v2.4.1.9

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2015
Financial Assets and Liabilities at Fair Value | The following tables summarize the valuation of the Partnership’s financial assets and liabilities by the fair value hierarchy:
|  | March 31, 2015 |
|  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds |  | $ | — |  |  | $ | — |  |  | $ | 1,170,378 |  |  | $ | 1,170,378 |
Equity Securities |  |  | 65,706 |  |  |  | 87,343 |  |  |  | 186,687 |  |  |  | 339,736 |
Partnership and LLC Interests |  |  | — |  |  |  | 183,675 |  |  |  | 1,562,341 |  |  |  | 1,746,016 |
Debt Instruments |  |  | — |  |  |  | 1,473,038 |  |  |  | 86,561 |  |  |  | 1,559,599 |
Assets of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Loans |  |  | — |  |  |  | 5,387,924 |  |  |  | 514,245 |  |  |  | 5,902,169 |
Corporate Bonds |  |  | — |  |  |  | 322,696 |  |  |  | — |  |  |  | 322,696 |
Freestanding Derivatives — Foreign Currency Contracts |  |  | — |  |  |  | 5,118 |  |  |  | — |  |  |  | 5,118 |
Freestanding Derivatives — Interest Rate Contracts |  |  | — |  |  |  | 2,033 |  |  |  | — |  |  |  | 2,033 |
Other |  |  | 14 |  |  |  | 19,010 |  |  |  | 56,363 |  |  |  | 75,387 |
Total Investments of Consolidated Blackstone Funds |  |  | 65,720 |  |  |  | 7,480,837 |  |  |  | 3,576,575 |  |  |  | 11,123,132 |
Blackstone’s Treasury Cash Management Strategies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds |  |  | 276,611 |  |  |  | — |  |  |  | — |  |  |  | 276,611 |
Equity Securities |  |  | 69,849 |  |  |  | — |  |  |  | — |  |  |  | 69,849 |
Debt Instruments |  |  | — |  |  |  | 1,158,707 |  |  |  | 64,816 |  |  |  | 1,223,523 |
Other |  |  | — |  |  |  | 51,618 |  |  |  | 10,095 |  |  |  | 61,713 |
Total Blackstone’s Treasury Cash Management Strategies |  |  | 346,460 |  |  |  | 1,210,325 |  |  |  | 74,911 |  |  |  | 1,631,696 |
Money Market Funds |  |  | 260,002 |  |  |  | — |  |  |  | — |  |  |  | 260,002 |
Freestanding Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts |  |  | 191 |  |  |  | 260 |  |  |  | — |  |  |  | 451 |
Foreign Currency Contracts |  |  | — |  |  |  | 1,647 |  |  |  | — |  |  |  | 1,647 |
Credit Default Swaps |  |  | — |  |  |  | 308 |  |  |  | — |  |  |  | 308 |
Loans and Receivables |  |  | — |  |  |  | — |  |  |  | 40,691 |  |  |  | 40,691 |
Other Investments |  |  | 35,379 |  |  |  | 7,014 |  |  |  | 111,676 |  |  |  | 154,069 |
|  | $ | 707,752 |  |  | $ | 8,700,391 |  |  | $ | 3,803,853 |  |  | $ | 13,211,996 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of Consolidated CLO Vehicles (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Notes |  | $ | — |  |  | $ | — |  |  | $ | 6,587,954 |  |  | $ | 6,587,954 |
Subordinated Notes |  |  | — |  |  |  | — |  |  |  | 345,793 |  |  |  | 345,793 |
Freestanding Derivatives — Foreign Currency Contracts |  |  | — |  |  |  | 36,138 |  |  |  | — |  |  |  | 36,138 |
Freestanding Derivatives — Credit Default Swaps |  |  | — |  |  |  | 543 |  |  |  | — |  |  |  | 543 |
Net Investment Hedges — Foreign Currency Contracts |  |  | — |  |  |  | 408 |  |  |  | — |  |  |  | 408 |
Freestanding Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts |  |  | 2,813 |  |  |  | 4,645 |  |  |  | — |  |  |  | 7,458 |
Foreign Currency Contracts |  |  | — |  |  |  | 2,593 |  |  |  | — |  |  |  | 2,593 |
Credit Default Swaps |  |  | — |  |  |  | 1,464 |  |  |  | — |  |  |  | 1,464 |
Securities Sold, Not Yet Purchased |  |  | — |  |  |  | 162,111 |  |  |  | — |  |  |  | 162,111 |
|  | $ | 2,813 |  |  | $ | 207,902 |  |  | $ | 6,933,747 |  |  | $ | 7,144,462 |
|  | December 31, 2014 |
|  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds |  | $ | — |  |  | $ | — |  |  | $ | 1,103,210 |  |  | $ | 1,103,210 |
