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BORROWINGS (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Carrying Value and Fair Value of Blackstone Issued Notes |
The carrying
value and fair value of the Blackstone issued notes, included in
Loans Payable within the Condensed Consolidated Statements of
Financial Condition, were:
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September 30,
2014 |
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December 31,
2013 |
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Carrying
Value |
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|
Fair
Value (a) |
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|
Carrying
Value |
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|
Fair
Value (a) |
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Blackstone Issued 6.625%,
$600 Million Par, Notes Due
8/15/2019 (b)
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$ |
627,081 |
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|
$ |
694,688 |
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$ |
632,823 |
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$ |
684,860 |
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Blackstone Issued 5.875%,
$400 Million Par, Notes Due 3/15/2021
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$ |
398,667 |
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$ |
464,680 |
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$ |
398,543 |
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$ |
447,120 |
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Blackstone Issued 4.750%,
$400 Million Par, Notes Due 2/15/2023
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$ |
393,651 |
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$ |
433,280 |
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$ |
393,202 |
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$ |
415,760 |
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Blackstone Issued 6.250%,
$250 Million Par, Notes Due 8/15/2042
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$ |
239,832 |
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$ |
307,725 |
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$ |
239,738 |
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$ |
278,550 |
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Blackstone Issued 5.000%,
$500 Million Par, Notes Due 6/15/2044
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$ |
492,988 |
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$ |
518,300 |
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$ |
— |
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$ |
— |
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| (a) |
Fair value is determined
by broker quote and these notes would be classified as Level II
within the fair value hierarchy. |
| (b) |
The carrying and fair
values are determined using the original $600 million par
amount less $15 million attributable to these notes which were
acquired but not retired by Blackstone during 2012. |
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| Partnership's Borrowings Through Consolidated CLO Vehicles |
Borrowings through the consolidated CLO vehicles consisted of the
following:
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September 30,
2014 |
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December 31,
2013 |
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Borrowing
Outstanding |
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Weighted-
Average
Interest
Rate |
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Weighted-
Average
Remaining
Maturity in
Years |
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Borrowing
Outstanding |
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Weighted-
Average
Interest
Rate |
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Weighted-
Average
Remaining
Maturity in
Years |
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Senior Secured
Notes
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$ |
5,460,411 |
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|
1.03 |
% |
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3.5 |
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$ |
8,605,553 |
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|
1.09 |
% |
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4.1 |
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Subordinated
Notes
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734,206 |
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(a |
) |
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N/A |
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1,221,068 |
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(a |
) |
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N/A |
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$ |
6,194,617 |
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$ |
9,826,621 |
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| (a) |
The Subordinated Notes do
not have contractual interest rates but instead receive
distributions from the excess cash flows of the CLO
vehicles. |
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| Components of Senior Secured Notes and Subordinated Notes |
Senior Secured Notes and Subordinated Notes comprise the following
amounts:
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September 30,
2014 |
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December 31,
2013 |
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Amounts Due to
Non-
Consolidated Affiliates |
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Amounts Due to
Non-
Consolidated Affiliates |
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Fair
Value |
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Borrowing
Outstanding |
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Fair Value |
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Fair
Value |
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Borrowing
Outstanding |
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Fair
Value |
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Senior Secured
Notes
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$ |
5,322,648 |
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$ |
4,500 |
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$ |
4,367 |
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$ |
8,302,572 |
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$ |
14,500 |
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$ |
13,732 |
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Subordinated
Notes
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$ |
360,272 |
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$ |
40,059 |
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$ |
23,218 |
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$ |
610,435 |
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$ |
224,444 |
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$ |
110,197 |
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| Scheduled Principal Payments for Borrowings |
Scheduled principal payments for borrowings as of September 30, 2014
were as follows:
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Operating
Borrowings |
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Blackstone Fund
Facilities/CLO
Vehicles |
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Total
Borrowings |
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2014
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$ |
— |
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$ |
— |
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$ |
— |
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2015
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— |
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6,823 |
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6,823 |
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2016
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— |
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— |
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— |
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2017
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— |
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— |
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— |
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After 2018
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2,135,000 |
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6,194,617 |
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8,329,617 |
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Total
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$ |
2,135,000 |
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$ |
6,201,440 |
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$ |
8,336,440 |
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