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BORROWINGS (Tables)
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3 Months Ended |
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Mar. 31, 2015
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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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March 31,
2015 |
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December 31,
2014 |
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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%,
$600 Million Par, Notes Due 8/15/2019 (b)
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$ |
623,121 |
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$ |
694,044 |
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$ |
625,111 |
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$ |
684,158 |
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Blackstone Issued 5.875%,
$400 Million Par, Notes Due 3/15/2021
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$ |
398,753 |
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$ |
472,400 |
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$ |
398,710 |
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$ |
462,360 |
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Blackstone Issued 4.750%,
$400 Million Par, Notes Due 2/15/2023
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$ |
393,960 |
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$ |
445,680 |
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$ |
393,805 |
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$ |
436,240 |
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Blackstone Issued 6.250%,
$250 Million Par, Notes Due 8/15/2042
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$ |
239,897 |
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$ |
320,900 |
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$ |
239,864 |
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$ |
307,125 |
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Blackstone Issued 5.000%,
$500 Million Par, Notes Due 6/15/2044
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$ |
493,039 |
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$ |
544,900 |
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$ |
493,013 |
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$ |
527,500 |
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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 $15 million attributable to these notes which were
acquired but not retired by Blackstone during 2012. |
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| Partnership's Borrowings Through Consolidated CLO Vehicles |
Borrowings
through the consolidated CLO vehicles consisted of the
following:
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March 31,
2015 |
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December 31,
2014 |
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Borrowing
Outstanding |
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Weighted-
Average
Interest
Rate |
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Weighted-
Average
Remaining
Maturity in
Years |
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Borrowing
Outstanding |
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Weighted-
Average
Interest
Rate |
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Weighted-
Average
Remaining
Maturity in
Years |
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Senior Secured
Notes
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$ |
6,705,220 |
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1.52 |
% |
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3.3 |
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$ |
6,594,266 |
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1.27 |
% |
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3.8 |
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Subordinated
Notes
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724,839 |
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(a |
) |
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N/A |
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740,050 |
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(a |
) |
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N/A |
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$ |
7,430,059 |
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$ |
7,334,316 |
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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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March 31,
2015 |
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December 31,
2014 |
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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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$ |
6,587,954 |
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$ |
— |
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$ |
— |
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$ |
6,448,352 |
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$ |
2,500 |
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$ |
2,504 |
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Subordinated
Notes
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$ |
345,793 |
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$ |
34,200 |
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$ |
23,543 |
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$ |
348,752 |
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$ |
24,200 |
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$ |
14,377 |
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| Scheduled Principal Payments for Borrowings |
Scheduled
principal payments for borrowings as of March 31, 2015 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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2015
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$ |
— |
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$ |
4,483 |
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$ |
4,483 |
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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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476,498 |
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476,498 |
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2018
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— |
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— |
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— |
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2019
|
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585,000 |
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— |
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585,000 |
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Thereafter
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1,550,000 |
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6,953,562 |
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8,503,562 |
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Total
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$ |
2,135,000 |
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$ |
7,434,543 |
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$ |
9,569,543 |
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