Equity Securities |  |  | 58,934 |  |  |  | 114,115 |  |  |  | 179,311 |  |  |  | 352,360 |
Partnership and LLC Interests |  |  | — |  |  |  | 187,140 |  |  |  | 1,496,422 |  |  |  | 1,683,562 |
Debt Instruments |  |  | — |  |  |  | 1,502,314 |  |  |  | 105,970 |  |  |  | 1,608,284 |
Assets of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Loans |  |  | — |  |  |  | 5,691,517 |  |  |  | 588,075 |  |  |  | 6,279,592 |
Corporate Bonds |  |  | — |  |  |  | 292,690 |  |  |  | — |  |  |  | 292,690 |
Freestanding Derivatives — Foreign Currency Contracts |  |  | — |  |  |  | 8,915 |  |  |  | — |  |  |  | 8,915 |
Freestanding Derivatives — Interest Rate Contracts |  |  | — |  |  |  | 2,281 |  |  |  | — |  |  |  | 2,281 |
Other |  |  | 13 |  |  |  | 19,455 |  |  |  | 25,045 |  |  |  | 44,513 |
Total Investments of Consolidated Blackstone Funds |  |  | 58,947 |  |  |  | 7,818,427 |  |  |  | 3,498,033 |  |  |  | 11,375,407 |
Blackstone’s Treasury Cash Management Strategies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds |  |  | 307,111 |  |  |  | — |  |  |  | — |  |  |  | 307,111 |
Equity Securities |  |  | 71,746 |  |  |  | — |  |  |  | — |  |  |  | 71,746 |
Debt Instruments |  |  | — |  |  |  | 1,141,301 |  |  |  | 84,894 |  |  |  | 1,226,195 |
Other |  |  | — |  |  |  | 50,850 |  |  |  | 10,159 |  |  |  | 61,009 |
Total Blackstone’s Treasury Cash Management Strategies |  |  | 378,857 |  |  |  | 1,192,151 |  |  |  | 95,053 |  |  |  | 1,666,061 |
Money Market Funds |  |  | 198,278 |  |  |  | — |  |  |  | — |  |  |  | 198,278 |
Net Investment Hedges — Foreign Currency Contracts |  |  | — |  |  |  | 523 |  |  |  | — |  |  |  | 523 |
Freestanding Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts |  |  | 263 |  |  |  | 144 |  |  |  | — |  |  |  | 407 |
Foreign Currency Contracts |  |  | — |  |  |  | 2,798 |  |  |  | — |  |  |  | 2,798 |
Credit Default Swaps |  |  | — |  |  |  | 85 |  |  |  | — |  |  |  | 85 |
Loans and Receivables |  |  | — |  |  |  | — |  |  |  | 40,397 |  |  |  | 40,397 |
Other Investments |  |  | 31,731 |  |  |  | 7,310 |  |  |  | 107,210 |  |  |  | 146,251 |
|  | $ | 668,076 |  |  | $ | 9,021,438 |  |  | $ | 3,740,693 |  |  | $ | 13,430,207 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of Consolidated CLO Vehicles (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Notes |  | $ | — |  |  | $ | — |  |  | $ | 6,448,352 |  |  | $ | 6,448,352 |
Subordinated Notes |  |  | — |  |  |  | — |  |  |  | 348,752 |  |  |  | 348,752 |
Freestanding Derivatives — Foreign Currency Contracts |  |  | — |  |  |  | 21,875 |  |  |  | — |  |  |  | 21,875 |
Freestanding Derivatives — Credit Default Swaps |  |  | — |  |  |  | 2,514 |  |  |  | — |  |  |  | 2,514 |
Freestanding Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts |  |  | 1,357 |  |  |  | 3,233 |  |  |  | — |  |  |  | 4,590 |
Foreign Currency Contracts |  |  | — |  |  |  | 681 |  |  |  | — |  |  |  | 681 |
Credit Default Swaps |  |  | — |  |  |  | 868 |  |  |  | — |  |  |  | 868 |
Securities Sold, Not Yet Purchased |  |  | — |  |  |  | 85,878 |  |  |  | — |  |  |  | 85,878 |
|  | $ | 1,357 |  |  | $ | 115,049 |  |  | $ | 6,797,104 |  |  | $ | 6,913,510 |
(a) | Pursuant to GAAP consolidation guidance, the Partnership is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles, and other funds in which a consolidated entity of the Partnership, as the general partner of the fund, is presumed to have control. While the Partnership is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, the Partnership has no ability to utilize the assets of these funds and there is no recourse to the Partnership for their liabilities since these are client assets and liabilities.
