferred Securities 9,907 (67 ) — (2,095 ) Debt Securities (3,325 ) 1,817 15 (2,878 ) Assets of Consolidated CLO Vehicles Corporate Loans (10,549 ) (18,025 ) 1,074 (25,896 ) Other — 350 — — $ (4,714 ) $ (17,822 ) $ 1,089 $ (30,869 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 6,667 $ — $ — Subordinated Notes — 15,163 — 16,846 $ — $ 21,830 $ — $ 16,846 Six Months Ended June 30, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (1,831 ) $ (2,657 ) $ — $ — Equity and Preferred Securities 9,908 22,298 — (1,867 ) Debt Securities (3,360 ) 16,749 827 (2,297 ) Assets of Consolidated CLO Vehicles Corporate Loans (14,400 ) 161,777 (4,399 ) (7,046 ) Corporate Bonds — — (24,056 ) 9,693 Other — 350 — 6 $ (9,683 ) $ 198,517 $ (27,628 ) $ (1,511 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (44,893 ) $ — $ — Subordinated Notes — (50,981 ) — 60,460 $ — $ (95,874 ) $ — $ 60,460 The following table presents information for those financial instruments for which the fair value option was elected: June 30, 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 $ (878 ) $ — $ — $ 2,421 $ — $ — Debt Securities (10,920 ) — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (151,535 ) — — (301,085 ) — — Other 350 — — — — — $ (162,983 ) $ — $ — $ (325,324 ) $ — $ — (a) Corporate Loans within CLO assets are classified as past due if contractual payments are more than one day past due. As of June 30, 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	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements of Financial Instruments	8. Fair Value Measurements of Financial Instruments The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: June 30, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 199,590 $ — $ — $ — $ 199,590 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 61,345 61,345 Equity Securities 36,056 40,670 196,319 — 273,045 Partnership and LLC Interests — 21,371 345,479 — 366,850 Debt Instruments — 819,352 141,086 — 960,438 Freestanding Derivatives Foreign Currency Contracts — 863 — — 863 Credit Default Swaps — 535 — — 535 Total Return Swaps — 15 — — 15 Equity Options — 173 — — 173 Assets of Consolidated CLO Vehicles Corporate Loans — 6,513,318 456,224 — 6,969,542 Other — — 988 — 988 Total Investments of Consolidated Blackstone Funds 36,056 7,396,297 1,140,096 61,345 8,633,794 Corporate Treasury Investments Equity Securities 454,441 — — — 454,441 Debt Instruments 503,285 1,544,063 24,307 — 2,071,655 Other — — 195 271,617 271,812 Total Corporate Treasury Investments 957,726 1,544,063 24,502 271,617 2,797,908 Other Investments 183,436 — 24,550 7,322 215,308 Total Investments 1,177,218 8,940,360 1,189,148 340,284 11,647,010 Accounts Receivable - Loans and Receivables — — 187,831 — 187,831 Other Assets Freestanding Derivatives Interest Rate Contracts 548 37,751 — — 38,299 Foreign Currency Contracts — 615 — — 615 Credit Default Swaps — 81 — — 81 Total Other Assets 548 38,447 — — 38,995 $ 1,377,356 $ 8,978,807 $ 1,376,979 $ 340,284 $ 12,073,426 June 30, 2019 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,474,210 $ — $ 6,474,210 Subordinated Notes (b) — 61,695 — 61,695 Total Loans Payable — 6,535,905 — 6,535,905 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 45,243 — 45,243 Subordinated Notes (b) — 49,575 — 49,575 Total Due to Affiliates — 94,818 — 94,818 Securities Sold, Not Yet Purchased 33,870 94,642 — 128,512 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 814 — 814 Credit Default Swaps — 2,435 — 2,435 Total Return Swaps — 382 — 382 Interest Rate Swaps — 1,382 — 1,382 Equity Options — 19 — 19 Total Liabilities of Consolidated Blackstone Funds — 5,032 — 5,032 Freestanding Derivatives Interest Rate Contracts 833 47,012 — 47,845 Foreign Currency Contracts — 444 — 444 Credit Default Swaps — 1,200 — 1,200 Total Freestanding Derivatives 833 48,656 — 49,489 Total Accounts Payable, Accrued Expenses and Other Liabilities 833 53,688 — 54,521 $ 34,703 $ 6,779,053 $ — $ 6,813,756 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 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, Blackstone 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 Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone 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 June 30, 2019: Valuation Unobservable Weighted- Fair Value Techniques Inputs Ranges Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 175,622 Discounted Cash Flows Discount Rate 4.9% - 32.1% 12.6% Revenue CAGR -4.9 6.7% Book Value Multiple 0.9x - 9.5x 8.9x Exit Capitalization Rate 3.8% - 11.4% 7.7% Exit Multiple - EBITDA 0.1x - 16.5x 10.1x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 7,364 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $7.0 - $18.0 $16.4 EBITDA Multiple 8.0x - 13.0x 10.0x 8,344 Other N/A N/A N/A 4,523 Transaction Price N/A N/A N/A 466 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 304,234 Discounted Cash Flows Discount Rate 3.8% - 26.5% 9.5% Revenue CAGR -4.9 17.6% Exit Capitalization Rate 2.7% - 15.5% 5.7% Exit Multiple - EBITDA 3.5x - 15.7x 9.9x Exit Multiple - NOI 13.3x N/A 8,332 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $6.5 - $12.0 $8.1 3,087 Other N/A N/A N/A 763 Third Party Pricing N/A N/A N/A 29,063 Transaction Price N/A N/A N/A Debt Instruments 12,664 Discounted Cash Flows Discount Rate 7.0% - 28.5% 9.9% Exit Capitalization Rate 4.2% - 8.0% 5.8% Exit Multiple - EBITDA 6.5x - 10.5x 9.3x 92,068 Third Party Pricing N/A N/A N/A 13 Other N/A N/A N/A 36,341 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 37 Discounted Cash Flows Discount Rate 1.7% N/A 457,175 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,140,096 Valuation Unobservable Fair Value Techniques Inputs Ranges Weighted- Average (a) Corporate Treasury Investments $ 10,395 Discounted Cash Flows Discount Rate 3.2% - 9.0% 7.1% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 15.6% - 70.0% 67.4% Reinvestment Rate LIBOR + 400 bps N/A 195 Market Comparable Companies EBITDA Multiple 14.6 N/A 13,912 Third Party Pricing N/A N/A N/A Loans and Receivables 168,611 Discounted Cash Flows Discount Rate 7.1% - 9.5% 8.3% 19,220 Third Party Pricing N/A N/A N/A Other Investments 24,550 Discounted Cash Flows Discount Rate 0.5% - 10.3% 2.0% 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 $ 1,376,979 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 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 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 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 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 Valuation Unobservable Fair Value Techniques Inputs Ranges Weighted- Average (a) 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 - 21 13 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 The following tables summarize the changes in financial assets and liabilities measured at fair value for which has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended June 30, 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 $ 1,243,800 $ 208,226 $ 59,133 $ 1,511,159 $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 Transfer In to Level III (b) 149,275 — 3,986 153,261 152,666 — — 152,666 Transfer Out of Level III (b) (294,612 ) — (14,557 ) (309,169 ) (117,217 ) — (7,649 ) (124,866 ) Purchases 112,757 198,482 5,251 316,490 203,223 294,258 15,327 512,808 Sales (84,525 ) (218,148 ) (5,270 ) (307,943 ) (127,718 ) (110,508 ) (23,304 ) (261,530 ) Settlements — (3,038 ) — (3,038 ) — (5,634 ) (1 ) (5,635 ) Changes in Gains Included in Earnings 13,401 2,309 509 16,219 12,619 5,352 13,001 30,972 Balance, End of Period $ 1,140,096 $ 187,831 $ 49,052 $ 1,376,979 $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (2,162 ) $ (1,898 ) $ 135 $ (3,925 ) $ 146 $ 5,353 $ (49 ) $ 5,450 Level III Financial Assets at Fair Value Six Months Ended June 30, 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) 106,644 — 12,935 119,579 180,401 — — 180,401 Transfer Out of Level III (b) (400,402 ) — (27,170 ) (427,572 ) (141,104 ) — (15,717 ) (156,821 ) Purchases 179,305 270,772 12,820 462,897 408,823 370,921 19,812 799,556 Sales (145,097 ) (383,816 ) (6,141 ) (535,054 ) (260,865 ) (263,703 ) (23,479 ) (548,047 ) Settlements — (10,189 ) — (10,189 ) — (9,317 ) (4 ) (9,321 ) Changes in Gains Included in Earnings 35,630 6,891 423 42,944 37,237 9,043 14,469 60,749 Balance, End of Period $ 1,140,096 $ 187,831 $ 49,052 $ 1,376,979 $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 25,821 $ (2,657 ) $ 315 $ 23,479 $ 19,265 $ 9,044 $ (289 ) $ 28,020 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. There were no Level III financial liabilities as of and for the three and six months ended June 30, 2019 and 2018.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2019
Variable Interest Entities	9. Variable Interest Entities Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs in which​​​​​​​ it is determined that Blackstone 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. Blackstone 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 Blackstone for the consolidated VIEs’ liabilities including the liabilities of the consolidated CLO vehicles. Blackstone holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows: June 30, December 31, 2019 2018 Investments $ 1,042,214 $ 942,700 Due from Affiliates 390,467 254,744 Potential Clawback Obligation 181,283 159,691 Maximum Exposure to Loss $ 1,613,964 $ 1,357,135 Amounts Due to Non-Consolidated $ 1,994 $ 207

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2019
Repurchase Agreements	10. Repurchase Agreements At June 30, 2019, pledged securities with a carrying value of $267.9 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. At December 31, 2018, 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 ’s Repurchase Agreements obligation by type of collateral pledged: June 30, 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 $ — $ 42,034 $ 131,448 $ 34,194 $ 207,676 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 207,676 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	6 Months Ended
	Jun. 30, 2019
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of June 30, 2019 and December 31, 2018: June 30, 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 $ 40,581 $ 38,916 $ — $ 1,665 June 30, 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 $ 53,725 $ 38,205 $ 11,290 $ 4,230 Repurchase Agreements 207,676 207,676 — — $ 261,401 $ 245,881 $ 11,290 $ 4,230 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: June 30, December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements, Net $ 142,083 $ 120,372 Prepaid Expenses 159,419 110,732 Freestanding Derivatives 38,995 44,918 Other 13,756 18,226 $ 354,253 $ 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 June 30, 2019, the aggregate cash balance on deposit relating to the cash pooling arrangement was $ 1.2 1.2

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2019
Borrowings	12. Borrowings On April 10, 2019, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), issued € 600 1.500 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. June 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 5.875%, Due 3/15/2021 $ 399,174 $ 422,160 $ 398,947 $ 421,720 4.750%, Due 2/15/2023 395,700 429,440 395,166 417,600 2.000%, Due 5/19/2025 336,883 367,462 339,959 352,197 1.000%, Due 10/5/2026 673,113 687,293 679,193 647,564 3.150%, Due 10/2/2027 296,880 297,630 296,717 285,030 1.500%, Due 4/10/2029 676,634 705,990 — — 6.250%, Due 8/15/2042 238,328 314,725 238,221 289,225 5.000%, Due 6/15/2044 488,856 568,500 488,747 490,150 4.450%, Due 7/15/2045 344,097 370,300 344,038 329,770 4.000%, Due 10/2/2047 290,252 294,690 290,163 262,800 $ 4,139,917 $ 4,458,190 $ 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: June 30, 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 $ 6,527,175 4.13% 6.2 $ 6,531,550 4.20% 7.5 Subordinated Notes 321,866 (a) N/A 331,735 ( a N/A $ 6,849,041 $ 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: June 30, 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 $ 6,519,453 $ 42,750 $ 45,243 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 111,270 81,790 49,575 60,289 111,659 52,811 $ 6,630,723 $ 124,540 $ 94,818 $ 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 June 30, 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 June 30, 2019 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2019 $ — $ 316 $ 316 2020 — — — 2021 400,000 — 400,000 2022 — — — 2023 400,000 — 400,000 Thereafter 3,405,950 6,849,041 10,254,991 $ 4,205,950 $ 6,849,357 $ 11,055,307

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases	13. Leases Blackstone enters into non-cancelable The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating Lease Cost Straight-Line Lease Cost (a) $ 22,545 $ 44,410 Variable Lease Cost 3,795 6,900 Sublease Income (168 ) (332 ) $ 26,172 $ 50,978 (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 Six Months Ended June 30, 2019 June 30, 2019 Operating Cash Flows from Operating Leases $ 24,283 $ 46,415 Right-of-Use 6,995 7,383 The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of June 30, 2019: 2019 $ 40,794 2020 81,212 2021 85,914 2022 77,605 2023 75,757 Thereafter 272,369 Total Lease Payments (a) 633,651 Less: Imputed Interest (59,032 ) Present Value of Operating Lease Liabilities $ 574,619 (a) Excludes $ 113.3 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	6 Months Ended
	Jun. 30, 2019
Income Taxes	14. Income Taxes Blackstone’s effective tax rate was 5.6% and 8.2% for the three months ended June 30, 2019 and 2018, respectively, and 4.4% and 7.5% for the six months ended June 30, 2019 and 2018, respectively. Blackstone’s income tax provision was $38.7 million and $138.7 million for the three months ended June 30, 2019 and 2018, respectively, and $79.9 million and $193.2 million for the six months ended June 30, 2019 and 2018, respectively. Prior to the Conversion, Blackstone and certain of its subsidiaries operate in the U.S. as partnerships for income tax purposes (partnerships generally are not subject to federal income taxes) and generally as corporate entities in non-U.S.

