| BORROWINGS |
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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September 30,
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 (c) |
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Fair
Value
(a) |
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|
Blackstone Issued 6.625%,
$600 Million Par, Notes Due 8/15/2019 (b)
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$ |
616,925 |
|
|
$ |
681,876 |
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|
$ |
622,552 |
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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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|
$ |
397,627 |
|
|
$ |
459,960 |
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|
$ |
397,357 |
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|
$ |
462,360 |
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|
Blackstone Issued 4.750%,
$400 Million Par, Notes Due 2/15/2023
|
|
$ |
391,998 |
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|
$ |
434,960 |
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|
$ |
391,344 |
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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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|
$ |
237,605 |
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|
$ |
295,100 |
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|
$ |
237,487 |
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|
$ |
307,125 |
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|
Blackstone Issued 5.000%,
$500 Million Par, Notes Due 6/15/2044
|
|
$ |
487,960 |
|
|
$ |
515,500 |
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|
$ |
487,966 |
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$ |
527,500 |
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|
Blackstone Issued 4.450%,
$350 Million Par, Notes Due 7/15/2045
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|
$ |
343,777 |
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$ |
332,780 |
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|
$ |
— |
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|
$ |
— |
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|
Blackstone Issued 2.000%,
€300 Million Par, Notes Due 5/19/2025
|
|
$ |
331,854 |
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|
$ |
329,978 |
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|
$ |
— |
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|
$ |
— |
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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. |
| (c) |
The carrying value has been
adjusted to reflect the presentation of debt issuance costs as a
direct deduction from the related liability for all periods
presented in accordance with amended guidance on simplifying the
presentation of such costs. |
Included within
Loans Payable and Due to Affiliates within the Condensed
Consolidated Statements of Financial Condition are amounts due to
holders of debt securities issued by Blackstone’s
consolidated CLO vehicles. Borrowings through the consolidated CLO
vehicles consisted of the following:
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September 30,
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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|
$ |
3,276,326 |
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|
1.91 |
% |
|
|
5.1 |
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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
|
|
|
207,851 |
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|
(a |
) |
|
|
N/A |
|
|
|
740,050 |
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(a |
) |
|
|
N/A |
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,484,177 |
|
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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. |
Senior Secured
Notes and Subordinated Notes comprise the following
amounts:
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September 30,
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 |
|
|
Fair Value |
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|
Fair
Value |
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|
Borrowing
Outstanding |
|
|
Fair Value |
|
|
Senior Secured
Notes
|
|
$ |
3,244,579 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,448,352 |
|
|
$ |
2,500 |
|
|
$ |
2,504 |
|
|
Subordinated
Notes
|
|
$ |
111,029 |
|
|
$ |
10,000 |
|
|
$ |
8,851 |
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|
$ |
348,752 |
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|
$ |
24,200 |
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|
$ |
14,377 |
|
The Loans
Payable of the consolidated CLO vehicles are collateralized by
assets held by each respective CLO vehicle and assets of one
vehicle may not be used to satisfy the liabilities of another. As
of September 30, 2015 and December 31, 2014, the fair
value of the consolidated CLO assets was $4.1 billion and
$8.0 billion, respectively. This collateral consisted of Cash,
Corporate Loans, Corporate Bonds and other securities.
Scheduled
principal payments for borrowings as of September 30, 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 |
|
|
2015
|
|
$ |
— |
|
|
$ |
4,166 |
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|
$ |
4,166 |
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2016
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2017
|
|
|
— |
|
|
|
380,922 |
|
|
|
380,922 |
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2018
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2019
|
|
|
585,000 |
|
|
|
— |
|
|
|
585,000 |
|
|
Thereafter
|
|
|
2,237,470 |
|
|
|
3,103,255 |
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|
|
5,340,725 |
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Total
|
|
$ |
2,822,470 |
|
|
$ |
3,488,343 |
|
|
$ |
6,310,813 |
|