v3.3.0.814

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 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 and NAV:

		September 30, 2015
		Level I				Level II				Level III				NAV				Total
Assets
Investments of Consolidated Blackstone Funds (a)
Investment Funds		$	—			$	—			$	—			$	154,183			$	154,183
Equity Securities			65,038				53,506				92,311				—				210,855
Partnership and LLC Interests			—				118,342				507,939				—				626,281
Debt Instruments			—				171,179				32,044				—				203,223
Assets of Consolidated CLO Vehicles
Corporate Loans			—				2,992,996				201,588				—				3,194,584
Corporate Bonds			—				347,700				3,974				—				351,674
Freestanding Derivatives — Foreign Currency Contracts			—				2,345				—				—				2,345
Total Investments of Consolidated Blackstone Funds			65,038				3,686,068				837,856				154,183				4,743,145
Blackstone’s Treasury Cash Management Strategies
Investment Funds			235,427				—				—				—				235,427
Equity Securities			242,534				—				—				—				242,534
Debt Instruments			—				1,385,369				44,593				117,790				1,547,752
Other			—				—				—				132,877				132,877
Total Blackstone’s Treasury Cash Management Strategies			477,961				1,385,369				44,593				250,667				2,158,590
Money Market Funds			308,504				—				—				—				308,504
Freestanding Derivatives
Interest Rate Contracts			661				599				—				—				1,260
Foreign Currency Contracts			—				2,443				—				—				2,443
Loans and Receivables			—				—				179,255				—				179,255
Other Investments			29,282				—				103,704				26,070				159,056
		$	881,446			$	5,074,479			$	1,165,408			$	430,920			$	7,552,253

		September 30, 2015
		Level I				Level II				Level III				Total
Liabilities
Liabilities of Consolidated Funds and CLO Vehicles (a)
Senior Secured Notes (b)		$	—			$	3,244,579			$	—			$	3,244,579
Subordinated Notes (b)			—				111,029				—				111,029
Freestanding Derivatives — Foreign Currency Contracts			—				5,975				—				5,975
Freestanding Derivatives — Credit Default Swaps			—				4,454				—				4,454
Net Investment Hedges — Foreign Currency Contracts			—				244				—				244
Freestanding Derivatives
Interest Rate Contracts			3,827				8,007				—				11,834
Foreign Currency Contracts			—				1,849				—				1,849
Credit Default Swaps			—				6,413				—				6,413
Securities Sold, Not Yet Purchased			—				173,707				—				173,707
		$	3,827			$	3,556,257			$	—			$	3,560,084

		December 31, 2014
		Level I				Level II				Level III				NAV				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				2,394,823				1,103,210				11,375,407
Blackstone’s Treasury Cash Management Strategies
Investment Funds			307,111				—				—				—				307,111
Equity Securities			71,746				—				—				—				71,746
Debt Instruments			—				1,090,794				84,894				50,507				1,226,195
Other			—				—				—				61,009				61,009
Total Blackstone’s Treasury Cash Management Strategies			378,857				1,090,794				84,894				111,516				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				436				104,491				9,593				146,251
		$	668,076			$	8,913,207			$	2,624,605			$	1,224,319			$	13,430,207

		December 31, 2014
		Level I				Level II				Level III				Total
Liabilities
Liabilities of Consolidated Funds and 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.

(b) Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.

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 September 30, 2015 and 2014, respectively:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2015				2014				2015				2014
Transfers from Level I into Level II (a)		$	287			$	—			$	287			$	—
Transfers from Level II into Level I (b)		$	26,534			$	—			$	32,312			$	67,327

(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 September 30, 2015:

Fair Value

Valuation Techniques

Unobservable Inputs

Ranges

Weighted- Average (a)