Net Income Per Common Unit

Net Income Per Common Unit	6 Months Ended
	Jun. 30, 2019
Net Income Per Common Unit	15. Net Income Per Common Unit Basic and diluted net income per common unit for the three and six months ended June 30, 2019 and June 30, 2018 was calculated as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 305,792 $ 742,042 $ 787,096 $ 1,109,914 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — — 610,101 858,727 Net Income Attributable to The Blackstone Group L.P., Diluted $ 305,792 $ 742,042 $ 1,397,197 $ 1,968,641 Units Outstanding Weighted-Average Common Units Outstanding, Basic 673,655,305 681,794,492 674,079,074 678,156,936 Weighted-Average Unvested Deferred Restricted Common Units 330,639 216,118 269,196 207,526 Weighted-Average Blackstone Holdings Partnership Units — — 526,244,006 532,363,486 Weighted-Average Common Units Outstanding, Diluted 673,985,944 682,010,610 1,200,592,276 1,210,727,948 Net Income Per Common Unit, Basic $ 0.45 $ 1.09 $ 1.17 $ 1.64 Net Income Per Common Unit, Diluted $ 0.45 $ 1.09 $ 1.16 $ 1.63 Distributions Declared Per Common Unit (a) $ 0.37 $ 0.35 $ 0.95 $ 1.20 (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, Blackstone considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. Because the hypothetical conversion may result in a different tax rate, the Blackstone Holdings Partnership Units are considered anti-dilutive in certain periods and dilutive in other periods. The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Weighted-Average Blackstone Holdings Partnership Units 526,721,409 528,872,187 — — Unit/Stock 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 (the “2018 Repurchase Authorization”). During the three and six months ended June 30, 2019, Blackstone repurchased 7.0 million and 8.5 million Blackstone common units, respectively, at a total cost of $290.9 million and $343.1 million, respectively. During the three and six months ended June 30, 2018, Blackstone repurchased 2.2 million Blackstone common units at a total cost of $71.7 million. As of June 30, 2019, the amount remaining available for repurchases under the 2018 Repurchase Authorization was $115.4 million.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2019
Equity-Based Compensation	16. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under ’s Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, unit appreciation rights or other unit-based awards (units, restricted units, restricted common units, deferred restricted common units, phantom restricted common units or other unit-based awards based in whole or in part on the fair value of the Blackstone common units or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January , , had the ability to grant units under the Equity Plan. For the three and six months ended June 30, 2019, recorded compensation expense of $102.8 million and $224.0 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $15.9 million and $34.5 million, respectively. For the three and six months ended June 30, 2018, recorded compensation expense of $116.8 million and $209.0 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $20.1 million and $34.5 million, respectively. As of June 30, 2019, there was $937.1 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 3.7 years. Total vested and unvested outstanding units, including Blackstone common units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,195,112,059 as of June 30, 2019. Total outstanding unvested phantom units were 49,075 as of June 30, 2019. A summary of the status of ’s unvested equity-based awards as of June 30, 2019 and of changes during the period January 1, 2019 through June 30, 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 2,450,200 35.29 1,731,220 30.30 — — Vested (1,860,292 ) 34.71 (1,989,321 ) 29.81 (80 ) 33.47 Forfeited (92,956 ) 32.17 (268,962 ) 31.33 — — Balance, June 30, 2019 32,051,079 $ 34.11 8,785,205 $ 31.56 46,728 $ 38.69 Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2019, are expected to vest: Weighted- Average Service Period Units in Years Blackstone Holdings Partnership Units 28,301,673 3.2 Deferred Restricted Blackstone Common Units 7,618,444 2.1 Total Equity-Based Awards 35,920,117 3.0 Phantom Units 40,016 2.0

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions	17. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,668,055 $ 1,520,100 Due from Certain Non-Controlling 532,374 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 11,308 11,548 $ 2,211,737 $ 1,994,123 June 30, December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 739,226 $ 796,902 Due to Non-Consolidated 126,625 99,728 Due to Note-Holders of Consolidated CLO Vehicles 94,818 56,012 Due to Certain Non-Controlling 51,158 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 70,072 29,521 $ 1,081,899 $ 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 June 30, 2019 and December 31, 2018, such investments aggregated $885.2 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 $1.8 million and $1.2 million for the three months ended June 30, 2019 and 2018, respectively, and $4.2 million and $2.5 million for the six months ended June 30, 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 personnel and maintenance costs associated with the operation of such Personal Aircraft. Payment by Blackstone for the use of the Personal Aircraft by Blackstone employees is made based on market rates. In addition, on occasion, certain of Blackstone’s executive officers and employee directors and their families may make personal use of aircraft 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 Blackstone 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 $739.2 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies	18. Commitments and Contingencies Commitments Investment Commitments Blackstone had $3.3 billion of investment commitments as of June 30, 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 $116.3 million as of June 30, 2019 which includes $58.4 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of June 30, 2019 was $179.2 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 . 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: June 30, 2019 December 31, 2018 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 15,373 $ 9,820 $ 25,193 $ 15,770 $ 10,053 $ 25,823 Private Equity 52,493 (10,451 ) 42,042 13,296 (12,448 ) 848 Credit 1,349 1,488 2,837 1,355 1,495 2,850 $ 69,215 $ 857 $ 70,072 $ 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 , except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At June 30, 2019, $703.6 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. In the Credit segment, payment of Performance Allocations to 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 June 30, 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	6 Months Ended
	Jun. 30, 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 a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. 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 for the three months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 255,636 $ 265,139 $ 136,990 $ 147,550 $ 805,315 Transaction, Advisory and Other Fees, Net 23,990 31,526 723 5,256 61,495 Management Fee Offsets (1,686 ) (17,689 ) — (3,279 ) (22,654 ) Total Management and Advisory Fees, Net 277,940 278,976 137,713 149,527 844,156 Fee Related Performance Revenues 11,072 — — 2,552 13,624 Fee Related Compensation (97,795 ) (105,107 ) (36,622 ) (54,310 ) (293,834 ) Other Operating Expenses (40,114 ) (40,429 ) (21,112 ) (40,466 ) (142,121 ) Fee Related Earnings 151,103 133,440 79,979 57,303 421,825 Realized Performance Revenues 198,573 122,907 11,960 7,946 341,386 Realized Performance Compensation (67,742 ) (52,081 ) (2,175 ) (3,468 ) (125,466 ) Realized Principal Investment Income 47,420 42,906 12,306 20,925 123,557 Total Net Realizations 178,251 113,732 22,091 25,403 339,477 Total Segment Distributable Earnings $ 329,354 $ 247,172 $ 102,070 $ 82,706 $ 761,302 Three Months Ended June 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 249,680 $ 195,521 $ 129,553 $ 118,161 $ 692,915 Transaction, Advisory and Other Fees, Net 23,859 12,780 812 3,461 40,912 Management Fee Offsets (3,785 ) (4,351 ) — (2,697 ) (10,833 ) Total Management and Advisory Fees, Net 269,754 203,950 130,365 118,925 722,994 Fee Related Performance Revenues 45,515 — — — 45,515 Fee Related Compensation (120,783 ) (94,170 ) (40,533 ) (50,757 ) (306,243 ) Other Operating Expenses (36,026 ) (36,047 ) (18,494 ) (31,899 ) (122,466 ) Fee Related Earnings 158,460 73,733 71,338 36,269 339,800 Realized Performance Revenues 317,509 138,171 7,270 14,594 477,544 Realized Performance Compensation (94,716 ) (68,513 ) (2,546 ) (7,119 ) (172,894 ) Realized Principal Investment Income 50,199 32,600 7,766 4,082 94,647 Total Net Realizations 272,992 102,258 12,490 11,557 399,297 Total Segment Distributable Earnings $ 431,452 $ 175,991 $ 83,828 $ 47,826 $ 739,097 The following tables present the financial data for Blackstone’s four segments as of June 30, 2019 and for the six months ended June 30, 2019 and 2018: June 30, 2019 and the Six Months Then Ended Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 515,881 $ 484,556 $ 274,318 $ 288,078 $ 1,562,833 Transaction, Advisory and Other Fees, Net 47,901 68,817 1,041 8,886 126,645 Management Fee Offsets (1,966 ) (22,674 ) — (6,620 ) (31,260 ) Total Management and Advisory Fees, Net 561,816 530,699 275,359 290,344 1,658,218 Fee Related Performance Revenues 17,748 — — 3,655 21,403 Fee Related Compensation (212,611 ) (212,694 ) (79,576 ) (112,984 ) (617,865 ) Other Operating Expenses (79,100 ) (74,630 ) (38,997 ) (72,705 ) (265,432 ) Fee Related Earnings 287,853 243,375 156,786 108,310 796,324 Realized Performance Revenues 275,755 279,506 16,051 16,843 588,155 Realized Performance Compensation (97,642 ) (102,637 ) (3,588 ) (6,839 ) (210,706 ) Realized Principal Investment Income 45,289 68,045 12,023 24,108 149,465 Total Net Realizations 223,402 244,914 24,486 34,112 526,914 Total Segment Distributable Earnings $ 511,255 $ 488,289 $ 181,272 $ 142,422 $ 1,323,238 Segment Assets $ 8,305,170 $ 8,296,560 $ 2,078,511 $ 3,771,007 $ 22,451,248 Six Months Ended June 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 476,206 $ 378,482 $ 258,781 $ 286,602 $ 1,400,071 Transaction, Advisory and Other Fees, Net 46,947 23,874 1,157 6,000 77,978 Management Fee Offsets (5,453 ) (7,544 ) — (6,014 ) (19,011 ) Total Management and Advisory Fees, Net 517,700 394,812 259,938 286,588 1,459,038 Fee Related Performance Revenues 50,018 — — (666 ) 49,352 Fee Related Compensation (221,393 ) (183,736 ) (80,172 ) (117,016 ) (602,317 ) Other Operating Expenses (65,443 ) (67,198 ) (37,279 ) (59,638 ) (229,558 ) Fee Related Earnings 280,882 143,878 142,487 109,268 676,515 Realized Performance Revenues 468,690 215,294 17,447 54,484 755,915 Realized Performance Compensation (150,831 ) (101,558 ) (5,469 ) (29,865 ) (287,723 ) Realized Principal Investment Income 64,889 38,938 8,406 11,107 123,340 Total Net Realizations 382,748 152,674 20,384 35,726 591,532 Total Segment Distributable Earnings $ 663,630 $ 296,552 $ 162,871 $ 144,994 $ 1,268,047 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 and six months ended June 30, 2019 and 2018 along with Total Assets as of June 30, 2019: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues Total GAAP Revenues $ 1,486,806 $ 2,632,570 $ 3,511,677 $ 4,401,701 Less: Unrealized Performance Revenues (a) (157,398 ) (440,424 ) (821,731 ) (1,068,763 ) Less: Unrealized Principal Investment (Income) 56,353 (52,126 ) (83,572 ) (66,104 ) Less: Interest and Dividend Revenue (c) (45,991 ) (41,727 ) (92,690 ) (78,112 ) Less: Other Revenue (d) 20,150 (94,416 ) 6,961 (33,522 ) Impact of Consolidation (e) (35,119 ) (82,752 ) (104,968 ) (186,276 ) Amortization of Intangibles (f) 387 387 774 774 Transaction-Related Charges (g) (4,174 ) (582,105 ) (2,706 ) (584,687 ) Intersegment Eliminations 1,709 1,293 3,496 2,634 Total Segment Revenue (h) $ 1,322,723 $ 1,340,700 $ 2,417,241 $ 2,387,645 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Expenses Total GAAP Expenses $ 862,240 $ 1,016,381 $ 1,903,404 $ 1,999,312 Less: Unrealized Performance Allocations Compensation (i) (64,518 ) (189,991 ) (351,533 ) (444,426 ) Less: Equity-Based Compensation (j) (53,105 ) (34,394 ) (119,881 ) (78,542 ) Less: Interest Expense (k) (43,230 ) (38,885 ) (84,868 ) (77,123 ) Impact of Consolidation (e) (14,411 ) (26,288 ) (25,272 ) (86,187 ) Amortization of Intangibles (f) (16,096 ) (14,486 ) (32,192 ) (28,972 ) Transaction-Related Charges (g) (111,168 ) (112,027 ) (199,151 ) (167,098 ) Intersegment Eliminations 1,709 1,293 3,496 2,634 Total Segment Expenses (l) $ 561,421 $ 601,603 $ 1,094,003 $ 1,119,598 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Other Income Total GAAP Other Income $ 61,131 $ 73,519 $ 191,456 $ 184,118 Impact of Consolidation (e) (61,131 ) (73,519 ) (191,456 ) (184,118 ) Total Segment Other Income $ — $ — $ — $ — Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 685,697 $ 1,689,708 $ 1,799,729 $ 2,586,507 Less: Unrealized Performance Revenues (a) (157,398 ) (440,424 ) (821,731 ) (1,068,763 ) Less: Unrealized Principal Investment (Income) Loss (b) 56,353 (52,126 ) (83,572 ) (66,104 ) Less: Interest and Dividend Revenue (c) (45,991 ) (41,727 ) (92,690 ) (78,112 ) Less: Other Revenue (d) 20,150 (94,416 ) 6,961 (33,522 ) Plus: Unrealized Performance Allocations Compensation (i) 64,518 189,991 351,533 444,426 Plus: Equity-Based Compensation (j) 53,105 34,394 119,881 78,542 Plus: Interest Expense (k) 43,230 38,885 84,868 77,123 Impact of Consolidation (e) (81,839 ) (129,983 ) (271,152 ) (284,207 ) Amortization of Intangibles (f) 16,483 14,873 32,966 29,746 Transaction-Related Charges (g) 106,994 (470,078 ) 196,445 (417,589 ) Total Segment Distributable Earnings $ 761,302 $ 739,097 $ 1,323,238 $ 1,268,047 As of June 30, 2019 Total Assets Total GAAP Assets $ 30,972,213 Impact of Consolidation (e) (8,520,965 ) Total Segment Assets $ 22,451,248 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) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. 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: (l) Total Segment Expenses is comprised of the following: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total Segment Fee Related Compensation $ 293,834 $ 306,243 $ 617,865 $ 602,317 Total Segment Realized Performance Compensation 125,466 172,894 210,706 287,723 Total Segment Other Operating Expenses 142,121 122,466 265,432 229,558 Total Segment Expenses $ 561,421 $ 601,603 $ 1,094,003 $ 1,119,598 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 and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Management and Advisory Fees, Net GAAP $ 840,378 $ 721,384 $ 1,650,104 $ 1,450,233 Segment Adjustment (a) 3,778 1,610 8,114 8,805 Total Segment $ 844,156 $ 722,994 $ 1,658,218 $ 1,459,038 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 21,915 $ 19,378 $ 34,047 $ 31,944 Investment Income - Realized Performance Allocations 332,520 503,376 574,895 773,016 GAAP 354,435 522,754 608,942 804,960 Total Segment Less: Realized Performance Revenues (341,386 ) (477,544 ) (588,155 ) (755,915 ) Segment Adjustment (b) 575 305 616 307 Total Segment $ 13,624 $ 45,515 $ 21,403 $ 49,352 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 438,521 $ 427,479 $ 909,918 $ 816,882 Incentive Fee Compensation 8,886 9,743 14,292 16,405 Realized Performance Allocations Compensation 125,825 186,398 212,220 298,460 GAAP 573,232 623,620 1,136,430 1,131,747 Total Segment Less: Realized Performance Compensation (125,466 ) (172,894 ) (210,706 ) (287,723 ) Less: Equity-Based Compensation - Operating Compensation (50,225 ) (31,483 ) (113,933 ) (71,731 ) Less: Equity-Based Compensation - Performance Compensation (2,880 ) (2,911 ) (5,948 ) (6,811 ) Segment Adjustment (c) (100,827 ) (110,089 ) (187,978 ) (163,165 ) Total Segment $ 293,834 $ 306,243 $ 617,865 $ 602,317 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 175,308 $ 145,828 $ 321,370 $ 272,541 Segment Adjustment (d) (33,187 ) (23,362 ) (55,938 ) (42,983 ) Total Segment $ 142,121 $ 122,466 $ 265,432 $ 229,558 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 21,915 $ 19,378 $ 34,047 $ 31,944 Investment Income - Realized Performance Allocations 332,520 503,376 574,895 773,016 GAAP 354,435 522,754 608,942 804,960 Total Segment Less: Fee Related Performance Revenues (13,624 ) (45,515 ) (21,403 ) (49,352 ) Segment Adjustment (b) 575 305 616 307 Total Segment $ 341,386 $ 477,544 $ 588,155 $ 755,915 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 8,886 $ 9,743 $ 14,292 $ 16,405 Realized Performance Allocation Compensation 125,825 186,398 212,220 298,460 GAAP 134,711 196,141 226,512 314,865 Total Segment Less: Fee Related Performance Compensation (6,365 ) (20,336 ) (9,858 ) (20,331 ) Less: Equity-Based Compensation - Performance Compensation (2,880 ) (2,911 ) (5,948 ) (6,811 ) Total Segment $ 125,466 $ 172,894 $ 210,706 $ 287,723 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Principal Investment Income GAAP $ 145,040 $ 129,197 $ 218,301 $ 171,342 Segment Adjustment (e) (21,483 ) (34,550 ) (68,836 ) (48,002 ) Total Segment $ 123,557 $ 94,647 $ 149,465 $ 123,340 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 Management and Advisory Fees, Net 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 Management and Advisory Fees, Net 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	6 Months Ended
	Jun. 30, 2019
Subsequent Events	20. Subsequent Events Effective July 1, 2019, The Blackstone Group L.P. converted from a Delaware limited partnership to a Delaware corporation, The Blackstone Group Inc. See Note 1. “Organization”.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone 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. ’s Annual Report on Form 10-K for the year ended December , filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of , its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which 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 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 Blackstone 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. Blackstone 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, 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 holds a variable interest is a VIE and (b) whether ’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. Blackstone 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 is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by . The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by , affiliates of 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, 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 ’s Performance Allocations and Principal Investments. Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments held by . 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 Blackstone 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 Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone 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 Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone 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 Blackstone’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 Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone 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, Blackstone 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 share of the results of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). 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, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone 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 Blackstone 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. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone 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 interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, including certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Senior and subordinated notes issued by CLO vehicles are classified within Level II of the fair value hierarchy. ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’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 Real Estate Investments – Private Equity 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, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone 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. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Blackstone 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, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side-pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value”. Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which Blackstone 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. Blackstone 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, Blackstone’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 Blackstone’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), Blackstone’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, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone 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 Blackstone 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. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone 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 date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation —
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. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value. Blackstone 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 Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone 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 Blackstone has borrowed and sold. Blackstone 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. Blackstone 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 Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone 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. Blackstone 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 Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone 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, Blackstone 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. Blackstone 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, Blackstone 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 Blackstone, 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. Blackstone 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 Blackstone, 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 Assets and Operating Lease Liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Blackstone determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and Operating Lease Liability when they are reasonably certain of exercise. 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 Financial Accounting Standards Board 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 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)	6 Months Ended
	Jun. 30, 2019
Intangible Assets, Net	Intangible Assets, Net consists of the following: June 30, December 31, 2019 2018 Finite-Lived Intangible Assets / Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,279,569 ) (1,244,069 ) Intangible Assets, Net $ 433,007 $ 468,507