Summary of Fair Value Transfers Between Level I and Level II | The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of March 31, 2015 and 2014, respectively:
|  | Three Months Ended March 31, |
|  | 2015 |  |  | 2014 |
Transfers from Level I into Level II (a) |  | $ | — |  |  | $ | — |
Transfers from Level II into Level I (b) |  | $ | 5,688 |  |  | $ | 18,029 |
(a) | Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.
(b) | Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy | The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2015:
|  | Fair Value |  |  | Valuation Techniques |  | Unobservable Inputs |  | Ranges |  | Weighted- Average (a)
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds |  | $ | 1,170,378 |  |  | NAV as Fair Value |  | N/A |  | N/A |  | N/A
Equity Securities |  |  | 118,199 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.4% - 24.6% |  | 11.9%
|  |  |  |  |  |  |  | Revenue CAGR |  | 1.1% - 102.6% |  | 7.0%
|  |  |  |  |  |  |  | Exit Multiple - EBITDA |  | 5.0x - 17.0x |  | 10.0x
|  |  |  |  |  |  |  | Exit Multiple - P/E |  | 7.5x - 17.0x |  | 14.9x
|  |  | 64,167 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 1,617 |  |  | Market Comparable Companies |  | EBITDA Multiple |  | 6.5x - 7.8x |  | 6.9x
|  |  | 39 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 2,665 |  |  | Other |  | N/A |  | N/A |  | N/A
Partnership and LLC Interests |  |  | 684,685 |  |  | Discounted Cash Flows |  | Discount Rate |  | 4.4% - 24.2% |  | 8.9%
|  |  |  |  |  |  |  | Revenue CAGR |  | -8.1% - 63.5% |  | 5.4%
|  |  |  |  |  |  |  | Exit Multiple - EBITDA |  | 3.0x - 23.0x |  | 10.2x
|  |  |  |  |  |  |  | Exit Multiple - P/E |  | 0.5x |  | N/A
|  |  |  |  |  |  |  | Exit Capitalization Rate |  | 2.0% - 14.2% |  | 6.1%
|  |  | 25,825 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 851,108 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 723 |  |  | Other |  | N/A |  | N/A |  | N/A
Debt Instruments |  |  | 8,622 |  |  | Discounted Cash Flows |  | Discount Rate |  | 9.1% - 29.3% |  | 14.4%
|  |  |  |  |  |  |  | Revenue CAGR |  | 5.6% - 20.0% |  | 16.5%
|  |  |  |  |  |  |  | Exit Multiple - EBITDA |  | 5.8x - 9.5x |  | 8.6x
|  |  |  |  |  |  |  | Exit Capitalization Rate |  | 1.0% - 6.6% |  | 5.9%
|  |  | 75,346 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 2,414 |  |  | Transaction Pricing |  | N/A |  | N/A |  | N/A
|  |  | 179 |  |  | Market Comparable Companies |  | EBITDA Multiple |  | 5.9x - 7.9x |  | 6.0x
Assets of Consolidated CLO Vehicles |  |  | 491,928 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 76,754 |  |  | Market Comparable Companies |  | EBITDA Multiple |  | 3.5x - 7.5x |  | 5.4x
|  |  | 1,926 |  |  | Discounted Cash Flows |  | Discount Rate |  | 3.8% |  | N/A
Total Investments of Consolidated Blackstone Funds |  |  | 3,576,575 |  |  |  |  |
Blackstone’s Treasury Cash Management Strategies |  |  |  |  |  |  |  |  |  |  |  |
| $ | 28,238 |  |  | Discounted Cash Flows |  | Default Rate |  | 1.0% |  | N/A
|  |  |  |  |  |  |  | Recovery Rate |  | 30.0% - 70.0% |  | 66.0%
|  |  |  |  |  |  |  | Recovery Lag |  | 12 months |  | N/A
|  |  |  |  |  |  |  | Pre-payment Rate |  | 30.0% |  | N/A
