v2.4.0.8

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2013

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

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income - Net Gains from Fund Investment Activities in Condensed 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 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

Summarized Financial Information of Partnership's Equity Method Investments

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.

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies

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 Allocated to Funds

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

Realized and Net Change in Unrealized Gains (Losses), Other Investments

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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-Article 6

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