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments	Investments consist of the following: June 30, December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,633,794 $ 8,376,338 Equity Method Investments Partnership Investments 3,802,565 3,649,423 Accrued Performance Allocations 6,743,542 5,883,924 Corporate Treasury Investments 2,797,908 2,206,493 Other Investments 264,231 260,853 $ 22,242,040 $ 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Gains $ 5,198 $ 52,236 $ 2,286 $ 34,378 Net Change in Unrealized Gains (Losses) 6,257 (22,278 ) 112,260 74,963 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 11,455 29,958 114,546 109,341 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 49,676 43,561 76,910 74,777 Other Income - Net Gains from Fund Investment Activities $ 61,131 $ 73,519 $ 191,456 $ 184,118
Performance Fees Allocated to Funds	Accrued Performance Allocations Accrued Performance Allocations to Blackstone 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 832,342 435,425 70,690 105,164 1,443,621 Foreign Exchange Loss (3,300 ) — — — (3,300 ) Fund Distributions (268,978 ) (291,911 ) (1,605 ) (18,209 ) (580,703 ) Accrued Performance Allocations, June 30, 2019 $ 3,413,325 $ 2,785,633 $ 92,006 $ 452,578 $ 6,743,542
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Gains $ 22,983 $ 4,774 $ 23,300 $ 7,113 Net Change in Unrealized Gains (Losses) 558 (6,702 ) 49,217 (14,896 ) $ 23,541 $ (1,928 ) $ 72,517 $ (7,783 )
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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Gains $ 21,491 $ 16,207 $ 45,727 $ 16,319 Net Change in Unrealized Gains (Losses) (3,933 ) 49,643 6,789 45,411 $ 17,558 $ 65,850 $ 52,516 $ 61,730

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 217,399 $ 126 (a) (a) Credit Driven 84,306 268 (b) (b) Equity 36,859 — (c) (c) Commodities 1,720 — (d) (d) $ 340,284 $ 394 (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 29% 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 71% 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 12% 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)	6 Months Ended
	Jun. 30, 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. June 30, 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 $ 1,000,426 $ 38,299 $ 488,463 $ 47,845 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 167,699 615 106,500 444 224,841 1,286 245,371 1,636 Credit Default Swaps 2,204 81 29,205 1,200 — — 34,060 4,004 Investments of Foreign Currency Contracts 29,931 863 78,769 814 108,271 524 16,952 164 Interest Rate Contracts — — 28,000 1,382 — — 10,000 311 Credit Default Swaps 12,612 535 59,888 2,435 20,952 55 46,685 5,710 Total Return Swaps 10,851 15 22,567 382 — — 31,440 1,855 Equity Options 1 173 1 19 — — — — $ 1,223,724 $ 40,581 $ 813,393 $ 54,521 $ 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 Six Months Ended 2019 2018 2019 2018 Net Investment Hedges - Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ — $ (8 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (416 ) $ 449 $ (2,664 ) $ 2,070 Foreign Currency Contracts (1,526 ) 12,321 146 8,238 Credit Default Swaps 881 (107 ) 1,991 (508 ) Total Return Swaps (275 ) 173 (395 ) 174 Equity Options (124 ) — (132 ) — $ (1,460 ) $ 12,836 $ (1,054 ) $ 9,974 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ (2,892 ) $ 37,261 $ (11,155 ) $ (39 ) Foreign Currency Contracts 1,773 1,456 209 (2,272 ) Credit Default Swaps (294 ) 615 3,647 488 Total Return Swaps 393 (5 ) 1,371 52 Equity Options 115 — 65 — $ (905 ) $ 39,327 $ (5,863 ) $ (1,771 )

Fair Value Option (Tables)