|  |  |  |  |  |  |  | Reinvestment Rate |  | LIBOR + 450 bps |  | N/A
|  |  |  |  |  |  |  | Discount Rate |  | 5.8% - 10.2% |  | 6.8%
|  |  | 33,437 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 3,141 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 10,095 |  |  | NAV as Fair Value |  | N/A |  | N/A |  | N/A
Loans and Receivables |  |  | 19,878 |  |  | Discounted Cash Flows |  | Discount Rate |  | 16.9% - 17.4% |  | 17.3%
|  |  | 20,813 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
Other Investments |  |  | 16,612 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 82,370 |  |  | Discounted Cash Flows |  | Discount Rate |  | 1.6% - 12.5% |  | 3.3%
|  |  |  |  |  |  |  | Default Rate |  | 2.0% |  | N/A
|  |  |  |  |  |  |  | Recovery Rate |  | 30.0% - 70.0% |  | 66.0%
|  |  |  |  |  |  |  | Recovery Lag |  | 12 months |  | N/A
|  |  |  |  |  |  |  | Pre-payment Rate |  | 20.0% |  | N/A
|  |  |  |  |  |  |  | Reinvestment Rate |  | LIBOR + 450 bps |  | N/A
|  |  | 12,694 |  |  | NAV as Fair Value |  | N/A |  | N/A |  | N/A
Total |  | $ | 3,803,853 |  |  |  |  |  |  |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of Consolidated CLO Vehicles |  | $ | 6,933,747 |  |  | Discounted Cash Flows |  | Default Rate |  | 2.0% |  | N/A
|  |  |  |  |  |  |  | Recovery Rate |  | 30.0% - 70.0% |  | 66.0%
|  |  |  |  |  |  |  | Recovery Lag |  | 12 months |  | N/A
|  |  |  |  |  |  |  | Pre-payment Rate |  | 20.0% |  | N/A
|  |  |  |  |  |  |  | Discount Rate |  | 0.6% - 29.0% |  | 2.9%
|  |  |  |  |  |  |  | Reinvestment Rate |  | LIBOR + 400 bps |  | N/A
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2014:
|  | Fair Value |  |  | Valuation Techniques |  | Unobservable Inputs |  | Ranges |  | Weighted- Average (a)
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds |  | $ | 1,103,210 |  |  | NAV as Fair Value |  | N/A |  | N/A |  | N/A
Equity Securities |  |  | 106,727 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.4% - 24.7% |  | 11.8%
|  |  |  |  |  |  |  | Revenue CAGR |  | 0.7% - 24.4% |  | 7.1%
|  |  |  |  |  |  |  | Exit Multiple - EBITDA |  | 5.0x - 13.0x |  | 10.1x
|  |  |  |  |  |  |  | Exit Multiple -P/E |  | 10.5x - 17.0x |  | 11.2x
|  |  | 67,706 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 163 |  |  | Market Comparable Companies |  | EBITDA Multiple |  | 6.7x - 7.6x |  | 6.9x
|  |  | 45 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 4,670 |  |  | Other |  | N/A |  | N/A |  | N/A
Partnership and LLC Interests |  |  | 485,748 |  |  | Discounted Cash Flows |  | Discount Rate |  | 4.4% - 21.5% |  | 9.5%
|  |  |  |  |  |  |  | Revenue CAGR |  | -4.4% - 41.7% |  | 6.5%
|  |  |  |  |  |  |  | Exit Multiple - EBITDA |  | 1.0x - 19.1x |  | 9.7x
|  |  |  |  |  |  |  | Exit Capitalization Rate |  | 2.0% - 19.1% |  | 6.8%
|  |  | 996,199 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 13,793 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 682 |  |  | Other |  | N/A |  | N/A |  | N/A
Debt Instruments |  |  | 9,570 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.8% - 24.7% |  | 16.1%
|  |  |  |  |  |  |  | Revenue CAGR |  | 4.7% - 6.8% |  | 5.0%
