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INVESTMENTS | 9 Months Ended
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Sep. 30, 2013
INVESTMENTS |
4. | INVESTMENTS
Investments consist of the following:
|  | September 30, 2013 |  |  | December 31, 2012 |
Investments of Consolidated Blackstone Funds |  | $ | 12,328,927 |  |  | $ | 14,026,745 |
Equity Method Investments |  |  | 2,964,438 |  |  |  | 2,582,504 |
Blackstone’s Treasury Cash Management Strategies |  |  | 1,066,170 |  |  |  | 1,411,680 |
Performance Fees |  |  | 3,705,713 |  |  |  | 2,780,217 |
Other Investments |  |  | 86,138 |  |  |  | 46,124 |
|  | $ | 20,151,386 |  |  | $ | 20,847,270 |
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $506.3 million and $500.5 million at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013 and December 31, 2012, 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 September 30, 2013 and December 31, 2012, 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 and a reconciliation to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Realized Gains (Losses) |  | $ | (2,932 | ) |  | $ | 6,162 |  |  | $ | 95,403 |  |  | $ | (4,279 | )
Net Change in Unrealized Gains (Losses) |  |  | 46,872 |  |  |  | (152,801 | ) |  |  | (36,855 | ) |  |  | 235,368 |
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds |  |  | 43,940 |  |  |  | (146,639 | ) |  |  | 58,548 |  |  |  | 231,089 |
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds |  |  | 44,012 |  |  |  | 10,679 |  |  |  | 137,580 |  |  |  | 169,323 |
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities |  | $ | 87,952 |  |  | $ | (135,960 | ) |  | $ | 196,128 |  |  | $ | 400,412 |
Equity Method Investments Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused 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 September 30, 2013 and 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. The Partnership recognized net gains related to its equity method investments of $71.3 million and $81.4 million for the three months ended September 30, 2013 and 2012, respectively. The Partnership recognized net gains related to its equity method investments of $282.6 million and $125.4 million for the nine months ended September 30, 2013 and 2012, respectively. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Realized Gains (Losses) |  | $ | (6,587 | ) |  | $ | 3,228 |  |  | $ | (4,030 | ) |  | $ | 3,238 |
Net Change in Unrealized Gains (Losses) |  |  | 10,126 |  |  |  | 6,525 |  |  |  | (9,041 | ) |  |  | 7,351 |
|  | $ | 3,539 |  |  | $ | 9,753 |  |  | $ | (13,071 | ) |  | $ | 10,589 |
Performance Fees Performance Fees allocated to the general partner in respect of performance of certain Carry Funds, funds of hedge funds and credit-focused funds were as follows:
|  | Private Equity |  |  | Real Estate |  |  | Hedge Fund Solutions |  |  | Credit |  |  | Total |
Performance Fees, December 31, 2012 |  | $ | 780,474 |  |  | $ | 1,633,279 |  |  | $ | 6,214 |  |  | $ | 360,250 |  |  | $ | 2,780,217 |
Performance Fees Allocated as a Result of Changes in Fund Fair Values |  |  | 165,884 |  |  |  | 1,156,423 |  |  |  | 45,520 |  |  |  | 210,801 |  |  |  | 1,578,628 |
Foreign Exchange Gain |  |  | — |  |  |  | 2,540 |  |  |  | — |  |  |  | — |  |  |  | 2,540 |
Fund Distributions |  |  | (223,502 | ) |  |  | (273,755 | ) |  |  | (10,875 | ) |  |  | (147,540 | ) |  |  | (655,672 | )
Performance Fees, September 30, 2013 |  | $ | 722,856 |  |  | $ | 2,518,487 |  |  | $ | 40,859 |  |  | $ | 423,511 |  |  | $ | 3,705,713 |
Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s realized and net change in unrealized gains (losses) in other investments:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Realized Gains (Losses) |  | $ | (168 | ) |  | $ | 111 |  |  | $ | 13,938 |  |  | $ | 907 |
Net Change in Unrealized Gains (Losses) |  |  | 1,331 |  |  |  | (912 | ) |  |  | (11,170 | ) |  |  | (722 | )
|  | $ | 1,163 |  |  | $ | (801 | ) |  | $ | 2,768 |  |  | $ | 185 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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