Fair Value Option (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2019 2018 Assets Loans and Receivables $ 187,831 $ 304,173 Equity and Preferred Securities 223,630 390,095 Debt Securities 576,306 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,969,542 6,766,700 Other 988 — $ 7,958,297 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,474,210 $ 6,473,233 Due to Affiliates 45,243 3,201 Subordinated Notes Loans Payable 61,695 7,478 Due to Affiliates 49,575 52,811 $ 6,630,723 $ 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 tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains Gains (Losses) Assets Loans and Receivables $ (747 ) $ (1,897 ) $ — $ — Equity and Preferred Securities 9,907 (67 ) — (2,095 ) Debt Securities (3,325 ) 1,817 15 (2,878 ) Assets of Consolidated CLO Vehicles Corporate Loans (10,549 ) (18,025 ) 1,074 (25,896 ) Other — 350 — — $ (4,714 ) $ (17,822 ) $ 1,089 $ (30,869 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 6,667 $ — $ — Subordinated Notes — 15,163 — 16,846 $ — $ 21,830 $ — $ 16,846 Six Months Ended June 30, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (1,831 ) $ (2,657 ) $ — $ — Equity and Preferred Securities 9,908 22,298 — (1,867 ) Debt Securities (3,360 ) 16,749 827 (2,297 ) Assets of Consolidated CLO Vehicles Corporate Loans (14,400 ) 161,777 (4,399 ) (7,046 ) Corporate Bonds — — (24,056 ) 9,693 Other — 350 — 6 $ (9,683 ) $ 198,517 $ (27,628 ) $ (1,511 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (44,893 ) $ — $ — Subordinated Notes — (50,981 ) — 60,460 $ — $ (95,874 ) $ — $ 60,460
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: June 30, 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 $ (878 ) $ — $ — $ 2,421 $ — $ — Debt Securities (10,920 ) — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (151,535 ) — — (301,085 ) — — Other 350 — — — — — $ (162,983 ) $ — $ — $ (325,324 ) $ — $ — (a) Corporate Loans 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)	6 Months Ended
	Jun. 30, 2019
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: June 30, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 199,590 $ — $ — $ — $ 199,590 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 61,345 61,345 Equity Securities 36,056 40,670 196,319 — 273,045 Partnership and LLC Interests — 21,371 345,479 — 366,850 Debt Instruments — 819,352 141,086 — 960,438 Freestanding Derivatives Foreign Currency Contracts — 863 — — 863 Credit Default Swaps — 535 — — 535 Total Return Swaps — 15 — — 15 Equity Options — 173 — — 173 Assets of Consolidated CLO Vehicles Corporate Loans — 6,513,318 456,224 — 6,969,542 Other — — 988 — 988 Total Investments of Consolidated Blackstone Funds 36,056 7,396,297 1,140,096 61,345 8,633,794 Corporate Treasury Investments Equity Securities 454,441 — — — 454,441 Debt Instruments 503,285 1,544,063 24,307 — 2,071,655 Other — — 195 271,617 271,812 Total Corporate Treasury Investments 957,726 1,544,063 24,502 271,617 2,797,908 Other Investments 183,436 — 24,550 7,322 215,308 Total Investments 1,177,218 8,940,360 1,189,148 340,284 11,647,010 Accounts Receivable - Loans and Receivables — — 187,831 — 187,831 Other Assets Freestanding Derivatives Interest Rate Contracts 548 37,751 — — 38,299 Foreign Currency Contracts — 615 — — 615 Credit Default Swaps — 81 — — 81 Total Other Assets 548 38,447 — — 38,995 $ 1,377,356 $ 8,978,807 $ 1,376,979 $ 340,284 $ 12,073,426 June 30, 2019 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,474,210 $ — $ 6,474,210 Subordinated Notes (b) — 61,695 — 61,695 Total Loans Payable — 6,535,905 — 6,535,905 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 45,243 — 45,243 Subordinated Notes (b) — 49,575 — 49,575 Total Due to Affiliates — 94,818 — 94,818 Securities Sold, Not Yet Purchased 33,870 94,642 — 128,512 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 814 — 814 Credit Default Swaps — 2,435 — 2,435 Total Return Swaps — 382 — 382 Interest Rate Swaps — 1,382 — 1,382 Equity Options — 19 — 19 Total Liabilities of Consolidated Blackstone Funds — 5,032 — 5,032 Freestanding Derivatives Interest Rate Contracts 833 47,012 — 47,845 Foreign Currency Contracts — 444 — 444 Credit Default Swaps — 1,200 — 1,200 Total Freestanding Derivatives 833 48,656 — 49,489 Total Accounts Payable, Accrued Expenses and Other Liabilities 833 53,688 — 54,521 $ 34,703 $ 6,779,053 $ — $ 6,813,756 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 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, Blackstone 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 Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone 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 June 30, 2019: Valuation Unobservable Weighted- Fair Value Techniques Inputs Ranges Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 175,622 Discounted Cash Flows Discount Rate 4.9% - 32.1% 12.6% Revenue CAGR -4.9 6.7% Book Value Multiple 0.9x - 9.5x 8.9x Exit Capitalization Rate 3.8% - 11.4% 7.7% Exit Multiple - EBITDA 0.1x - 16.5x 10.1x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 7,364 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $7.0 - $18.0 $16.4 EBITDA Multiple 8.0x - 13.0x 10.0x 8,344 Other N/A N/A N/A 4,523 Transaction Price N/A N/A N/A 466 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 304,234 Discounted Cash Flows Discount Rate 3.8% - 26.5% 9.5% Revenue CAGR -4.9 17.6% Exit Capitalization Rate 2.7% - 15.5% 5.7% Exit Multiple - EBITDA 3.5x - 15.7x 9.9x Exit Multiple - NOI 13.3x N/A 8,332 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $6.5 - $12.0 $8.1 3,087 Other N/A N/A N/A 763 Third Party Pricing N/A N/A N/A 29,063 Transaction Price N/A N/A N/A Debt Instruments 12,664 Discounted Cash Flows Discount Rate 7.0% - 28.5% 9.9% Exit Capitalization Rate 4.2% - 8.0% 5.8% Exit Multiple - EBITDA 6.5x - 10.5x 9.3x 92,068 Third Party Pricing N/A N/A N/A 13 Other N/A N/A N/A 36,341 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 37 Discounted Cash Flows Discount Rate 1.7% N/A 457,175 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,140,096 Valuation Unobservable Fair Value Techniques Inputs Ranges Weighted- Average (a) Corporate Treasury Investments $ 10,395 Discounted Cash Flows Discount Rate 3.2% - 9.0% 7.1% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 15.6% - 70.0% 67.4% Reinvestment Rate LIBOR + 400 bps N/A 195 Market Comparable Companies EBITDA Multiple 14.6 N/A 13,912 Third Party Pricing N/A N/A N/A Loans and Receivables 168,611 Discounted Cash Flows Discount Rate 7.1% - 9.5% 8.3% 19,220 Third Party Pricing N/A N/A N/A Other Investments 24,550 Discounted Cash Flows Discount Rate 0.5% - 10.3% 2.0% 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 $ 1,376,979 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 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 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 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 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 Valuation Unobservable Fair Value Techniques Inputs Ranges Weighted- Average (a) 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 - 21 13 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 has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended June 30, 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 $ 1,243,800 $ 208,226 $ 59,133 $ 1,511,159 $ 963,151 $ 163,135 $ 117,349 $ 1,243,635 Transfer In to Level III (b) 149,275 — 3,986 153,261 152,666 — — 152,666 Transfer Out of Level III (b) (294,612 ) — (14,557 ) (309,169 ) (117,217 ) — (7,649 ) (124,866 ) Purchases 112,757 198,482 5,251 316,490 203,223 294,258 15,327 512,808 Sales (84,525 ) (218,148 ) (5,270 ) (307,943 ) (127,718 ) (110,508 ) (23,304 ) (261,530 ) Settlements — (3,038 ) — (3,038 ) — (5,634 ) (1 ) (5,635 ) Changes in Gains Included in Earnings 13,401 2,309 509 16,219 12,619 5,352 13,001 30,972 Balance, End of Period $ 1,140,096 $ 187,831 $ 49,052 $ 1,376,979 $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (2,162 ) $ (1,898 ) $ 135 $ (3,925 ) $ 146 $ 5,353 $ (49 ) $ 5,450 Level III Financial Assets at Fair Value Six Months Ended June 30, 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) 106,644 — 12,935 119,579 180,401 — — 180,401 Transfer Out of Level III (b) (400,402 ) — (27,170 ) (427,572 ) (141,104 ) — (15,717 ) (156,821 ) Purchases 179,305 270,772 12,820 462,897 408,823 370,921 19,812 799,556 Sales (145,097 ) (383,816 ) (6,141 ) (535,054 ) (260,865 ) (263,703 ) (23,479 ) (548,047 ) Settlements — (10,189 ) — (10,189 ) — (9,317 ) (4 ) (9,321 ) Changes in Gains Included in Earnings 35,630 6,891 423 42,944 37,237 9,043 14,469 60,749 Balance, End of Period $ 1,140,096 $ 187,831 $ 49,052 $ 1,376,979 $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 25,821 $ (2,657 ) $ 315 $ 23,479 $ 19,265 $ 9,044 $ (289 ) $ 28,020 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. There were no Level III financial liabilities as of and for the three and six months ended June 30, 2019 and 2018.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2019
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows: June 30, December 31, 2019 2018 Investments $ 1,042,214 $ 942,700 Due from Affiliates 390,467 254,744 Potential Clawback Obligation 181,283 159,691 Maximum Exposure to Loss $ 1,613,964 $ 1,357,135 Amounts Due to Non-Consolidated $ 1,994 $ 207

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2019
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding ’s Repurchase Agreements obligation by type of collateral pledged: June 30, 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 $ — $ 42,034 $ 131,448 $ 34,194 $ 207,676 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 207,676 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)	6 Months Ended
	Jun. 30, 2019
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of June 30, 2019 and December 31, 2018: June 30, 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 $ 40,581 $ 38,916 $ — $ 1,665 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
Offsetting of Liabilities	June 30, 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 $ 53,725 $ 38,205 $ 11,290 $ 4,230 Repurchase Agreements 207,676 207,676 — — $ 261,401 $ 245,881 $ 11,290 $ 4,230 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.
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: June 30, December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements, Net $ 142,083 $ 120,372 Prepaid Expenses 159,419 110,732 Freestanding Derivatives 38,995 44,918 Other 13,756 18,226 $ 354,253 $ 294,248

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2019
Carrying Value and Fair Value of Blackstone Issued Notes	June 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 5.875%, Due 3/15/2021 $ 399,174 $ 422,160 $ 398,947 $ 421,720 4.750%, Due 2/15/2023 395,700 429,440 395,166 417,600 2.000%, Due 5/19/2025 336,883 367,462 339,959 352,197 1.000%, Due 10/5/2026 673,113 687,293 679,193 647,564 3.150%, Due 10/2/2027 296,880 297,630 296,717 285,030 1.500%, Due 4/10/2029 676,634 705,990 — — 6.250%, Due 8/15/2042 238,328 314,725 238,221 289,225 5.000%, Due 6/15/2044 488,856 568,500 488,747 490,150 4.450%, Due 7/15/2045 344,097 370,300 344,038 329,770 4.000%, Due 10/2/2047 290,252 294,690 290,163 262,800 $ 4,139,917 $ 4,458,190 $ 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: June 30, 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 $ 6,527,175 4.13% 6.2 $ 6,531,550 4.20% 7.5 Subordinated Notes 321,866 (a) N/A 331,735 ( a N/A $ 6,849,041 $ 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: June 30, 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 $ 6,519,453 $ 42,750 $ 45,243 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 111,270 81,790 49,575 60,289 111,659 52,811 $ 6,630,723 $ 124,540 $ 94,818 $ 6,536,723 $ 114,909 $ 56,012
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of June 30, 2019 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2019 $ — $ 316 $ 316 2020 — — — 2021 400,000 — 400,000 2022 — — — 2023 400,000 — 400,000 Thereafter 3,405,950 6,849,041 10,254,991 $ 4,205,950 $ 6,849,357 $ 11,055,307

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating Lease Cost Straight-Line Lease Cost (a) $ 22,545 $ 44,410 Variable Lease Cost 3,795 6,900 Sublease Income (168 ) (332 ) $ 26,172 $ 50,978 (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 Six Months Ended June 30, 2019 June 30, 2019 Operating Cash Flows from Operating Leases $ 24,283 $ 46,415 Right-of-Use 6,995 7,383
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 June 30, 2019: 2019 $ 40,794 2020 81,212 2021 85,914 2022 77,605 2023 75,757 Thereafter 272,369 Total Lease Payments (a) 633,651 Less: Imputed Interest (59,032 ) Present Value of Operating Lease Liabilities $ 574,619 (a) Excludes $ 113.3
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)	6 Months Ended
	Jun. 30, 2019
Basic and Diluted Net Income Per Common Unit	15. Net Income Per Common Unit Basic and diluted net income per common unit for the three and six months ended June 30, 2019 and June 30, 2018 was calculated as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net Income for Per Common Unit Calculations Net Income Attributable to The Blackstone Group L.P., Basic $ 305,792 $ 742,042 $ 787,096 $ 1,109,914 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — — 610,101 858,727 Net Income Attributable to The Blackstone Group L.P., Diluted $ 305,792 $ 742,042 $ 1,397,197 $ 1,968,641 Units Outstanding Weighted-Average Common Units Outstanding, Basic 673,655,305 681,794,492 674,079,074 678,156,936 Weighted-Average Unvested Deferred Restricted Common Units 330,639 216,118 269,196 207,526 Weighted-Average Blackstone Holdings Partnership Units — — 526,244,006 532,363,486 Weighted-Average Common Units Outstanding, Diluted 673,985,944 682,010,610 1,200,592,276 1,210,727,948 Net Income Per Common Unit, Basic $ 0.45 $ 1.09 $ 1.17 $ 1.64 Net Income Per Common Unit, Diluted $ 0.45 $ 1.09 $ 1.16 $ 1.63 Distributions Declared Per Common Unit (a) $ 0.37 $ 0.35 $ 0.95 $ 1.20 (a) Distributions declared reflects the calendar date of the declaration for each distribution.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Weighted-Average Blackstone Holdings Partnership Units 526,721,409 528,872,187 — —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of ’s unvested equity-based awards as of June 30, 2019 and of changes during the period January 1, 2019 through June 30, 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 2,450,200 35.29 1,731,220 30.30 — — Vested (1,860,292 ) 34.71 (1,989,321 ) 29.81 (80 ) 33.47 Forfeited (92,956 ) 32.17 (268,962 ) 31.33 — — Balance, June 30, 2019 32,051,079 $ 34.11 8,785,205 $ 31.56 46,728 $ 38.69
Unvested Units, After Expected Forfeitures	The following unvested units, after expected forfeitures, as of June 30, 2019, are expected to vest: Weighted- Average Service Period Units in Years Blackstone Holdings Partnership Units 28,301,673 3.2 Deferred Restricted Blackstone Common Units 7,618,444 2.1 Total Equity-Based Awards 35,920,117 3.0 Phantom Units 40,016 2.0

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: June 30, December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,668,055 $ 1,520,100 Due from Certain Non-Controlling 532,374 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 11,308 11,548 $ 2,211,737 $ 1,994,123 June 30, December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 739,226 $ 796,902 Due to Non-Consolidated 126,625 99,728 Due to Note-Holders of Consolidated CLO Vehicles 94,818 56,012 Due to Certain Non-Controlling 51,158 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 70,072 29,521 $ 1,081,899 $ 1,035,776