Financial Assets

Investments of Consolidated Blackstone Funds

Equity Securities

$

70,957

Discounted Cash Flows

Discount Rate

7.8% - 25.0%

13.2%

Revenue CAGR

-5% - 60.6%

8.1%

Exit Multiple - EBITDA

5.0x - 18.2x

9.6x

Exit Multiple - P/E

10.5x - 17.0x

11.0x

15,683

Transaction Price

N/A

N/A

N/A

166

Market Comparable Companies

EBITDA Multiple

6.7x - 7.3x

6.8x

58

Third Party Pricing

N/A

N/A

N/A

5,447

Other

N/A

N/A

N/A

Partnership and LLC Interests

465,131

Discounted Cash Flows

Discount Rate

4.4% - 25.7%

9.4%

Revenue CAGR

-5.8% - 35.6%

8.0%

Exit Multiple - EBITDA

0.2x - 23.3x

10.5x

Exit Capitalization Rate

2.6% - 10.5%

6.3%

28,185

Transaction Price

N/A

N/A

N/A

12,410

Third Party Pricing

N/A

N/A

N/A

1,907

Other

N/A

N/A

N/A

306

Market Comparable

EBITDA Multiple

0.4x

N/A

Companies

Debt Instruments

9,994

Discounted Cash Flows

Discount Rate

6.5% - 37.1%

14.5%

Revenue CAGR

7.2% - 20.0%

16.3%

Exit Multiple - EBITDA

6.3x - 12.0x

10.4x

Exit Capitalization Rate

1.0% - 4.8%

2.2%

19,742

Third Party Pricing

N/A

N/A

N/A

2,043

Transaction Pricing

N/A

N/A

N/A

265

Market Comparable Companies

EBITDA Multiple

6.4x

N/A

Assets of Consolidated CLO Vehicles

120,373

Third Party Pricing

N/A

N/A

N/A

84,872

Market Comparable Companies

EBITDA Multiple

3.7x - 9.0x

6.1x

317

Other

N/A

N/A

N/A

Total Investments of Consolidated Blackstone Funds

837,856

Blackstone’s Treasury Cash Management Strategies

$

34,376

Discounted Cash Flows

Default Rate

1.1% - 2.0%

1.9%

Recovery Rate

30.0% - 70.0%

66.6%

Recovery Lag

12 months

N/A

Pre-payment Rate

20.0% - 30.0%

25.4%

Reinvestment Rate

LIBOR + 350 bps

LIBOR + 396 bps

LIBOR + 400 bps

Discount Rate

5.8% - 13.0%

7.5%

10,217

Third Party Pricing

N/A

N/A

N/A

Loans and Receivables

158,180

Discounted Cash Flows

Discount Rate

11.9% - 16.0%

12.3%

21,075

Third Party Pricing

N/A

N/A

N/A

Other Investments

85,404

Discounted Cash Flows

Discount Rate

1.4% - 12.5%

3.1%

Default Rate

2.0%

N/A

Recovery Rate

70.0%

N/A

Recovery Lag

12 months

N/A

Pre-payment Rate

20.0%

N/A

Reinvestment Rate

LIBOR + 400 bps

N/A

453

Market Comparable Companies

EBITDA Multiple

7.0x

N/A

17,847

Transaction Price

N/A

N/A

N/A

Total

$

1,165,408

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

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

EBITDA Multiple

6.6x - 7.9x

6.6x

Companies

Assets of Consolidated CLO Vehicles

318,636

Third Party Pricing

N/A

N/A

N/A

290,658

Market Comparable

EBITDA Multiple

3.8x - 15.0x

6.1x

Companies

3,826

Discounted Cash Flows

Discount Rate

8.0%

N/A

Total Investments of Consolidated Blackstone Funds

2,394,823

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

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

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

$

2,624,605

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 September 30,
		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		$	937,149			$	36,440			$	151,734			$	1,125,323			$	2,260,856			$	42,725			$	167,516			$	2,471,097
Transfer Out Due to Deconsolidation			—				—				—				—				(64,634	)			—				—				(64,634	)
Transfer In to Level III (b)			43,920				—				5,194				49,114				161,332				—				20,452				181,784
Transfer Out of Level III (b)			(143,531	)			—				(9,171	)			(152,702	)			(212,108	)			—				(9,913	)			(222,021	)
Purchases			122,676				144,058				5,240				271,974				165,838				69,255				19,914				255,007
Sales			(139,229	)			—				(2,792	)			(142,021	)			(190,383	)			(42,261	)			(6,736	)			(239,380	)
Settlements			—				(1,405	)			(140	)			(1,545	)			—				(526	)			(123	)			(649	)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)			16,871				162				(1,768	)			15,265				11,581				601				(8,733	)			3,449
Balance, End of Period		$	837,856			$	179,255			$	148,297			$	1,165,408			$	2,132,482			$	69,794			$	182,377			$	2,384,653
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		$	(41,807	)		$	162			$	(1,837	)		$	(43,482	)		$	(8,606	)		$	601			$	(8,371	)		$	(16,376	)

