v2.4.0.8

INVESTMENTS | 12 Months Ended
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Dec. 31, 2013
INVESTMENTS | 4. INVESTMENTS Investments consist of the following:
|  | December 31, |
|  | 2013 |  |  | 2012 |
Investments of Consolidated Blackstone Funds |  | $ | 12,521,248 |  |  | $ | 14,026,745 |
Equity Method Investments |  |  | 3,309,879 |  |  |  | 2,582,504 |
Blackstone’s Treasury Cash Management Strategies |  |  | 1,104,800 |  |  |  | 1,411,680 |
Performance Fees |  |  | 4,674,792 |  |  |  | 2,780,217 |
Other Investments |  |  | 118,804 |  |  |  | 46,124 |
|  | $ | 21,729,523 |  |  | $ | 20,847,270 |
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $487.8 million and $500.5 million at December 31, 2013 and December 31, 2012, respectively. Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income—Net Gains from Fund Investment Activities in the Consolidated Statements of Operations:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Realized Gains (Losses) |  | $ | 205,741 |  |  | $ | (3,502 | ) |  | $ | 226,427 |
Net Change in Unrealized Gains (Losses) |  |  | (26,800 | ) |  |  | 58,602 |  |  |  | (308,364 | )
Realized and Net Change in Unrealized Gains (Losses) from Blackstone Funds |  |  | 178,941 |  |  |  | 55,100 |  |  |  | (81,937 | )
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds |  |  | 202,723 |  |  |  | 201,045 |  |  |  | 96,872 |
Other Income—Net Gains from Fund Investment Activities |  | $ | 381,664 |  |  | $ | 256,145 |  |  | $ | 14,935 |
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 years ended December 31, 2013, 2012 and 2011, 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. Blackstone holds a 40% non-controlling equity interest in Pátria Investments Limited and Pátria Investimentos Ltda. (collectively, “Pátria”) and accounts for this interest using the equity method of accounting. The Partnership recognized net gains related to its equity method investments of $591.9 million, $199.7 million and $135.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The summarized financial information of the Partnership’s equity method investments for December 31, 2013 are as follows:
|  | December 31, 2013 and the Year Then Ended |
|  | Private Equity |  |  | Real Estate |  |  | Hedge Fund Solutions |  |  | Credit |  |  | Other (a) |  |  | Total |
Statement of Financial Condition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | $ | 35,516,755 |  |  | $ | 57,053,881 |  |  | $ | 11,529,163 |  |  | $ | 12,150,918 |  |  | $ | 26,839 |  |  | $ | 116,277,556 |
Other Assets |  |  | 389,265 |  |  |  | 3,441,977 |  |  |  | 1,114,404 |  |  |  | 2,678,742 |  |  |  | 128,826 |  |  |  | 7,753,214 |
Total Assets |  | $ | 35,906,020 |  |  | $ | 60,495,858 |  |  | $ | 12,643,567 |  |  | $ | 14,829,660 |  |  | $ | 155,665 |  |  | $ | 124,030,770 |
Liabilities and Partners’ Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 1,691,018 |  |  | $ | 3,013,762 |  |  | $ | 63,830 |  |  | $ | 1,165,405 |  |  | $ | 967 |  |  | $ | 5,934,982 |
Other Liabilities |  |  | 54,909 |  |  |  | 886,445 |  |  |  | 689,964 |  |  |  | 1,131,557 |  |  |  | 14,222 |  |  |  | 2,777,097 |
Total Liabilities |  |  | 1,745,927 |  |  |  | 3,900,207 |  |  |  | 753,794 |  |  |  | 2,296,962 |  |  |  | 15,189 |  |  |  | 8,712,079 |
Partners’ Capital |  |  | 34,160,093 |  |  |  | 56,595,651 |  |  |  | 11,889,773 |  |  |  | 12,532,698 |  |  |  | 140,476 |  |  |  | 115,318,691 |
Total Liabilities and Partners’ Capital |  | $ | 35,906,020 |  |  | $ | 60,495,858 |  |  | $ | 12,643,567 |  |  | $ | 14,829,660 |  |  | $ | 155,665 |  |  | $ | 124,030,770 |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Income |  | $ | 294,171 |  |  | $ | 140,879 |  |  | $ | 224 |  |  | $ | 630,902 |  |  | $ | 4 |  |  | $ | 1,066,180 |
Other Income |  |  | 10,580 |  |  |  | 752,184 |  |  |  | 89,632 |  |  |  | 30,937 |  |  |  | 101,214 |  |  |  | 984,547 |
Interest Expense |  |  | (37,846 | ) |  |  | (51,544 | ) |  |  | (310 | ) |  |  | (68,973 | ) |  |  | — |  |  |  | (158,673 | )
Other Expenses |  |  | (88,957 | ) |  |  | (108,580 | ) |  |  | (71,326 | ) |  |  | (105,706 | ) |  |  | (65,197 | ) |  |  | (439,766 | )
Net Realized and Unrealized Gain from Investments |  |  | 9,002,197 |  |  |  | 13,225,141 |  |  |  | 1,127,173 |  |  |  | 1,979,078 |  |  |  | 2,944 |  |  |  | 25,336,533 |
Net Income |  | $ | 9,180,145 |  |  | $ | 13,958,080 |  |  | $ | 1,145,393 |  |  | $ | 2,466,238 |  |  | $ | 38,965 |  |  | $ | 26,788,821 |
(a) | Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.