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: June 30, 2019 December 31, 2018 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 15,373 $ 9,820 $ 25,193 $ 15,770 $ 10,053 $ 25,823 Private Equity 52,493 (10,451 ) 42,042 13,296 (12,448 ) 848 Credit 1,349 1,488 2,837 1,355 1,495 2,850 $ 69,215 $ 857 $ 70,072 $ 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)	6 Months Ended
	Jun. 30, 2019
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments for the three months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 255,636 $ 265,139 $ 136,990 $ 147,550 $ 805,315 Transaction, Advisory and Other Fees, Net 23,990 31,526 723 5,256 61,495 Management Fee Offsets (1,686 ) (17,689 ) — (3,279 ) (22,654 ) Total Management and Advisory Fees, Net 277,940 278,976 137,713 149,527 844,156 Fee Related Performance Revenues 11,072 — — 2,552 13,624 Fee Related Compensation (97,795 ) (105,107 ) (36,622 ) (54,310 ) (293,834 ) Other Operating Expenses (40,114 ) (40,429 ) (21,112 ) (40,466 ) (142,121 ) Fee Related Earnings 151,103 133,440 79,979 57,303 421,825 Realized Performance Revenues 198,573 122,907 11,960 7,946 341,386 Realized Performance Compensation (67,742 ) (52,081 ) (2,175 ) (3,468 ) (125,466 ) Realized Principal Investment Income 47,420 42,906 12,306 20,925 123,557 Total Net Realizations 178,251 113,732 22,091 25,403 339,477 Total Segment Distributable Earnings $ 329,354 $ 247,172 $ 102,070 $ 82,706 $ 761,302 Three Months Ended June 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 249,680 $ 195,521 $ 129,553 $ 118,161 $ 692,915 Transaction, Advisory and Other Fees, Net 23,859 12,780 812 3,461 40,912 Management Fee Offsets (3,785 ) (4,351 ) — (2,697 ) (10,833 ) Total Management and Advisory Fees, Net 269,754 203,950 130,365 118,925 722,994 Fee Related Performance Revenues 45,515 — — — 45,515 Fee Related Compensation (120,783 ) (94,170 ) (40,533 ) (50,757 ) (306,243 ) Other Operating Expenses (36,026 ) (36,047 ) (18,494 ) (31,899 ) (122,466 ) Fee Related Earnings 158,460 73,733 71,338 36,269 339,800 Realized Performance Revenues 317,509 138,171 7,270 14,594 477,544 Realized Performance Compensation (94,716 ) (68,513 ) (2,546 ) (7,119 ) (172,894 ) Realized Principal Investment Income 50,199 32,600 7,766 4,082 94,647 Total Net Realizations 272,992 102,258 12,490 11,557 399,297 Total Segment Distributable Earnings $ 431,452 $ 175,991 $ 83,828 $ 47,826 $ 739,097 The following tables present the financial data for Blackstone’s four segments as of June 30, 2019 and for the six months ended June 30, 2019 and 2018: June 30, 2019 and the Six Months Then Ended Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 515,881 $ 484,556 $ 274,318 $ 288,078 $ 1,562,833 Transaction, Advisory and Other Fees, Net 47,901 68,817 1,041 8,886 126,645 Management Fee Offsets (1,966 ) (22,674 ) — (6,620 ) (31,260 ) Total Management and Advisory Fees, Net 561,816 530,699 275,359 290,344 1,658,218 Fee Related Performance Revenues 17,748 — — 3,655 21,403 Fee Related Compensation (212,611 ) (212,694 ) (79,576 ) (112,984 ) (617,865 ) Other Operating Expenses (79,100 ) (74,630 ) (38,997 ) (72,705 ) (265,432 ) Fee Related Earnings 287,853 243,375 156,786 108,310 796,324 Realized Performance Revenues 275,755 279,506 16,051 16,843 588,155 Realized Performance Compensation (97,642 ) (102,637 ) (3,588 ) (6,839 ) (210,706 ) Realized Principal Investment Income 45,289 68,045 12,023 24,108 149,465 Total Net Realizations 223,402 244,914 24,486 34,112 526,914 Total Segment Distributable Earnings $ 511,255 $ 488,289 $ 181,272 $ 142,422 $ 1,323,238 Segment Assets $ 8,305,170 $ 8,296,560 $ 2,078,511 $ 3,771,007 $ 22,451,248 Six Months Ended June 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 476,206 $ 378,482 $ 258,781 $ 286,602 $ 1,400,071 Transaction, Advisory and Other Fees, Net 46,947 23,874 1,157 6,000 77,978 Management Fee Offsets (5,453 ) (7,544 ) — (6,014 ) (19,011 ) Total Management and Advisory Fees, Net 517,700 394,812 259,938 286,588 1,459,038 Fee Related Performance Revenues 50,018 — — (666 ) 49,352 Fee Related Compensation (221,393 ) (183,736 ) (80,172 ) (117,016 ) (602,317 ) Other Operating Expenses (65,443 ) (67,198 ) (37,279 ) (59,638 ) (229,558 ) Fee Related Earnings 280,882 143,878 142,487 109,268 676,515 Realized Performance Revenues 468,690 215,294 17,447 54,484 755,915 Realized Performance Compensation (150,831 ) (101,558 ) (5,469 ) (29,865 ) (287,723 ) Realized Principal Investment Income 64,889 38,938 8,406 11,107 123,340 Total Net Realizations 382,748 152,674 20,384 35,726 591,532 Total Segment Distributable Earnings $ 663,630 $ 296,552 $ 162,871 $ 144,994 $ 1,268,047
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 and six months ended June 30, 2019 and 2018 along with Total Assets as of June 30, 2019: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues Total GAAP Revenues $ 1,486,806 $ 2,632,570 $ 3,511,677 $ 4,401,701 Less: Unrealized Performance Revenues (a) (157,398 ) (440,424 ) (821,731 ) (1,068,763 ) Less: Unrealized Principal Investment (Income) 56,353 (52,126 ) (83,572 ) (66,104 ) Less: Interest and Dividend Revenue (c) (45,991 ) (41,727 ) (92,690 ) (78,112 ) Less: Other Revenue (d) 20,150 (94,416 ) 6,961 (33,522 ) Impact of Consolidation (e) (35,119 ) (82,752 ) (104,968 ) (186,276 ) Amortization of Intangibles (f) 387 387 774 774 Transaction-Related Charges (g) (4,174 ) (582,105 ) (2,706 ) (584,687 ) Intersegment Eliminations 1,709 1,293 3,496 2,634 Total Segment Revenue (h) $ 1,322,723 $ 1,340,700 $ 2,417,241 $ 2,387,645 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Expenses Total GAAP Expenses $ 862,240 $ 1,016,381 $ 1,903,404 $ 1,999,312 Less: Unrealized Performance Allocations Compensation (i) (64,518 ) (189,991 ) (351,533 ) (444,426 ) Less: Equity-Based Compensation (j) (53,105 ) (34,394 ) (119,881 ) (78,542 ) Less: Interest Expense (k) (43,230 ) (38,885 ) (84,868 ) (77,123 ) Impact of Consolidation (e) (14,411 ) (26,288 ) (25,272 ) (86,187 ) Amortization of Intangibles (f) (16,096 ) (14,486 ) (32,192 ) (28,972 ) Transaction-Related Charges (g) (111,168 ) (112,027 ) (199,151 ) (167,098 ) Intersegment Eliminations 1,709 1,293 3,496 2,634 Total Segment Expenses (l) $ 561,421 $ 601,603 $ 1,094,003 $ 1,119,598 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Other Income Total GAAP Other Income $ 61,131 $ 73,519 $ 191,456 $ 184,118 Impact of Consolidation (e) (61,131 ) (73,519 ) (191,456 ) (184,118 ) Total Segment Other Income $ — $ — $ — $ — Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 685,697 $ 1,689,708 $ 1,799,729 $ 2,586,507 Less: Unrealized Performance Revenues (a) (157,398 ) (440,424 ) (821,731 ) (1,068,763 ) Less: Unrealized Principal Investment (Income) Loss (b) 56,353 (52,126 ) (83,572 ) (66,104 ) Less: Interest and Dividend Revenue (c) (45,991 ) (41,727 ) (92,690 ) (78,112 ) Less: Other Revenue (d) 20,150 (94,416 ) 6,961 (33,522 ) Plus: Unrealized Performance Allocations Compensation (i) 64,518 189,991 351,533 444,426 Plus: Equity-Based Compensation (j) 53,105 34,394 119,881 78,542 Plus: Interest Expense (k) 43,230 38,885 84,868 77,123 Impact of Consolidation (e) (81,839 ) (129,983 ) (271,152 ) (284,207 ) Amortization of Intangibles (f) 16,483 14,873 32,966 29,746 Transaction-Related Charges (g) 106,994 (470,078 ) 196,445 (417,589 ) Total Segment Distributable Earnings $ 761,302 $ 739,097 $ 1,323,238 $ 1,268,047 As of June 30, 2019 Total Assets Total GAAP Assets $ 30,972,213 Impact of Consolidation (e) (8,520,965 ) Total Segment Assets $ 22,451,248 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) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total Segment Management and Advisory Fees, Net $ 844,156 $ 722,994 $ 1,658,218 $ 1,459,038 Total Segment Fee Related Performance Revenues 13,624 45,515 21,403 49,352 Total Segment Realized Performance Revenues 341,386 477,544 588,155 755,915 Total Segment Realized Principal Investment Income 123,557 94,647 149,465 123,340 Total Segment Revenues $ 1,322,723 $ 1,340,700 $ 2,417,241 $ 2,387,645 (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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total Segment Fee Related Compensation $ 293,834 $ 306,243 $ 617,865 $ 602,317 Total Segment Realized Performance Compensation 125,466 172,894 210,706 287,723 Total Segment Other Operating Expenses 142,121 122,466 265,432 229,558 Total Segment Expenses $ 561,421 $ 601,603 $ 1,094,003 $ 1,119,598
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 and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Management and Advisory Fees, Net GAAP $ 840,378 $ 721,384 $ 1,650,104 $ 1,450,233 Segment Adjustment (a) 3,778 1,610 8,114 8,805 Total Segment $ 844,156 $ 722,994 $ 1,658,218 $ 1,459,038 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 21,915 $ 19,378 $ 34,047 $ 31,944 Investment Income - Realized Performance Allocations 332,520 503,376 574,895 773,016 GAAP 354,435 522,754 608,942 804,960 Total Segment Less: Realized Performance Revenues (341,386 ) (477,544 ) (588,155 ) (755,915 ) Segment Adjustment (b) 575 305 616 307 Total Segment $ 13,624 $ 45,515 $ 21,403 $ 49,352 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 438,521 $ 427,479 $ 909,918 $ 816,882 Incentive Fee Compensation 8,886 9,743 14,292 16,405 Realized Performance Allocations Compensation 125,825 186,398 212,220 298,460 GAAP 573,232 623,620 1,136,430 1,131,747 Total Segment Less: Realized Performance Compensation (125,466 ) (172,894 ) (210,706 ) (287,723 ) Less: Equity-Based Compensation - Operating Compensation (50,225 ) (31,483 ) (113,933 ) (71,731 ) Less: Equity-Based Compensation - Performance Compensation (2,880 ) (2,911 ) (5,948 ) (6,811 ) Segment Adjustment (c) (100,827 ) (110,089 ) (187,978 ) (163,165 ) Total Segment $ 293,834 $ 306,243 $ 617,865 $ 602,317 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 175,308 $ 145,828 $ 321,370 $ 272,541 Segment Adjustment (d) (33,187 ) (23,362 ) (55,938 ) (42,983 ) Total Segment $ 142,121 $ 122,466 $ 265,432 $ 229,558 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 21,915 $ 19,378 $ 34,047 $ 31,944 Investment Income - Realized Performance Allocations 332,520 503,376 574,895 773,016 GAAP 354,435 522,754 608,942 804,960 Total Segment Less: Fee Related Performance Revenues (13,624 ) (45,515 ) (21,403 ) (49,352 ) Segment Adjustment (b) 575 305 616 307 Total Segment $ 341,386 $ 477,544 $ 588,155 $ 755,915 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 8,886 $ 9,743 $ 14,292 $ 16,405 Realized Performance Allocation Compensation 125,825 186,398 212,220 298,460 GAAP 134,711 196,141 226,512 314,865 Total Segment Less: Fee Related Performance Compensation (6,365 ) (20,336 ) (9,858 ) (20,331 ) Less: Equity-Based Compensation - Performance Compensation (2,880 ) (2,911 ) (5,948 ) (6,811 ) Total Segment $ 125,466 $ 172,894 $ 210,706 $ 287,723 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Realized Principal Investment Income GAAP $ 145,040 $ 129,197 $ 218,301 $ 171,342 Segment Adjustment (e) (21,483 ) (34,550 ) (68,836 ) (48,002 ) Total Segment $ 123,557 $ 94,647 $ 149,465 $ 123,340 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 Management and Advisory Fees, Net 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 Management and Advisory Fees, Net 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)	6 Months Ended
	Jun. 30, 2019Segment
Organization [Line Items]
Number of business segments	4
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	Jun. 30, 2019	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Liability	$ 574,619	$ 601,700
Right-of-Use Assets	$ 507,065	$ 540,700

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets / Contractual Rights	$ 1,712,576	$ 1,712,576
Accumulated Amortization	(1,279,569)	(1,244,069)
Intangible Assets, Net	$ 433,007	$ 468,507

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Intangible Assets [Line Items]
Amortization Expense	$ 17,700	$ 14,500	$ 35,500	$ 28,984
Expected amortization of intangibles, 2019	71,000		71,000
Expected amortization of intangibles, 2020	71,000		71,000
Expected amortization of intangibles, 2021	71,000		71,000
Expected amortization of intangibles, 2022	63,300		63,300
Expected amortization of intangibles, 2023	$ 34,300		$ 34,300
Intangible assets expected to amortize over a weighted-average period			8 years 2 months 12 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments	$ 22,242,040	$ 20,377,031
Partnership Investments
Schedule of Investments [Line Items]
Investments	3,802,565	3,649,423
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	6,743,542	5,883,924
Other Investments
Schedule of Investments [Line Items]
Investments	264,231	260,853
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	8,633,794	8,376,338
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,797,908	$ 2,206,493

