The following table presents the financial data for Blackstone’s segments for the three months ended September 30, 2014 and 2013:


	Three Months Ended September 30, 2014
	Private Equity			Real Estate			Hedge Fund Solutions			Credit			Financial Advisory			Total Segments
Segment Revenues
Management and Advisory Fees, Net
Base Management Fees	$	108,236		$	155,089		$	121,484		$	120,684		$	—		$	505,493
Advisory Fees		—			—			—			—			84,131			84,131
Transaction and Other Fees, Net		48,996			38,312			161			3,025			391			90,885
Management Fee Offsets		(5,837	)		(8,977	)		(1,099	)		(6,850	)		—			(22,763	)

Total Management and Advisory Fees, Net		151,395			184,424			120,546			116,859			84,522			657,746

Performance Fees
Realized
Carried Interest		124,913			349,237			—			164,602			—			638,752
Incentive Fees		—			1,159			6,683			28,998			—			36,840
Unrealized
Carried Interest		96,455			187,175			—			(61,604	)		—			222,026
Incentive Fees		—			(374	)		25,473			(31,630	)		—			(6,531	)

Total Performance Fees		221,368			537,197			32,156			100,366			—			891,087

Investment Income (Loss)
Realized		20,421			49,173			2,693			3,040			505			75,832
Unrealized		(12,754	)		14,492			(1,168	)		4,892			(528	)		4,934

Total Investment Income (Loss)		7,667			63,665			1,525			7,932			(23	)		80,766
Interest and Dividend Revenue		5,346			7,135			2,724			5,968			2,412			23,585
Other		2,150			976			740			(3,619	)		472			719

Total Revenues		387,926			793,397			157,691			227,506			87,383			1,653,903

Expenses
Compensation and Benefits
Compensation		79,007			90,586			41,940			54,877			58,016			324,426
Performance Fee Compensation
Realized
Carried Interest		30,944			64,187			—			90,872			—			186,003
Incentive Fees		—			592			2,312			16,125			—			19,029
Unrealized
Carried Interest		93,434			108,789			—			(38,091	)		—			164,132
Incentive Fees		—			(123	)		8,778			(17,657	)		—			(9,002	)

Total Compensation and Benefits		203,385			264,031			53,030			106,126			58,016			684,588
Other Operating Expenses		34,109			36,138			20,480			20,860			19,853			131,440

Total Expenses		237,494			300,169			73,510			126,986			77,869			816,028

Economic Income	$	150,432		$	493,228		$	84,181		$	100,520		$	9,514		$	837,875


	Three Months Ended September 30, 2013
	Private Equity			Real Estate			Hedge Fund Solutions			Credit			Financial Advisory			Total Segments
Segment Revenues
Management and Advisory Fees, Net
Base Management Fees	$	95,281		$	136,721		$	103,392		$	101,900		$	—		$	437,294
Advisory Fees		—			—			—			—			83,602			83,602
Transaction and Other Fees, Net		16,052			19,205			295			7,058			196			42,806
Management Fee Offsets		(2,080	)		(2,385	)		(1,200	)		(2,606	)		—			(8,271	)

Total Management and Advisory Fees, Net		109,253			153,541			102,487			106,352			83,798			555,431

Performance Fees
Realized
Carried Interest		85,121			93,878			—			3,655			—			182,654
Incentive Fees		—			3,737			5,320			22,181			—			31,238
Unrealized
Carried Interest		(86,300	)		340,406			—			35,946			—			290,052
Incentive Fees		—			2,481			29,208			9,303			—			40,992

Total Performance Fees		(1,179	)		440,502			34,528			71,085			—			544,936

Investment Income (Loss)
Realized		11,495			928			(598	)		496			(829	)		11,492
Unrealized		23,621			57,656			6,439			(1,042	)		1,006			87,680

Total Investment Income (Loss)		35,116			58,584			5,841			(546	)		177			99,172
Interest and Dividend Revenue		5,231			6,060			2,523			5,288			2,437			21,539
Other		1,521			2,113			595			(357	)		836			4,708

Total Revenues		149,942			660,800			145,974			181,822			87,248			1,225,786

Expenses
Compensation and Benefits
Compensation		55,800			75,346			37,611			53,250			57,491			279,498
Performance Fee Compensation
Realized
Carried Interest		19,824			38,942			—			1,603			—			60,369
Incentive Fees		—			1,919			1,954			10,726			—			14,599
Unrealized
Carried Interest		(36,198	)		99,323			—			19,216			—			82,341
Incentive Fees		—			615			10,177			292			—			11,084