		Level III Financial Assets at Fair Value Nine Months Ended September 30,
		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 (a)		$	2,394,821			$	40,397			$	189,384			$	2,624,602			$	2,460,908			$	137,788			$	44,773			$	2,643,469
Transfer In Due to Consolidation and Acquisition (d)			—				—				—				—				205,890				—				—				205,890
Transfer Out Due to Deconsolidation			(1,460,538	)			—				—				(1,460,538	)			(335,357	)			—				—				(335,357	)
Transfer In to Level III (b)			47,035				—				25,092				72,127				273,934				—				28,424				302,358
Transfer Out of Level III (b)			(181,429	)			—				(56,336	)			(237,765	)			(315,067	)			—				(20,657	)			(335,724	)
Purchases			304,012				150,244				38,579				492,835				346,144				162,899				153,344				662,387
Sales			(321,121	)			(9,535	)			(39,765	)			(370,421	)			(618,008	)			(230,324	)			(14,309	)			(862,641	)
Settlements			—				(3,485	)			(358	)			(3,843	)			—				(1,170	)			(424	)			(1,594	)
Changes in Gains (Losses) Included in Earnings and Other Comprehensive Income (Loss)			55,076				1,634				(8,299	)			48,411				114,038				601				(8,774	)			105,865
Balance, End of Period		$	837,856			$	179,255			$	148,297			$	1,165,408			$	2,132,482			$	69,794			$	182,377			$	2,384,653
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date		$	(25,614	)		$	1,505			$	(329	)		$	(24,438	)		$	96,217			$	601			$	(7,199	)		$	89,619

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 September 30,
		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		$	—			$	—			$	—			$	6,407,838			$	474,757			$	6,882,595
Transfer In Due to Consolidation and Acquisition (d)			—				—				—				495,610				29,828				525,438
Transfer Out Due to Deconsolidation			—				—				—				(778,461	)			(104,049	)			(882,510	)
Settlements			—				—				—				(570,785	)			—				(570,785	)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss)			—				—				—				(231,554	)			(40,264	)			(271,818	)
Balance, End of Period		$	—			$	—			$	—			$	5,322,648			$	360,272			$	5,682,920
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		$	—			$	—			$	—			$	(233,376	)		$	(40,264	)		$	(273,640	)

		Level III Financial Liabilities at Fair Value Nine Months Ended September 30,
		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 (d)			—				—				—				967,629				116,009				1,083,638
Transfer Out Due to Deconsolidation			(4,168,405	)			(261,934	)			(4,430,339	)			(2,231,853	)			(277,301	)			(2,509,154	)
Transfer Out Due to Amended CLO Guidance (e)			(2,279,947	)			(86,818	)			(2,366,765	)			—				—				—
Issuances			—				—				—				32,197				10,000				42,197
Settlements			—				—				—				(1,569,416	)			(110	)			(1,569,526	)
Changes in (Gains) Losses Included in Earnings and Other Comprehensive Income (Loss)			—				—				—				(178,481	)			(98,761	)			(277,242	)
Balance, End of Period		$	—			$	—			$	—			$	5,322,648			$	360,272			$	5,682,920
Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date		$	—			$	—			$	—			$	(184,395	)		$	(98,761	)		$	(283,156	)

(a) Beginning of period 2015 balances have been adjusted to remove investments for which fair value is based on NAV. Pursuant to amended fair value guidance, disclosure in the fair value hierarchy is no longer required.

(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.

(d) Represents the transfer into Level III of financial assets and liabilities as a result of the consolidation of certain fund entities.

(e) Transfers out due to amended CLO measurement guidance represents the transfer out of Level III for liabilities of consolidated CLO vehicles for which fair value is based on the more observable fair value of CLO assets. Such liabilities are classified as Level II within the fair value hierarchy. As the guidance was adopted as of January 1, 2015, there are no transfers for the three months ending September 30, 2015.

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