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investment [Line Items]
Investments	$ 22,242,040		$ 22,242,040		$ 20,377,031
Recognized net gains related to equity method investments	72,300	$ 165,600	227,700	$ 328,100
Equity investments, carrying value	$ 48,900		$ 48,900
Patria Investments Limited and Patria Investimentos Ltda.
Investment [Line Items]
Equity method investment, percentage	40.00%		40.00%
Consolidated Blackstone Funds
Investment [Line Items]
Investments	$ 8,633,794		$ 8,633,794		8,376,338
Consolidated Blackstone Funds | Blackstone
Investment [Line Items]
Investments	$ 383,900		$ 383,900		$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	$ 597,947	$ 1,176,392	$ 1,746,626	$ 2,228,040
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	43,686	40,073	87,770	75,458
Other Income - Net Gains from Fund Investment Activities	61,131	73,519	191,456	184,118
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains	5,198	52,236	2,286	34,378
Net Change in Unrealized Gains (Losses)	6,257	(22,278)	112,260	74,963
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	11,455	29,958	114,546	109,341
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	49,676	43,561	76,910	74,777
Other Income - Net Gains from Fund Investment Activities	$ 61,131	$ 73,519	$ 191,456	$ 184,118

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 20,377,031
Ending Balance	22,242,040
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	1,443,621
Foreign Exchange Loss	(3,300)
Fund Distributions	(580,703)
Ending Balance	6,743,542
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	832,342
Foreign Exchange Loss	(3,300)
Fund Distributions	(268,978)
Ending Balance	3,413,325
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	435,425
Fund Distributions	(291,911)
Ending Balance	2,785,633
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	70,690
Fund Distributions	(1,605)
Ending Balance	92,006
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	105,164
Fund Distributions	(18,209)
Ending Balance	$ 452,578

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 597,947	$ 1,176,392	$ 1,746,626	$ 2,228,040
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	22,983	4,774	23,300	7,113
Net Change in Unrealized Gains (Losses)	558	(6,702)	49,217	(14,896)
Total realized and net change in unrealized gains (losses)	$ 23,541	$ (1,928)	$ 72,517	$ (7,783)

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 597,947	$ 1,176,392	$ 1,746,626	$ 2,228,040
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	21,491	16,207	45,727	16,319
Net Change in Unrealized Gains (Losses)	(3,933)	49,643	6,789	45,411
Total Investment Income	$ 17,558	$ 65,850	$ 52,516	$ 61,730

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 340,284
Unfunded Commitments	394
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	217,399	[1]
Unfunded Commitments	126	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	84,306	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	36,859	[3]
Unfunded Commitments	0	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	1,720	[4]
Unfunded Commitments	$ 0	[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 29% 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 71% 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 12% 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)	6 Months Ended
	Jun. 30, 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	29.00%
Percentage of investments redeemable as of reporting date	71.00%
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	12.00%
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) - Freestanding Derivatives - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,223,724	$ 1,152,201
Derivative Liabilities, Notional	813,393	1,229,128
Derivative Assets, Fair Value	40,581	45,497
Derivative Liabilities, Fair Value	54,521	52,844
Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,204
Derivative Liabilities, Notional	29,205	34,060
Derivative Assets, Fair Value	81
Derivative Liabilities, Fair Value	1,200	4,004
Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	12,612	20,952
Derivative Liabilities, Notional	59,888	46,685
Derivative Assets, Fair Value	535	55
Derivative Liabilities, Fair Value	2,435	5,710
Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	10,851
Derivative Liabilities, Notional	22,567	31,440
Derivative Assets, Fair Value	15
Derivative Liabilities, Fair Value	382	1,855
Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	167,699	224,841
Derivative Liabilities, Notional	106,500	245,371
Derivative Assets, Fair Value	615	1,286
Derivative Liabilities, Fair Value	444	1,636
Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	29,931	108,271
Derivative Liabilities, Notional	78,769	16,952
Derivative Assets, Fair Value	863	524
Derivative Liabilities, Fair Value	814	164
Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,000,426	798,137
Derivative Liabilities, Notional	488,463	844,620
Derivative Assets, Fair Value	38,299	43,632
Derivative Liabilities, Fair Value	47,845	39,164
Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	28,000	10,000
Derivative Liabilities, Fair Value	1,382	$ 311
Equity Option | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1
Derivative Liabilities, Notional	1
Derivative Assets, Fair Value	173
Derivative Liabilities, Fair Value	$ 19

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	$ 0		$ 0	$ (8)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	(1,460)	$ 12,836	(1,054)	9,974
Net Change in Unrealized Gain (Loss)	(905)	39,327	(5,863)	(1,771)
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	(275)	173	(395)	174
Net Change in Unrealized Gain (Loss)	393	(5)	1,371	52
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	881	(107)	1,991	(508)
Net Change in Unrealized Gain (Loss)	(294)	615	3,647	488
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(416)	449	(2,664)	2,070
Net Change in Unrealized Gain (Loss)	(2,892)	37,261	(11,155)	(39)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(1,526)	12,321	146	8,238
Net Change in Unrealized Gain (Loss)	1,773	$ 1,456	209	$ (2,272)
Freestanding Derivatives | Equity Options
Derivative [Line Items]
Realized Gains (Losses)	(124)		(132)
Net Change in Unrealized Gain (Loss)	$ 115		$ 65

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 187,831	$ 304,173
Assets	7,958,297	7,990,666
Liabilities	6,630,723	6,536,723
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	576,306	529,698
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	223,630	390,095
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	6,969,542	6,766,700
Other | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	988
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	6,474,210	6,473,233
Fair value of due to Affiliates	45,243	3,201
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	61,695	7,478
Fair value of due to Affiliates	$ 49,575	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (3,325)	$ 15	$ (3,360)	$ 827
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(4,714)	1,089	(9,683)	(27,628)
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(747)		(1,831)
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	9,907		9,908
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(10,549)	1,074	(14,400)	(4,399)
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	21,830	16,846	(95,874)	60,460
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	1,817	(2,878)	16,749	(2,297)
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	(17,822)	(30,869)	198,517	(1,511)
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	(1,897)		(2,657)
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	(67)	(2,095)	22,298	(1,867)
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	(18,025)	(25,896)	161,777	(7,046)
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	6,667		(44,893)
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	15,163	$ 16,846	(50,981)	60,460
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	$ 350		$ 350	$ 6

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (162,983)	$ (325,324)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(10,920)	(26,660)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(151,535)	(301,085)
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	350
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (878)	$ 2,421

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 0	$ 0
Fair value of financial instruments with non-accrual status	0	0
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	0	0
Fair value of financial instruments with non-accrual status	$ 0	$ 0

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Jun. 30, 2019		Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 187,831		$ 304,173
Assets		7,958,297		7,990,666
Securities Sold, Not Yet Purchased		128,512		142,617
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		40,581		45,416
Derivatives liabilities		53,725		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		199,590		623,526
Total Investments		11,647,010		10,798,461
Accounts Receivable - Loans and Receivables		187,831		304,173
Derivatives assets		38,995		44,918
Assets		12,073,426		11,771,078
Fair value of Loan payable	[1]	6,535,905		6,480,711
Fair value of due to Affiliates	[1]	94,818		56,012
Securities Sold, Not Yet Purchased		128,512		142,617
Total Accounts Payable, Accrued Expenses and Other Liabilities		54,521		52,844
Liabilities		6,813,756		6,732,184
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		49,489		44,804
Fair Value, Measurements, Recurring | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	863
Derivatives assets		615		1,286
Derivatives liabilities		444		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		38,299		43,632
Derivatives liabilities		47,845		39,164
Fair Value, Measurements, Recurring | Freestanding Derivatives | Equity Options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	173
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	[1]	6,969,542
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		215,308		215,630
Fair Value, Measurements, Recurring | Other | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	988
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	535
Derivatives assets		81
Derivatives liabilities		1,200		4,004
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		340,284		348,133
Assets				348,133
Fair Value, Measurements, Recurring | Net Asset Value | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		340,284
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,322		7,581
Fair Value, Measurements, Recurring | Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	6,474,210		6,473,233
Fair value of due to Affiliates	[1],[2]	45,243		3,201
Fair Value, Measurements, Recurring | Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	61,695		7,478
Fair value of due to Affiliates	[1],[2]	49,575		52,811
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	8,633,794		8,376,338
Derivatives liabilities	[1]	5,032		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	[1]	15
Derivatives liabilities	[1]	382		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	[1]			524
Derivatives liabilities	[1]	814		164
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	1,382		311
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	19
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	61,345		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	[1]	273,045		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	[1]	366,850		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	[1]	960,438		886,441
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]			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	[1]			55
Derivatives liabilities	[1]	2,435		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	[1]	61,345		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	[1]	61,345		80,726
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,797,908		2,206,493
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		454,441		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		2,071,655		1,712,833
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		271,812		259,826
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		271,617		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		271,617		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		199,590	[1]	623,526
Total Investments		1,177,218		696,500
Assets				1,321,300
Securities Sold, Not Yet Purchased		33,870		35,959
Total Accounts Payable, Accrued Expenses and Other Liabilities		833		3,080
Liabilities		34,703		39,039
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets				1,274
Assets		1,377,356
Derivatives liabilities		833		3,080
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		548
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		548		1,274
Derivatives liabilities		833		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		183,436		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	[1]	36,056		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	[1]	36,056		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		957,726		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		454,441		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		503,285		243,297
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,940,360		8,333,627
Assets				8,377,271
Fair value of Loan payable	[1]	6,535,905		6,480,711
Fair value of due to Affiliates	[1]	94,818		56,012
Securities Sold, Not Yet Purchased		94,642		106,658
Total Accounts Payable, Accrued Expenses and Other Liabilities		53,688		49,764
Liabilities		6,779,053		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 assets				43,644
Assets		8,978,807
Derivatives liabilities		48,656		41,724
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		38,447
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	863
Derivatives assets		615		1,286
Derivatives liabilities		444		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		37,751		42,358
Derivatives liabilities		47,012		36,084
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Equity Options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	173
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	[1]	6,513,318
Fair Value, Measurements, Recurring | Level 2 | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	535
Derivatives assets		81
Derivatives liabilities		1,200		4,004
Fair Value, Measurements, Recurring | Level 2 | Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	6,474,210		6,473,233
Fair value of due to Affiliates	[1],[2]	45,243		3,201
Fair Value, Measurements, Recurring | Level 2 | Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	61,695		7,478
Fair value of due to Affiliates	[1],[2]	49,575		52,811
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	7,396,297		6,888,659
Derivatives liabilities	[1]	5,032		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	[1]	15
Derivatives liabilities	[1]	382		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	[1]			524
Derivatives liabilities	[1]	814		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]
Derivatives liabilities	[1]	1,382		311
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Equity Options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	19
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	40,670		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	[1]	21,371		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	[1]	819,352		752,622
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]			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	[1]			55
Derivatives liabilities	[1]	2,435		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		1,544,063		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		1,544,063		1,444,968
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,189,148		1,420,201
Accounts Receivable - Loans and Receivables		187,831		304,173
Assets		1,376,979		1,724,374
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		1,376,979
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	[1]	456,224
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		24,550		31,617
Fair Value, Measurements, Recurring | Level 3 | Other | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	988
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	1,140,096		1,364,016
Assets		1,140,096		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	[1]	196,319		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	[1]	345,479		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	[1]	141,086		133,819
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]			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		24,502		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		24,307		$ 24,568
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 195
[1]	Pursuant to GAAP consolidation guidance, Blackstone 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 Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone 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	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 7,958,297	$ 7,990,666
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	12,073,426	11,771,078
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,376,979	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	168,611	$ 304,173
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 19,220
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	7.10%	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	9.50%	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	8.30%	8.70%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 24,550	$ 26,631
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		$ 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	0.50%	1.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.00%	2.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | 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 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	12 months	12 months
Fair Value, Measurements, Recurring | Level 3 | Other Investments | 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	10.30%	15.00%
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	2.00%	2.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,140,096	$ 1,364,016
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	12,664
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	37	41
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	$ 457,175	$ 673,317
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	1.70%
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		5.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 175,622	$ 138,725
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	7,364	21,050
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	8,344	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	4,523	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	$ 466	$ 49
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	4.90%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		5.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		7.10%
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	(4.90%)	(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
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	3.80%
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	0.1	0.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		12.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	17	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
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	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	1.1	0.8
Dollar/Acre Multiple	7	7
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	32.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	28.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	9.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		11.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		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		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
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%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	16.5	17.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	13
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		8
Dollar/Acre Multiple	18	44.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	12.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	6.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	8.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		8.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		12.60%
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		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		8.3
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	7.70%
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	10.1	10.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	10
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	16.4	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	$ 304,234	$ 295,251
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	8,332	9,444
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	3,087	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	29,063	$ 41,188
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 763
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	3.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Measurement Input, Revenue Multiple
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 | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		2.90%
Exit Multiple - NOI	13.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		4.10%
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	(4.90%)	(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		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	2.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	3.5	0.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[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 | Minimum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		1.1
Dollar/Acre Multiple	6.5	5.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	26.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	27.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		15.00%
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%
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		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	15.50%
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	15.7	15.3
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 | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	17.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		6.30%
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%
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		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	5.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	9.9	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	8.1	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		$ 8,342
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 13
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	36,341	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	$ 92,068	$ 120,843
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.00%
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%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | 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 | Minimum | Discounted Cash Flows | 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 | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	6.5	6.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	28.50%
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%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	8.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	10.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.90%
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		9.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	5.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	9.3
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 10,395	$ 7,947
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	195
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 13,912	$ 16,621
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	3.20%	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%	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%	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	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	15.60%	17.50%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Market Comparable Companies | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	14.6
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.00%	7.50%
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	13 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 | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.10%	6.60%
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	67.40%	67.70%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Other Investments | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		20.00%