The summarized financial information of the Partnership’s equity method investments for December 31, 2012 are as follows:
|  | December 31, 2012 and the Year Then Ended |
|  | Private Equity |  |  | Real Estate |  |  | Hedge Fund Solutions |  |  | Credit |  |  | Other (a) |  |  | Total |
Statement of Financial Condition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | $ | 31,308,915 |  |  | $ | 40,230,098 |  |  | $ | 8,193,041 |  |  | $ | 11,066,214 |  |  | $ | 22,345 |  |  | $ | 90,820,613 |
Other Assets |  |  | 1,289,961 |  |  |  | 1,714,990 |  |  |  | 1,173,627 |  |  |  | 2,516,388 |  |  |  | 46,178 |  |  |  | 6,741,144 |
Total Assets |  | $ | 32,598,876 |  |  | $ | 41,945,088 |  |  | $ | 9,366,668 |  |  | $ | 13,582,602 |  |  | $ | 68,523 |  |  | $ | 97,561,757 |
Liabilities and Partners’ Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 1,478,929 |  |  | $ | 1,336,305 |  |  | $ | 65,103 |  |  | $ | 1,043,595 |  |  | $ | 972 |  |  | $ | 3,924,904 |
Other Liabilities |  |  | 91,519 |  |  |  | 703,412 |  |  |  | 642,925 |  |  |  | 1,401,910 |  |  |  | 20,192 |  |  |  | 2,859,958 |
Total Liabilities |  |  | 1,570,448 |  |  |  | 2,039,717 |  |  |  | 708,028 |  |  |  | 2,445,505 |  |  |  | 21,164 |  |  |  | 6,784,862 |
Partners’ Capital |  |  | 31,028,428 |  |  |  | 39,905,371 |  |  |  | 8,658,640 |  |  |  | 11,137,097 |  |  |  | 47,359 |  |  |  | 90,776,895 |
Total Liabilities and Partners’ Capital |  | $ | 32,598,876 |  |  | $ | 41,945,088 |  |  | $ | 9,366,668 |  |  | $ | 13,582,602 |  |  | $ | 68,523 |  |  | $ | 97,561,757 |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Income |  | $ | 350,153 |  |  | $ | 128,624 |  |  | $ | 194 |  |  | $ | 712,490 |  |  | $ | — |  |  | $ | 1,191,461 |
Other Income |  |  | 13,255 |  |  |  | 294,105 |  |  |  | 36,797 |  |  |  | 7,283 |  |  |  | 76,809 |  |  |  | 428,249 |
Interest Expense |  |  | (23,060 | ) |  |  | (39,103 | ) |  |  | (1,024 | ) |  |  | (60,082 | ) |  |  | — |  |  |  | (123,269 | )
Other Expenses |  |  | (48,926 | ) |  |  | (64,569 | ) |  |  | (60,114 | ) |  |  | (101,451 | ) |  |  | (48,744 | ) |  |  | (323,804 | )
Net Realized and Unrealized Gain from Investments |  |  | 3,916,697 |  |  |  | 4,979,027 |  |  |  | 798,892 |  |  |  | 1,362,351 |  |  |  | 1,014 |  |  |  | 11,057,981 |
Net Income |  | $ | 4,208,119 |  |  | $ | 5,298,084 |  |  | $ | 774,745 |  |  | $ | 1,920,591 |  |  | $ | 29,079 |  |  | $ | 12,230,618 |
(a) | Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.