|  |  |  |  |  |  |  | Exit Multiple - EBITDA |  | 5.9x - 11.3x |  | 11.0x
|  |  |  |  |  |  |  | Exit Capitalization Rate |  | 1.0% - 12.4% |  | 9.3%
|  |  |  |  |  |  |  | Default Rate |  | 2% |  | N/A
|  |  |  |  |  |  |  | Recovery Rate |  | 30.0% - 70.0% |  | 66.0%
|  |  |  |  |  |  |  | Recovery Lag |  | 12 months |  | N/A
|  |  |  |  |  |  |  | Pre-payment Rate |  | 20% |  | N/A
|  |  |  |  |  |  |  | Reinvestment Rate |  | LIBOR + 400 bps |  | N/A
|  |  | 95,542 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 686 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 172 |  |  | Market Comparable Companies |  | EBITDA Multiple |  | 6.6x - 7.9x |  | 6.6x
Assets of Consolidated CLO Vehicles |  |  | 318,636 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 290,658 |  |  | Market Comparable Companies |  | EBITDA Multiple |  | 3.8x - 15.0x |  | 6.1x
|  |  | 3,826 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.0% |  | N/A
Total Investments of Consolidated Blackstone Funds |  |  | 3,498,033 |  |  |  |  |  |  |  |  |
Blackstone’s Treasury Cash Management Strategies |  | $ | 26,167 |  |  | Discounted Cash Flows |  | Default Rate |  | 1.0% |  | N/A
|  |  |  |  |  |  |  | Recovery Rate |  | 30.0% - 70.0% |  | 66.0%
|  |  |  |  |  |  |  | Recovery Lag |  | 12 months |  | N/A
|  |  |  |  |  |  |  | Pre-payment Rate |  | 30.0% |  | N/A
|  |  |  |  |  |  |  | Reinvestment Rate |  | LIBOR + 450 bps |  | N/A
|  |  |  |  |  |  |  | Discount Rate |  | 5.8% - 10.0% |  | 7.2%
|  |  | 54,257 |  |  | Third Party Pricing |  | N/A |  | N/A |  | N/A
|  |  | 10,159 |  |  | NAV as Fair Value |  | N/A |  | N/A |  | N/A
|  |  | 4,470 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
Loans and Receivables |  |  | 26,247 |  |  | Discounted Cash Flows |  | Discount Rate |  | 10.5% - 12.2% |  | 10.9%
|  |  | 14,150 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
Other Investments |  |  | 11,887 |  |  | Transaction Price |  | N/A |  | N/A |  | N/A
|  |  | 2,719 |  |  | NAV as Fair Value |  | N/A |  | N/A |  | N/A
|  |  | 92,604 |  |  | Discounted Cash Flows |  | Discount Rate |  | 1.3% - 12.5% |  | 2.9%
|  |  |  |  |  |  |  | Default Rate |  | 2.0% |  | N/A
|  |  |  |  |  |  |  | Recovery Rate |  | 30.0% - 70.0% |  | 66.0%
|  |  |  |  |  |  |  | Recovery Lag |  | 12 months |  | N/A
|  |  |  |  |  |  |  | Pre-payment Rate |  | 20.0% |  | N/A
|  |  |  |  |  |  |  | Reinvestment Rate |  | LIBOR + 400 bps |  | N/A
Total |  | $ | 3,740,693 |  |  |  |  |  |  |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of Consolidated CLO Vehicles |  | $ | 6,797,104 |  |  | Discounted Cash Flows |  | Default Rate |  | 2.0% |  | N/A
|  |  |  |  |  |  |  | Recovery Rate |  | 30.0% - 70.0% |  | 66.0%
|  |  |  |  |  |  |  | Recovery Lag |  | 12 months |  | N/A
|  |  |  |  |  |  |  | Pre-payment Rate |  | 20.0% |  | N/A
|  |  |  |  |  |  |  | Discount Rate |  | 0.3% - 19.3% |  | 2.3%
|  |  |  |  |  |  |  | Reinvestment Rate |  | LIBOR + 400 bps |  | N/A
N/A | Not applicable.
CAGR | Compound annual growth rate.
EBITDA | Earnings before interest, taxes, depreciation and amortization.
Exit Multiple | Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples.