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 1,511,159	$ 1,243,635	$ 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	153,261	152,666	119,579	180,401
Transfer Out of Level III	(309,169)	(124,866)	(427,572)	(156,821)
Purchases	316,490	512,808	462,897	799,556
Sales	(307,943)	(261,530)	(535,054)	(548,047)
Settlements	(3,038)	(5,635)	(10,189)	(9,321)
Changes in Gains (Losses) Included in Earnings	16,219	30,972	42,944	60,749
Balance, End of Period	1,376,979	1,548,050	1,376,979	1,548,050
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(3,925)	5,450	23,479	28,020
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	59,133	117,349	56,185	119,642
Transfer In to Level III	3,986		12,935
Transfer Out of Level III	(14,557)	(7,649)	(27,170)	(15,717)
Purchases	5,251	15,327	12,820	19,812
Sales	(5,270)	(23,304)	(6,141)	(23,479)
Settlements		(1)		(4)
Changes in Gains (Losses) Included in Earnings	509	13,001	423	14,469
Balance, End of Period	49,052	114,723	49,052	114,723
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	135	(49)	315	(289)
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	208,226	163,135	304,173	239,659
Purchases	198,482	294,258	270,772	370,921
Sales	(218,148)	(110,508)	(383,816)	(263,703)
Settlements	(3,038)	(5,634)	(10,189)	(9,317)
Changes in Gains (Losses) Included in Earnings	2,309	5,352	6,891	9,043
Balance, End of Period	187,831	346,603	187,831	346,603
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(1,898)	5,353	(2,657)	9,044
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	1,243,800	963,151	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	149,275	152,666	106,644	180,401
Transfer Out of Level III	(294,612)	(117,217)	(400,402)	(141,104)
Purchases	112,757	203,223	179,305	408,823
Sales	(84,525)	(127,718)	(145,097)	(260,865)
Changes in Gains (Losses) Included in Earnings	13,401	12,619	35,630	37,237
Balance, End of Period	1,140,096	1,086,724	1,140,096	1,086,724
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	$ (2,162)	$ 146	$ 25,821	$ 19,265

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial instruments - Additional Information (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level III financial liabilities	$ 0	$ 0

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 1,613,964	$ 1,357,135
Investments
Variable Interest Entity [Line Items]
VIE Assets	1,042,214	942,700
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	390,467	254,744
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	181,283	159,691
Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 1,994	$ 207

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 267.9	$ 279.5

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 207,676	$ 222,202
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	207,676	222,202
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Overnight and Continuous | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	0	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	42,034	42,908
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	131,448	144,731
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 34,194	$ 34,563

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 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	$ 207,676	$ 222,202
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	207,676	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	261,401	275,046
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	245,881	258,107
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	11,290	15,377
Net Amount	4,230	1,562
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	40,581	45,416
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	38,916	37,788
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		5,547
Derivatives Net Amount	1,665	2,081
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	53,725	52,844
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	38,205	35,905
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	11,290	15,377
Derivatives Net Amount	$ 4,230	$ 1,562

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 142,083	$ 120,372
Prepaid Expenses	159,419	110,732
Freestanding Derivatives	38,995	44,918
Other	13,756	18,226
Total Other Assets	$ 354,253	$ 294,248

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Jun. 30, 2019USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.2
Overdraft facility	$ 1.2

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) € in Millions, $ in Billions	6 Months Ended
	Jun. 30, 2019EUR (€)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
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		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying Value		$ 4,139,917	$ 3,471,151
Debt instrument, fair value	[1]	4,458,190	3,496,056
5.875% Notes
Debt Instrument [Line Items]
Carrying Value		399,174	398,947
Debt instrument, fair value	[1]	422,160	421,720
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		395,700	395,166
Debt instrument, fair value	[1]	429,440	417,600
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		336,883	339,959
Debt instrument, fair value	[1]	367,462	352,197
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		673,113	679,193
Debt instrument, fair value	[1]	687,293	647,564
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		296,880	296,717
Debt instrument, fair value	[1]	297,630	285,030
1.500% Notes
Debt Instrument [Line Items]
Carrying Value		676,634
Debt instrument, fair value	[1]	705,990
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,328	238,221
Debt instrument, fair value	[1]	314,725	289,225
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,856	488,747
Debt instrument, fair value	[1]	568,500	490,150
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,097	344,038
Debt instrument, fair value	[1]	370,300	329,770
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,252	290,163
Debt instrument, fair value	[1]	$ 294,690	$ 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)	6 Months Ended
	Jun. 30, 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
1.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%
Debt instrument, maturity date	Apr. 10, 2029
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		6 Months Ended	12 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding		$ 4,139,917	$ 3,471,151
Weighted Average Remaining Maturity in Years		6 years 2 months 12 days	7 years 6 months
Liabilities of Consolidated CLO Vehicles
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,849,041	$ 6,863,285
Weighted Average Interest Rate		4.13%	4.20%
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,527,175	$ 6,531,550
Weighted Average Interest Rate	[1]
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 321,866	$ 331,735
[1]	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,139,917	$ 3,471,151
Fair Value	6,630,723	6,536,723
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	6,519,453	6,476,434
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	111,270	60,289
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	124,540	114,909
Fair Value	94,818	56,012
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	42,750	3,250
Fair Value	45,243	3,201
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	81,790	111,659
Fair Value	$ 49,575	$ 52,811

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
2019	$ 316
2021	400,000
2023	400,000
Thereafter	10,254,991
Total	11,055,307
Operating Borrowings
Debt Instrument [Line Items]
2021	400,000
2023	400,000
Thereafter	3,405,950
Total	4,205,950
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2019	316
Thereafter	6,849,041
Total	$ 6,849,357

Leases - Additional informaton

Leases - Additional informaton (Detail) $ in Millions	Jun. 30, 2019USD ($)
Leases [Abstract]
Weighted-average remaining lease term	7 years 9 months 18 days
Weighted-average discount rate	2.50%
Lease payments	$ 113.3

Leases Components of leases exp

Leases Components of leases expenses (Detail) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2019	Jun. 30, 2019
Operating Lease Cost
Straight-Line Lease Cost	[1]	$ 22,545	$ 44,410
Variable Lease Cost		3,795	6,900
Sublease Income		(168)	(332)
Operating Lease Cost		$ 26,172	$ 50,978
[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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating Cash Flows from Operating Leases	$ 24,283	$ 46,415
Right-of-Use Assets Obtained in Exchange for New Operating Lease, Liabilities	$ 6,995	$ 7,383

Leases Cash flows Annual Basis

Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($) $ in Thousands		Jun. 30, 2019	Jan. 01, 2019
2019		$ 40,794
2020		81,212
2021		85,914
2022		77,605
2023		75,757
Thereafter		272,369
Total Lease Payments	[1]	633,651
Less: Imputed Interest		(59,032)
Present Value of Operating Lease Liabilities		$ 574,619	$ 601,700
[1]	Excludes $113.3 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Taxes [Line Items]
Effective Income Tax Rate	5.60%	8.20%	4.40%	7.50%
Provision for Taxes	$ 38,736	$ 138,731	$ 79,891	$ 193,226

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group L.P., Basic		$ 305,792	$ 742,042	$ 787,096	$ 1,109,914
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		0		610,101	858,727
Net Income Attributable to The Blackstone Group L.P., Diluted		$ 305,792	$ 742,042	$ 1,397,197	$ 1,968,641
Weighted-Average Common Units Outstanding, Basic		673,655,305	681,794,492	674,079,074	678,156,936
Weighted-Average Unvested Deferred Restricted Common Units		330,639	216,118	269,196	207,526
Weighted-Average Blackstone Holdings Partnership Units		0		526,244,006	532,363,486
Weighted-Average Common Units Outstanding, Diluted		673,985,944	682,010,610	1,200,592,276	1,210,727,948
Net Income Per Common Unit, Basic		$ 0.45	$ 1.09	$ 1.17	$ 1.64
Net Income Per Common Unit, Diluted		0.45	1.09	1.16	1.63
Distributions Declared Per Common Unit	[1]	$ 0.37	$ 0.35	$ 0.95	$ 1.20
[1]	Distributions declared reflects the calendar date of the declaration for each distribution.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	526,721,409	528,872,187

Net Income Per Common Unit - Ad

Net Income Per Common Unit - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jul. 16, 2019	Apr. 16, 2018
Unit Repurchase Program [Line Items]
Amount remaining available for repurchases	$ 115,400,000	$ 115,400,000
Common stock repurchased, units	7,000,000	8,500,000	2,200,000
Common stock repurchased, cost	$ 290,900,000	$ 343,100,000	$ 71,700,000
Common Class A
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program				$ 1,000,000,000
Blackstone
Unit Repurchase Program [Line Items]
Amount authorized to repurchase under unit repurchase program					$ 1,000,000,000

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 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	$ 102,800	$ 116,800	$ 223,979	$ 208,994
Tax benefits in relation to equity-based awards	15,900	$ 20,100	34,500	$ 34,500
Estimated unrecognized compensation expense related to unvested awards	$ 937,100		$ 937,100
Weighted-average period for recognized compensation expense related to unvested awards, years			3 years 8 months 12 days
Total vested and unvested outstanding units	1,195,112,059		1,195,112,059
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	49,075		49,075

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	6 Months Ended
	Jun. 30, 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	2,450,200
Vested (Units) | shares	(1,860,292)
Forfeited (Units) | shares	(92,956)
Ending Balance | shares	32,051,079
Beginning Balance | $ / shares	$ 34.38
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	35.29
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	34.71
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	32.17
Ending Balance | $ / shares	$ 34.11
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	1,731,220
Vested (Units) | shares	(1,989,321)
Forfeited (Units) | shares	(268,962)
Ending Balance | shares	8,785,205
Beginning Balance | $ / shares	$ 31.43
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	30.30
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	29.81
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	31.33
Ending Balance | $ / shares	$ 31.56
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	$ 38.69

Unvested Units, After Expected

Unvested Units, After Expected Forfeitures (Detail)	6 Months Ended
	Jun. 30, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units (Units)	28,301,673
Deferred Restricted Blackstone Common Units (Units)	7,618,444
Total Equity-Based Awards (Units)	35,920,117
Phantom Units (Units)	40,016
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years 2 months 12 days
Deferred Restricted Blackstone Common Units (Weighted-Average Service in Years)	2 years 1 month 6 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years
Phantom Units (Weighted-Average Service Period in Years)	2 years

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 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	$ 1,668,055	$ 1,520,100
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	532,374	462,475
Accrual for Potential Clawback of Previously Distributed Performance Allocations	11,308	11,548
Due from Affiliates, total	2,211,737	1,994,123
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	739,226	796,902
Due to Non-Consolidated Entities	126,625	99,728
Due to Note-Holders of Consolidated CLO Vehicles	94,818	56,012
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	51,158	53,613
Accrual for Potential Repayment of Previously Received Performance Allocations	70,072	29,521
Due to Affiliates, total	$ 1,081,899	$ 1,035,776

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Investments	$ 22,242,040		$ 22,242,040		$ 20,377,031
Cash saving in tax receivable agreements, percentage			85.00%
Expected future payments under the tax receivable agreements	739,200		$ 739,200
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 268,200		$ 268,200
After-tax net present value discount rate assumption	15.00%		15.00%
Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 8,633,794		$ 8,633,794		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	17,500	$ 37,000	48,500	$ 65,800
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	885,200		885,200		$ 842,900
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 1,800	$ 1,200	$ 4,200	$ 2,500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 3,300
Total investments at risk in respect of guarantees extended	$ 33.1
Contingent obligations currently anticipated to expire end	2028
Provision for cash clawback	$ 703.6
Contingent Obligations (Clawback)	6,900
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	179.2
Contingent Obligations (Clawback)	6,300
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	116.3
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 58.4