The summarized financial information of the Partnership’s equity method investments for December 31, 2011 are as follows:
|  | December 31, 2011 and the Year Then Ended |
|  | Private Equity |  |  | Real Estate |  |  | Hedge Fund Solutions |  |  | Credit |  |  | Other (a) |  |  | Total |
Statement of Financial Condition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | $ | 25,788,678 |  |  | $ | 29,856,855 |  |  | $ | 6,322,821 |  |  | $ | 8,887,081 |  |  | $ | 5,018 |  |  | $ | 70,860,453 |
Other Assets |  |  | 321,271 |  |  |  | 1,736,245 |  |  |  | 1,167,162 |  |  |  | 2,355,318 |  |  |  | 51,153 |  |  |  | 5,631,149 |
Total Assets |  | $ | 26,109,949 |  |  | $ | 31,593,100 |  |  | $ | 7,489,983 |  |  | $ | 11,242,399 |  |  | $ | 56,171 |  |  | $ | 76,491,602 |
Liabilities and Partners’ Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 863,672 |  |  | $ | 1,384,867 |  |  | $ | 123,925 |  |  | $ | 444,313 |  |  | $ | 979 |  |  | $ | 2,817,756 |
Other Liabilities |  |  | 194,873 |  |  |  | 334,175 |  |  |  | 461,854 |  |  |  | 848,534 |  |  |  | 25,740 |  |  |  | 1,865,176 |
Total Liabilities |  |  | 1,058,545 |  |  |  | 1,719,042 |  |  |  | 585,779 |  |  |  | 1,292,847 |  |  |  | 26,719 |  |  |  | 4,682,932 |
Partners’ Capital |  |  | 25,051,404 |  |  |  | 29,874,058 |  |  |  | 6,904,204 |  |  |  | 9,949,552 |  |  |  | 29,452 |  |  |  | 71,808,670 |
Total Liabilities and Partners’ Capital |  | $ | 26,109,949 |  |  | $ | 31,593,100 |  |  | $ | 7,489,983 |  |  | $ | 11,242,399 |  |  | $ | 56,171 |  |  | $ | 76,491,602 |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Income |  | $ | 116 |  |  | $ | 82,166 |  |  | $ | 89 |  |  | $ | 581,090 |  |  | $ | 2 |  |  | $ | 663,463 |
Other Income |  |  | 516,729 |  |  |  | 159,400 |  |  |  | 19,275 |  |  |  | 26,760 |  |  |  | 66,456 |  |  |  | 788,620 |
Interest Expense |  |  | (14,826 | ) |  |  | (19,142 | ) |  |  | (172 | ) |  |  | (24,672 | ) |  |  | — |  |  |  | (58,812 | )
Other Expenses |  |  | (50,591 | ) |  |  | (54,907 | ) |  |  | (51,063 | ) |  |  | (78,427 | ) |  |  | (25,040 | ) |  |  | (260,028 | )
Net Realized and Unrealized Gain (Loss) from Investments |  |  | 1,510,622 |  |  |  | 4,086,549 |  |  |  | (71,790 | ) |  |  | 380,609 |  |  |  | — |  |  |  | 5,905,990 |
Net Income (Loss) |  | $ | 1,962,050 |  |  | $ | 4,254,066 |  |  | $ | (103,661 | ) |  | $ | 885,360 |  |  | $ | 41,418 |  |  | $ | 7,039,233 |
(a) | Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.
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:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Realized Gains (Losses) |  | $ | (5,793 | ) |  | $ | 9,095 |  |  | $ | 9,738 |
Net Change in Unrealized Gains (Losses) |  |  | (9,342 | ) |  |  | (502 | ) |  |  | 641 |
|  | $ | (15,135 | ) |  | $ | 8,593 |  |  | $ | 10,379 |
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 |  |  | 614,554 |  |  |  | 2,084,222 |  |  |  | 68,609 |  |  |  | 214,372 |  |  |  | 2,981,757 |
Foreign Exchange Gain |  |  | — |  |  |  | 7,733 |  |  |  | — |  |  |  | — |  |  |  | 7,733 |
Fund Distributions |  |  | (423,168 | ) |  |  | (456,628 | ) |  |  | (65,355 | ) |  |  | (149,764 | ) |  |  | (1,094,915 | )
Performance Fees, December 31, 2013 |  | $ | 971,860 |  |  | $ | 3,268,606 |  |  | $ | 9,468 |  |  | $ | 424,858 |  |  | $ | 4,674,792 |
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:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Realized Gains |  | $ | 13,468 |  |  | $ | 743 |  |  | $ | 948 |
Net Change in Unrealized Gains (Losses) |  |  | (6,758 | ) |  |  | (371 | ) |  |  | (21,968 | )
|  | $ | 6,710 |  |  | $ | 372 |  |  | $ | (21,020 | )

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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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