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INVESTMENTS | 6 Months Ended
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Jun. 30, 2012
INVESTMENTS |
4. | INVESTMENTS
Investment Investments consist of the following:
|  | June 30, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
Investments of Consolidated Blackstone Funds |  | $ | 14,057,705 |  |  | $ | 10,306,795 |
Equity Method Investments |  |  | 2,253,086 |  |  |  | 2,218,103 |
Blackstone’s Treasury Cash Management Strategies |  |  | 738,886 |  |  |  | 685,859 |
Performance Fees |  |  | 2,271,290 |  |  |  | 1,889,152 |
Other Investments |  |  | 30,491 |  |  |  | 28,390 |
|  | $ | 19,351,458 |  |  | $ | 15,128,299 |
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $486.1 million and $449.6 million at June 30, 2012 and December 31, 2011, respectively. At June 30, 2012 and December 31, 2011, consideration was given as to whether any individual investment, including derivative instruments, had a fair value which exceeded 5% of Blackstone’s net assets. At June 30, 2012 and December 31, 2011, no investment exceeded the 5% threshold. Investments of Consolidated Blackstone Funds The following table presents the realized and net change in unrealized gains (losses) on investments held by the consolidated Blackstone Funds:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Realized Gains (Losses) |  | $ | (54,791 | ) |  | $ | 36,654 |  |  | $ | (10,441 | ) |  | $ | 106,755 |
Net Change in Unrealized Gains (Losses) |  |  | 232,484 |  |  |  | (142,941 | ) |  |  | 388,169 |  |  |  | (277,831 | )
|  | $ | 177,693 |  |  | $ | (106,287 | ) |  | $ | 377,728 |  |  | $ | (171,076 | )
The following reconciles the Realized and Net Change in Unrealized Gains (Losses) from Blackstone Funds presented above to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Realized and Net Change in Unrealized Gains (Losses) from Blackstone Funds |  | $ | 177,693 |  |  | $ | (106,287 | ) |  | $ | 377,728 |  |  | $ | (171,076 | )
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds |  |  | 70,537 |  |  |  | 31,633 |  |  |  | 158,644 |  |  |  | 51,231 |
Other Income — Net Gains (Losses) from Fund Investment Activities |  | $ | 248,230 |  |  | $ | (74,654 | ) |  | $ | 536,372 |  |  | $ | (119,845 | )
Equity Method Investments The Partnership recognized net gains related to its equity method investments of $44.0 million and $183.6 million for the six months ended June 30, 2012 and 2011, respectively. Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-oriented funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence. Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended June 30, 2012, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present summarized financial information for any of its equity method investments. Blackstone’s Treasury Cash Management Strategies The portion of Blackstone’s Treasury cash management strategies included in Investments represents the Partnership’s liquid investments in government, other investment and non-investment grade securities and other investments. These strategies are primarily managed by third-party institutions. The following table presents the realized and net change in unrealized gains (losses) on investments held by Blackstone’s Treasury cash management strategies:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Realized Gains |  | $ | 2,167 |  |  | $ | 1,321 |  |  | $ | 10 |  |  | $ | 1,020 |
Net Change in Unrealized Gains (Losses) |  |  | 5,245 |  |  |  | 1,592 |  |  |  | 826 |  |  |  | 2,221 |
|  | $ | 7,412 |  |  | $ | 2,913 |  |  | $ | 836 |  |  | $ | 3,241 |
Performance Fees Performance Fees allocated to the general partner in respect of performance of certain Carry Funds, funds of hedge funds and credit-oriented funds were as follows:
|  | Private |  |  | Real |  |  | Hedge Fund |  |  | Credit |  |  |  |
|  | Equity |  |  | Estate |  |  | Solutions |  |  | Businesses |  |  | Total |
Performance Fees, December 31, 2011 |  | $ | 620,359 |  |  | $ | 943,859 |  |  | $ | 1,858 |  |  | $ | 323,076 |  |  | $ | 1,889,152 |
Performance Fees Allocated as a Result of Changes in Fund Fair Values |  |  | (14,305 | ) |  |  | 388,089 |  |  |  | 10,375 |  |  |  | 104,978 |  |  |  | 489,137 |
Foreign Exchange Loss |  |  | — |  |  |  | (3,094 | ) |  |  | — |  |  |  | — |  |  |  | (3,094 | )
Fund Cash Distributions |  |  | (3,349 | ) |  |  | (19,110 | ) |  |  | (3,843 | ) |  |  | (77,603 | ) |  |  | (103,905 | )
Performance Fees, June 30, 2012 |  | $ | 602,705 |  |  | $ | 1,309,744 |  |  | $ | 8,390 |  |  | $ | 350,451 |  |  | $ | 2,271,290 |
Other Investments Other Investments consist primarily of investment securities held by Blackstone for its own account. The following table presents Blackstone’s realized and net change in unrealized gains (losses) in other investments:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Realized Gains |  | $ | 541 |  |  | $ | 399 |  |  | $ | 796 |  |  | $ | 399 |
Net Change in Unrealized Gains (Losses) |  |  | (2,547 | ) |  |  | 343 |  |  |  | 190 |  |  |  | 1,292 |
|  | $ | (2,006 | ) |  | $ | 742 |  |  | $ | 986 |  |  | $ | 1,691 |

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