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Product Liability Contingency [Line Items]
Clawback obligations		$ 70,072	$ 29,521
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		69,215	30,421
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	857	(900)
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		25,193	25,823
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		15,373	15,770
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	9,820	10,053
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations		42,042	848
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		52,493	13,296
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	(10,451)	(12,448)
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations		2,837	2,850
Credit Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		1,349	1,355
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 1,488	$ 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)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Realized Performance Revenues	$ 354,435	$ 522,754	$ 608,942	$ 804,960
Realized Performance Compensation	(134,711)	(196,141)	(226,512)	(314,865)
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	805,315	692,915	1,562,833	1,400,071
Transaction, Advisory and Other Fees, Net	61,495	40,912	126,645	77,978
Management Fee Offsets	(22,654)	(10,833)	(31,260)	(19,011)
Total Management and Advisory Fees, Net	844,156	722,994	1,658,218	1,459,038
Fee Related Performance Revenues	13,624	45,515	21,403	49,352
Fee Related Compensation	(293,834)	(306,243)	(617,865)	(602,317)
Other Operating Expenses	(142,121)	(122,466)	(265,432)	(229,558)
Fee Related Earnings	421,825	339,800	796,324	676,515
Realized Performance Revenues	341,386	477,544	588,155	755,915
Realized Performance Compensation	(125,466)	(172,894)	(210,706)	(287,723)
Realized Principal Investment Income	123,557	94,647	149,465	123,340
Total Net Realizations	339,477	399,297	526,914	591,532
Total Segment Distributable Earnings	761,302	739,097	1,323,238	1,268,047
Segment Assets	22,451,248		22,451,248
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	255,636	249,680	515,881	476,206
Transaction, Advisory and Other Fees, Net	23,990	23,859	47,901	46,947
Management Fee Offsets	(1,686)	(3,785)	(1,966)	(5,453)
Total Management and Advisory Fees, Net	277,940	269,754	561,816	517,700
Fee Related Performance Revenues	11,072	45,515	17,748	50,018
Fee Related Compensation	(97,795)	(120,783)	(212,611)	(221,393)
Other Operating Expenses	(40,114)	(36,026)	(79,100)	(65,443)
Fee Related Earnings	151,103	158,460	287,853	280,882
Realized Performance Revenues	198,573	317,509	275,755	468,690
Realized Performance Compensation	(67,742)	(94,716)	(97,642)	(150,831)
Realized Principal Investment Income	47,420	50,199	45,289	64,889
Total Net Realizations	178,251	272,992	223,402	382,748
Total Segment Distributable Earnings	329,354	431,452	511,255	663,630
Segment Assets	8,305,170		8,305,170
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	265,139	195,521	484,556	378,482
Transaction, Advisory and Other Fees, Net	31,526	12,780	68,817	23,874
Management Fee Offsets	(17,689)	(4,351)	(22,674)	(7,544)
Total Management and Advisory Fees, Net	278,976	203,950	530,699	394,812
Fee Related Compensation	(105,107)	(94,170)	(212,694)	(183,736)
Other Operating Expenses	(40,429)	(36,047)	(74,630)	(67,198)
Fee Related Earnings	133,440	73,733	243,375	143,878
Realized Performance Revenues	122,907	138,171	279,506	215,294
Realized Performance Compensation	(52,081)	(68,513)	(102,637)	(101,558)
Realized Principal Investment Income	42,906	32,600	68,045	38,938
Total Net Realizations	113,732	102,258	244,914	152,674
Total Segment Distributable Earnings	247,172	175,991	488,289	296,552
Segment Assets	8,296,560		8,296,560
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	136,990	129,553	274,318	258,781
Transaction, Advisory and Other Fees, Net	723	812	1,041	1,157
Total Management and Advisory Fees, Net	137,713	130,365	275,359	259,938
Fee Related Compensation	(36,622)	(40,533)	(79,576)	(80,172)
Other Operating Expenses	(21,112)	(18,494)	(38,997)	(37,279)
Fee Related Earnings	79,979	71,338	156,786	142,487
Realized Performance Revenues	11,960	7,270	16,051	17,447
Realized Performance Compensation	(2,175)	(2,546)	(3,588)	(5,469)
Realized Principal Investment Income	12,306	7,766	12,023	8,406
Total Net Realizations	22,091	12,490	24,486	20,384
Total Segment Distributable Earnings	102,070	83,828	181,272	162,871
Segment Assets	2,078,511		2,078,511
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Base Management Fees	147,550	118,161	288,078	286,602
Transaction, Advisory and Other Fees, Net	5,256	3,461	8,886	6,000
Management Fee Offsets	(3,279)	(2,697)	(6,620)	(6,014)
Total Management and Advisory Fees, Net	149,527	118,925	290,344	286,588
Fee Related Performance Revenues	2,552		3,655	(666)
Fee Related Compensation	(54,310)	(50,757)	(112,984)	(117,016)
Other Operating Expenses	(40,466)	(31,899)	(72,705)	(59,638)
Fee Related Earnings	57,303	36,269	108,310	109,268
Realized Performance Revenues	7,946	14,594	16,843	54,484
Realized Performance Compensation	(3,468)	(7,119)	(6,839)	(29,865)
Realized Principal Investment Income	20,925	4,082	24,108	11,107
Total Net Realizations	25,403	11,557	34,112	35,726
Total Segment Distributable Earnings	82,706	$ 47,826	142,422	$ 144,994
Segment Assets	$ 3,771,007		$ 3,771,007

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Revenues		$ 1,486,806	$ 2,632,570	$ 3,511,677	$ 4,401,701
Less: Unrealized Principal Investment (Income) Loss		(37,345)	103,468	131,699	215,242
Total Expenses		862,240	1,016,381	1,903,404	1,999,312
Total Other Income		61,131	73,519	191,456	184,118
Income Before Provision for Taxes		685,697	1,689,708	1,799,729	2,586,507
Total Assets		30,972,213		30,972,213		$ 28,924,650
Less: Unrealized Principal Investment (Income) Loss		(37,345)	103,468	131,699	215,242
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	1,322,723	1,340,700	2,417,241	2,387,645
Total Expenses	[2]	561,421	601,603	1,094,003	1,119,598
Income Before Provision for Taxes		761,302	739,097	1,323,238	1,268,047
Total Assets		22,451,248		22,451,248
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	(157,398)	(440,424)	(821,731)	(1,068,763)
Less: Unrealized Principal Investment (Income) Loss	[4]	56,353	(52,126)	(83,572)	(66,104)
Less: Interest and Dividend Revenue	[5]	(45,991)	(41,727)	(92,690)	(78,112)
Less: Other Revenue	[6]	20,150	(94,416)	6,961	(33,522)
Impact of Consolidation	[7]	(35,119)	(82,752)	(104,968)	(186,276)
Amortization of Intangibles	[8]	387	387	774	774
Transaction-Related Charges	[9]	(4,174)	(582,105)	(2,706)	(584,687)
Less: Unrealized Performance Allocations Compensation	[10]	(64,518)	(189,991)	(351,533)	(444,426)
Less: Equity Based Compensation	[11]	(53,105)	(34,394)	(119,881)	(78,542)
Less: Interest Expense	[12]	(43,230)	(38,885)	(84,868)	(77,123)
Impact of Consolidation	[7]	(14,411)	(26,288)	(25,272)	(86,187)
Amortization of Intangibles	[8]	(16,096)	(14,486)	(32,192)	(28,972)
Transaction-Related Charges	[9]	(111,168)	(112,027)	(199,151)	(167,098)
Less: Unrealized Performance Allocations	[3]	(157,398)	(440,424)	(821,731)	(1,068,763)
Less: Unrealized Principal Investment (Income) Loss	[4]	56,353	(52,126)	(83,572)	(66,104)
Less: Interest and Dividend Revenue	[5]	(45,991)	(41,727)	(92,690)	(78,112)
Less: Other Revenue	[6]	20,150	(94,416)	6,961	(33,522)
Plus: Unrealized Performance Allocations Compensation	[10]	64,518	189,991	351,533	444,426
Plus: Equity Based Compensation	[11]	53,105	34,394	119,881	78,542
Plus: Interest Expense	[12]	43,230	38,885	84,868	77,123
Amortization of Intangibles	[8]	16,483	14,873	32,966	29,746
Transaction-Related Charges	[9]	106,994	(470,078)	196,445	(417,589)
Segment Adjustment
Segment Reporting Information [Line Items]
Total Revenues		1,709	1,293	3,496	2,634
Total Expenses		1,709	1,293	3,496	2,634
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[7]	(61,131)	(73,519)	(191,456)	(184,118)
Income Before Provision for Taxes	[7]	(81,839)	$ (129,983)	(271,152)	$ (284,207)
Total Assets	[7]	$ (8,520,965)		$ (8,520,965)
[1]	Total Segment Revenues is comprised of the following: Three Months Ended June 30 , 2019 2018 Six Months Ended June 30, 2019 2018 Total Segment Management and Advisory Fees, Net $ 844,156 $722,994 $1,658,218 $ 1,459,038 Total Segment Fee Related Performance Revenues 13,624 45,515 21,403 49,352 Total Segment Realized Performance Revenues 341,386 477,544 588,155 755,915 Total Segment Realized Principal Investment Income 123,557 94,647 149,465 123,340 Total Segment Revenues $1,322,723 $1,340,700 $ 2,417,241 $2,387,645
[2]	Total Segment Expenses is comprised of the following: Three Months Ended June 30 , 2019 2018 Six Months Ended June 30, 2019 2018 Total Segment Expenses is comprised of the following: Total Segment Fee Related Compensation $293,834 $ 306,243 $ 617,865 $602,317 Total Segment Realized Performance Compensation 125,466 172,894 210,706 287,723 Total Segment Other Operating Expenses 142,121 122,466 265,432 229,558 Total Segment Expenses $561,421 $601,603 $1,094,003 $1,119,598
[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]	This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[8]	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method.
[9]	This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. 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		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total Segment Realized Performance Revenues		$ 354,435	$ 522,754	$ 608,942	$ 804,960
Total Revenues		1,486,806	2,632,570	3,511,677	4,401,701
Total Segment Realized Performance Compensation		134,711	196,141	226,512	314,865
Total Expenses		862,240	1,016,381	1,903,404	1,999,312
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		844,156	722,994	1,658,218	1,459,038
Fee Related Performance Revenues		13,624	45,515	21,403	49,352
Total Segment Realized Performance Revenues		341,386	477,544	588,155	755,915
Total Segment Realized Principal Investment Income		123,557	94,647	149,465	123,340
Total Revenues	[1]	1,322,723	1,340,700	2,417,241	2,387,645
Total Segment Fee Related Compensation		293,834	306,243	617,865	602,317
Total Segment Realized Performance Compensation		125,466	172,894	210,706	287,723
Total Segment Other Operating Expenses		142,121	122,466	265,432	229,558
Total Expenses	[2]	$ 561,421	$ 601,603	$ 1,094,003	$ 1,119,598
[1]	Total Segment Revenues is comprised of the following: Three Months Ended June 30 , 2019 2018 Six Months Ended June 30, 2019 2018 Total Segment Management and Advisory Fees, Net $ 844,156 $722,994 $1,658,218 $ 1,459,038 Total Segment Fee Related Performance Revenues 13,624 45,515 21,403 49,352 Total Segment Realized Performance Revenues 341,386 477,544 588,155 755,915 Total Segment Realized Principal Investment Income 123,557 94,647 149,465 123,340 Total Segment Revenues $1,322,723 $1,340,700 $ 2,417,241 $2,387,645
[2]	Total Segment Expenses is comprised of the following: Three Months Ended June 30 , 2019 2018 Six Months Ended June 30, 2019 2018 Total Segment Expenses is comprised of the following: Total Segment Fee Related Compensation $293,834 $ 306,243 $ 617,865 $602,317 Total Segment Realized Performance Compensation 125,466 172,894 210,706 287,723 Total Segment Other Operating Expenses 142,121 122,466 265,432 229,558 Total Segment Expenses $561,421 $601,603 $1,094,003 $1,119,598

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Investment Income - Realized Performance Allocations		$ 332,520	$ 503,376	$ 574,895	$ 773,016
Compensation and Benefits Compensation		438,521	427,479	909,918	816,882
Incentive Fee Compensation		8,886	9,743	14,292	16,405
Realized Performance Allocations Compensation		125,825	186,398	212,220	298,460
Realized Performance Revenues		354,435	522,754	608,942	804,960
Total Compensation and Benefits		573,232	623,620	1,136,430	1,131,747
General, Administrative and Other		175,308	145,828	321,370	272,541
Investment Income - Realized Performance Allocations		332,520	503,376	574,895	773,016
Realized Performance Allocations Compensation		125,825	186,398	212,220	298,460
Realized Performance Revenues		354,435	522,754	608,942	804,960
Total Segment		134,711	196,141	226,512	314,865
Investment Income Realized		145,040	129,197	218,301	171,342
Total Segment		134,711	196,141	226,512	314,865
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		840,378	721,384	1,650,104	1,450,233
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		21,915	19,378	34,047	31,944
Operating Segments
Segment Reporting Information [Line Items]
Revenues		844,156	722,994	1,658,218	1,459,038
Less: Realized Performance Revenues		(341,386)	(477,544)	(588,155)	(755,915)
Realized Performance Revenues		13,624	45,515	21,403	49,352
Realized Performance Revenues		341,386	477,544	588,155	755,915
General, Administrative and Other		142,121	122,466	265,432	229,558
Realized Performance Revenues		341,386	477,544	588,155	755,915
Total Segment		125,466	172,894	210,706	287,723
Investment Income Realized		123,557	94,647	149,465	123,340
Less: Equity-Based Compensation - Operating Compensation		(50,225)	(31,483)	(113,933)	(71,731)
Less: Equity-Based Compensation - Performance Compensation		(2,880)	(2,911)	(5,948)	(6,811)
Total Compensation and Benefits		293,834	306,243	617,865	602,317
Realized Performance Revenues		(13,624)	(45,515)	(21,403)	(49,352)
Less: Fee Related Performance Compensation		(6,365)	(20,336)	(9,858)	(20,331)
Less: Equity-based compensation - Performance Compensation Related		(2,880)	(2,911)	(5,948)	(6,811)
Total Segment		125,466	172,894	210,706	287,723
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		844,156	722,994	1,658,218	1,459,038
Segment Adjustment
Segment Reporting Information [Line Items]
Realized Performance Revenues	[1]	575	305	616	307
General, Administrative and Other	[2]	(33,187)	(23,362)	(55,938)	(42,983)
Investment Income Realized	[3]	(21,483)	(34,550)	(68,836)	(48,002)
Total Compensation and Benefits	[4]	(100,827)	(110,089)	(187,978)	(163,165)
Total Segment	[1]	575	305	616	307
Segment Adjustment | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues	[5]	$ 3,778	$ 1,610	$ 8,114	$ 8,805
[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 Management and Advisory Fees, Net 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 Management and Advisory Fees, Net in the Total Segment measures.