(a) | Unobservable inputs were weighted based on the fair value of the investments included in the range.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used |
Level III Financial Assets at Fair Value Three Months Ended March 31, |
|  | 2015 |  |  | 2014 |
|  | Investments of Consolidated Funds |  |  | Loans and Receivables |  |  | Other Investments (c) |  |  | Total |  |  | Investments of Consolidated Funds |  |  | Loans and Receivables |  |  | Other Investments (c) |  |  | Total |
Balance, Beginning of Period |  | $ | 3,498,033 |  |  | $ | 40,397 |  |  | $ | 202,263 |  |  | $ | 3,740,693 |  |  | $ | 3,358,752 |  |  | $ | 137,788 |  |  | $ | 58,598 |  |  | $ | 3,555,138 |
Transfer In Due to Consolidation and Acquisition (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 276,806 |  |  |  | — |  |  |  | — |  |  |  | 276,806 |
Transfer In (Out) Due to Deconsolidation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (83,867 | ) |  |  | — |  |  |  | — |  |  |  | (83,867 | )
Transfer In to Level III (b) |  |  | 129,848 |  |  |  | — |  |  |  | 26,930 |  |  |  | 156,778 |  |  |  | 195,607 |  |  |  | — |  |  |  | 3,679 |  |  |  | 199,286 |
Transfer Out of Level III (b) |  |  | (202,401 | ) |  |  | — |  |  |  | (22,684 | ) |  |  | (225,085 | ) |  |  | (244,308 | ) |  |  | — |  |  |  | (1,009 | ) |  |  | (245,317 | )
Purchases |  |  | 288,222 |  |  |  | 6,186 |  |  |  | 24,933 |  |  |  | 319,341 |  |  |  | 159,613 |  |  |  | 81,241 |  |  |  | 77,637 |  |  |  | 318,491 |
Sales |  |  | (147,181 | ) |  |  | (4,071 | ) |  |  | (35,352 | ) |  |  | (186,604 | ) |  |  | (290,782 | ) |  |  | (156,719 | ) |  |  | (4,067 | ) |  |  | (451,568 | )
Settlements |  |  | — |  |  |  | (1,144 | ) |  |  | (103 | ) |  |  | (1,247 | ) |  |  | — |  |  |  | (1,170 | ) |  |  | (155 | ) |  |  | (1,325 | )
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income |  |  | 10,054 |  |  |  | (677 | ) |  |  | (9,400 | ) |  |  | (23 | ) |  |  | 17,015 |  |  |  | — |  |  |  | 102 |  |  |  | 17,117 |
Balance, End of Period |  | $ | 3,576,575 |  |  | $ | 40,691 |  |  | $ | 186,587 |  |  | $ | 3,803,853 |  |  | $ | 3,388,836 |  |  | $ | 61,140 |  |  | $ | 134,785 |  |  | $ | 3,584,761 |
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date |  | $ | 29,891 |  |  | $ | (806 | ) |  | $ | 1,514 |  |  | $ | 30,599 |  |  | $ | 23,986 |  |  | $ | 433 |  |  | $ | 2,126 |  |  | $ | 26,545 |
Summary of Changes in Financial Liabilities Measured at Fair Value for Which Level III Inputs Were Used |
|  | Level III Financial Liabilities at Fair Value Three Months Ended March 31, |
|  | 2015 |  |  | 2014 |
|  | Collateralized Loan Obligations Senior Notes |  |  | Collateralized Loan Obligations Subordinated Notes |  |  | Total |  |  | Collateralized Loan Obligations Senior Notes |  |  | Collateralized Loan Obligations Subordinated Notes |  |  | Total |
Balance, Beginning of Period |  | $ | 6,448,352 |  |  | $ | 348,752 |  |  | $ | 6,797,104 |  |  | $ | 8,302,572 |  |  | $ | 610,435 |  |  | $ | 8,913,007 |
Transfer In Due to Consolidation and Acquisition (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 472,019 |  |  |  | 86,182 |  |  |  | 558,201 |
Transfer Out to Deconsolidation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (639,091 | ) |  |  | (39,798 | ) |  |  | (678,889 | )
Issuances |  |  | 888,960 |  |  |  | 42,199 |  |  |  | 931,159 |  |  |  | — |  |  |  | — |  |  |  | — |
Settlements |  |  | (266,317 | ) |  |  | — |  |  |  | (266,317 | ) |  |  | (388,987 | ) |  |  | (110 | ) |  |  | (389,097 | )
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income |  |  | (483,041 | ) |  |  | (45,158 | ) |  |  | (528,199 | ) |  |  | 2,538 |  |  |  | — |  |  |  | 2,538 |
Balance, End of Period |  | $ | 6,587,954 |  |  | $ | 345,793 |  |  | $ | 6,933,747 |  |  | $ | 7,749,051 |  |  | $ | 656,709 |  |  | $ | 8,405,760 |
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date |  | $ | (26,169 | ) |  | $ | 19,698 |  |  | $ | (6,471 | ) |  | $ | 46,472 |  |  | $ | (37,521 | ) |  | $ | 8,951 |
(a) | Represents the transfer into Level III of financial assets and liabilities as a result of the consolidation of certain fund entities, the acquisition of management contracts and the Harbourmaster acquisition.
(b) | Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
(c) | Represents Blackstone’s Treasury Cash Management Strategies and Other Investments.

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