4.	INVESTMENTS

Investments consists of the following:


	September 30, 2015		December 31, 2014
Investments of Consolidated Blackstone Funds	$	4,743,145	$	11,375,407
Equity Method Investments		3,017,850		3,240,825
Blackstone’s Treasury Cash Management Strategies		2,158,590		1,666,061
Performance Fees		5,220,114		6,337,045
Other Investments		159,056		146,251

	$	15,298,755	$	22,765,589

Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $454.4 million and $704.9 million at September 30, 2015 and December 31, 2014, respectively.

Investments of Consolidated Blackstone Funds

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 (Loss) — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Realized Gains	$	51,150		$	32,427		$	178,662		$	66,366
Net Change in Unrealized Losses		(102,340	)		(71,525	)		(100,597	)		(30,406	)

Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds		(51,190	)		(39,098	)		78,065			35,960
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds		34,323			47,780			80,638			181,462

Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities	$	(16,867	)	$	8,682		$	158,703		$	217,422

Equity Method Investments

Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence.

Blackstone evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the nine months ended September 30, 2015 and 2014, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present summarized financial information for any of its equity method investments.

The Partnership recognized net gains (losses) related to its equity method investments of $(89.7) million and $97.1 million for the three months ended September 30, 2015 and 2014, respectively. The Partnership recognized net gains related to its equity method investments of $91.9 million and $330.1 million for the nine months ended September 30, 2015 and 2014, respectively.

Blackstone’s Treasury Cash Management Strategies

The portion of Blackstone’s Treasury Cash Management Strategies included in Investments represents the Partnership’s liquid investments in government, other investment and non-investment grade securities and other investments. These strategies are primarily managed by third party institutions. The following table presents the realized and net change in unrealized gains (losses) on investments held by Blackstone’s Treasury Cash Management Strategies:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Realized Gains (Losses)	$	(3,003	)	$	2,142		$	(6,606	)	$	6,307
Net Change in Unrealized Gains (Losses)		(8,984	)		(14,541	)		(12,922	)		1,551

	$	(11,987	)	$	(12,399	)	$	(19,528	)	$	7,858

Performance Fees

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, 2014	$	2,215,584		$	3,721,751		$	15,031		$	384,679		$	6,337,045
Performance Fees Allocated as a Result of Changes in Fund Fair Values		595,918			882,083			29,019			9,574			1,516,594
Foreign Exchange Loss		—			(20,321	)		—			—			(20,321	)
Fund Distributions		(1,164,109	)		(1,334,908	)		(12,526	)		(101,661	)		(2,613,204	)

Performance Fees, September 30, 2015	$	1,647,393		$	3,248,605		$	31,524		$	292,592		$	5,220,114

Other Investments

Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s realized and net change in unrealized gains (losses) in other investments:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Realized Gains (Losses)	$	1,282		$	(460	)	$	1,274		$	5,152
Net Change in Unrealized Gains (Losses)		(2,779	)		239			(3,233	)		(6,252	)

	$	(1,497	)	$	(221	)	$	(1,959	)	$	(1,100	)