Total Compensation and Benefits		39,426			216,145			49,742			85,087			57,491			447,891
Other Operating Expenses		30,024			30,614			19,575			23,451			19,208			122,872

Total Expenses		69,450			246,759			69,317			108,538			76,699			570,763

Economic Income	$	80,492		$	414,041		$	76,657		$	73,284		$	10,549		$	655,023

The following table presents the financial data for Blackstone’s segments as of and for the nine months ended September 30, 2014 and 2013:


	September 30, 2014 and the Nine Months Then Ended
	Private Equity			Real Estate			Hedge Fund Solutions			Credit			Financial Advisory		Total Segments
Segment Revenues
Management and Advisory Fees, Net
Base Management Fees	$	310,024		$	472,294		$	357,876		$	338,747		$	—	$	1,478,941
Advisory Fees		—			—			—			—			269,008		269,008
Transaction and Other Fees, Net		119,459			65,390			380			13,433			1,329		199,991
Management Fee Offsets		(11,796	)		(25,903	)		(4,085	)		(17,841	)		—		(59,625	)

Total Management and Advisory Fees, Net		417,687			511,781			354,171			334,339			270,337		1,888,315

Performance Fees
Realized
Carried Interest		457,112			961,721			—			195,201			—		1,614,034
Incentive Fees		—			7,203			54,501			68,264			—		129,968
Unrealized
Carried Interest		765,730			446,873			—			423			—		1,213,026
Incentive Fees		—			(1,120	)		74,114			38,517			—		111,511

Total Performance Fees		1,222,842			1,414,677			128,615			302,405			—		3,068,539

Investment Income (Loss)
Realized		155,768			203,194			21,907			8,334			745		389,948
Unrealized		(4,125	)		(30,566	)		4,320			12,492			1,135		(16,744	)

Total Investment Income		151,643			172,628			26,227			20,826			1,880		373,204
Interest and Dividend Revenue		15,240			21,254			7,725			16,721			7,101		68,041
Other		3,578			1,075			659			(3,867	)		137		1,582

Total Revenues		1,810,990			2,121,415			517,397			670,424			279,455		5,399,681

Expenses
Compensation and Benefits
Compensation		225,352			256,401			125,852			156,939			189,442		953,986
Performance Fee Compensation
Realized
Carried Interest		229,435			259,462			—			106,805			—		595,702
Incentive Fees		—			3,657			18,501			39,015			—		61,173
Unrealized
Carried Interest		132,480			193,113			—			(6,435	)		—		319,158
Incentive Fees		—			(524	)		26,791			12,954			—		39,221

Total Compensation and Benefits		587,267			712,109			171,144			309,278			189,442		1,969,240
Other Operating Expenses		106,308			105,787			65,061			75,858			63,311		416,325

Total Expenses		693,575			817,896			236,205			385,136			252,753		2,385,565

Economic Income	$	1,117,415		$	1,303,519		$	281,192		$	285,288		$	26,702	$	3,014,116

Segment Assets as of September 30, 2014	$	5,656,155		$	8,131,003		$	1,338,519		$	2,736,882		$	817,339	$	18,679,898


	Nine Months Ended September 30, 2013
	Private Equity			Real Estate			Hedge Fund Solutions			Credit			Financial Advisory			Total Segments
Segment Revenues
Management and Advisory Fees, Net
Base Management Fees	$	268,148		$	412,067		$	296,296		$	295,204		$	—		$	1,271,715
Advisory Fees		—			—			—			—			271,356			271,356
Transaction and Other Fees, Net		78,853			47,358			360			20,434			239			147,244
Management Fee Offsets		(4,510	)		(15,983	)		(2,238	)		(5,737	)		—			(28,468	)

Total Management and Advisory Fees, Net		342,491			443,442			294,418			309,901			271,595			1,661,847

Performance Fees
Realized
Carried Interest		228,912			306,132			—			125,068			—			660,112
Incentive Fees		—			37,931			32,874			60,027			—			130,832
Unrealized
Carried Interest		12,672			880,454			—			30,979			—			924,105
Incentive Fees		—			(27,398	)		105,698			74,805			—			153,105

Total Performance Fees		241,584			1,197,119			138,572			290,879			—			1,868,154

Investment Income (Loss)
Realized		57,243			29,039			13,922			4,725			(741	)		104,188
Unrealized		76,420			148,595			(1,702	)		4,432			(871	)		226,874

Total Investment Income (Loss)		133,663			177,634			12,220			9,157			(1,612	)		331,062
Interest and Dividend Revenue		11,466			14,754			5,617			13,906			5,799			51,542
Other		2,311			1,706			426			408			836			5,687

