11.

OFFSETTING OF ASSETS AND LIABILITIES

The following tables present the offsetting of assets and liabilities as of September 30, 2015:


	Gross and Net Amounts of Assets Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash Collateral Received		Net Amount
Assets
Freestanding Derivatives	$	3,703	$	1,676	$	826	$	1,201
Reverse Repurchase Agreements		85,282		84,828		—		454

Total	$	88,985	$	86,504	$	826	$	1,655


	Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities
Net Investment Hedges	$	244	$	—	$	—	$	244
Freestanding Derivatives		24,550		1,676		17,480		5,394
Repurchase Agreements		42,102		41,433		669		—

Total	$	66,896	$	43,109	$	18,149	$	5,638

The following tables present the offsetting of assets and liabilities as of December 31, 2014:


	Gross and Net Amounts of Assets Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash Collateral Received		Net Amount
Assets
Net Investment Hedges	$	523	$	—	$	—	$	523
Freestanding Derivatives		3,290		1,132		352		1,806

Total	$	3,813	$	1,132	$	352	$	2,329


	Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities
Freestanding Derivatives	$	8,653	$	1,132	$	7,424	$	97
Repurchase Agreements		29,907		29,438		469		—

Total	$	38,560	$	30,570	$	7,893	$	97

Reverse Repurchase Agreements and Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets:


	September 30, 2015		December 31, 2014
Furniture, Equipment and Leasehold Improvements, Net	$	174,028	$	135,740
Prepaid Expenses		151,356		102,503
Other Assets		39,994		82,704
Freestanding Derivatives		3,703		3,290
Net Investment Hedges		—		523

	$	369,081	$	324,760

Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof.

Notional Pooling Arrangement

Blackstone has entered into a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of September 30, 2015, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.2 billion, which was fully offset with an accompanying overdraft.