Total Revenues		731,515			1,834,655			451,253			624,251			276,618			3,918,292

Expenses
Compensation and Benefits
Compensation		179,750			218,597			108,323			154,712			191,570			852,952
Performance Fee Compensation
Realized
Carried Interest		36,947			119,810			—			68,959			—			225,716
Incentive Fees		—			19,376			12,092			28,653			—			60,121
Unrealized
Carried Interest		68,532			266,984			—			15,121			—			350,637
Incentive Fees		—			(14,680	)		37,679			35,647			—			58,646

Total Compensation and Benefits		285,229			610,087			158,094			303,092			191,570			1,548,072
Other Operating Expenses		91,370			86,693			51,269			67,374			60,762			357,468

Total Expenses		376,599			696,780			209,363			370,466			252,332			1,905,540

Economic Income	$	354,916		$	1,137,875		$	241,890		$	253,785		$	24,286		$	2,012,752

The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes for the three months ended September 30, 2014 and 2013:


	Three Months Ended September 30, 2014							Three Months Ended September 30, 2013
	Total Segments		Consolidation Adjustments and Reconciling Items			Blackstone Consolidated		Total Segments		Consolidation Adjustments and Reconciling Items			Blackstone Consolidated
Revenues	$	1,653,903	$	25,523	(a)	$	1,679,426	$	1,225,786	$	(8,941	)(a)	$	1,216,845
Expenses	$	816,028	$	239,110	(b)	$	1,055,138	$	570,763	$	215,642	(b)	$	786,405
Other Income	$	—	$	8,682	(c)	$	8,682	$	—	$	87,952	(c)	$	87,952
Economic Income	$	837,875	$	(204,905	)(d)	$	632,970	$	655,023	$	(136,631	)(d)	$	518,392

(a)	The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues.

(b)	The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses.

(c)	The Other Income adjustment results from the following:


	Three Months Ended September 30,
	2014			2013
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss	$	(25,613	)	$	6,321
Fund Expenses Added in Consolidation		7,649			7,679
Non-Controlling Interests in Income of Consolidated Entities		32,163			81,419
Transaction-Related Other Income		(5,517	)		(7,467	)

Total Consolidation Adjustments and Reconciling Items	$	8,682		$	87,952

(d)	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following:


	Three Months Ended September 30,
	2014			2013
Economic Income	$	837,875		$	655,023

Adjustments
Amortization of Intangibles		(27,828	)		(27,525	)
IPO and Acquisition-Related Charges		(209,240	)		(190,525	)
Non-Controlling Interests in Income of Consolidated Entities		32,163			81,419

Total Consolidation Adjustments and Reconciling Items		(204,905	)		(136,631	)

Income Before Provision for Taxes	$	632,970		$	518,392

The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2014 and 2013:


	September 30, 2014 and the Nine Months Then Ended						Nine Months Ended September 30, 2013
	Total Segments		Consolidation Adjustments and Reconciling Items		Blackstone Consolidated		Total Segments		Consolidation Adjustments and Reconciling Items		Blackstone Consolidated
Revenues	$	5,399,681	$	64,273 (a)	$	5,463,954	$	3,918,292	$	(14,504)(a)	$	3,903,788
Expenses	$	2,385,565	$	647,205 (b)	$	3,032,770	$	1,905,540	$	630,728 (b)	$	2,536,268
Other Income	$	—	$	217,422 (c)	$	217,422	$	—	$	196,128 (c)	$	196,128
Economic Income	$	3,014,116	$	(365,510)(d)	$	2,648,606	$	2,012,752	$	(449,104)(d)	$	1,563,648
Total Assets	$	18,679,898	$	11,833,958(e)	$	30,513,856

(a)	The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues.

(b)	The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses.

(c)	The Other Income adjustment results from the following:


	Nine Months Ended September 30,
	2014			2013
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss	$	(64,531	)	$	11,455
Fund Expenses Added in Consolidation		7,668			21,703
Non-Controlling Interests in Income of Consolidated Entities		284,463			184,593
Transaction-Related Other Income		(10,178	)		(21,623	)

Total Consolidation Adjustments and Reconciling Items	$	217,422		$	196,128

(d)	The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following:


	Nine Months Ended September 30,
	2014			2013
Economic Income	$	3,014,116		$	2,012,752

Adjustments
Amortization of Intangibles		(85,141	)		(77,504	)
IPO and Acquisition-Related Charges		(564,832	)		(556,193	)
Non-Controlling Interests in Income of Consolidated Entities		284,463			184,593

Total Consolidation Adjustments and Reconciling Items		(365,510	)		(449,104	)

Income Before Provision for Taxes	$	2,648,606		$	1,563,648

(e)	The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.