BORROWINGS (Tables)
|
9 Months Ended |
Sep. 30, 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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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 |
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$ |
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 |
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$ |
459,960 |
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$ |
397,357 |
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$ |
462,360 |
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Blackstone Issued 4.750%,
$400 Million Par, Notes Due 2/15/2023
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$ |
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%,
$500 Million Par, Notes Due 6/15/2044
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$ |
487,960 |
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$ |
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
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$ |
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 $15 million attributable to these notes which were
acquired but not retired by Blackstone during 2012. |
| (c) |
The carrying value has been
adjusted to reflect the presentation of debt issuance costs as a
direct deduction from the related liability for all periods
presented in accordance with amended guidance on simplifying the
presentation of such costs. |
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| Partnership's Borrowings Through Consolidated CLO Vehicles |
Borrowings
through the consolidated CLO vehicles consisted of the
following:
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September 30,
2015 |
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December 31,
2014 |
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Borrowing
Outstanding |
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Weighted-
Average
Interest
Rate |
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Weighted-
Average
Remaining
Maturity
in Years |
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Borrowing
Outstanding |
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Weighted-
Average
Interest
Rate |
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Weighted-
Average
Remaining
Maturity
in Years |
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Senior Secured
Notes
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$ |
3,276,326 |
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1.91 |
% |
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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
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207,851 |
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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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$ |
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. |
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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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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 |
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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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$ |
3,244,579 |
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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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$ |
111,029 |
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$ |
10,000 |
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$ |
8,851 |
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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 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 |
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2015
|
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$ |
— |
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$ |
4,166 |
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$ |
4,166 |
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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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380,922 |
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380,922 |
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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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2,237,470 |
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3,103,255 |
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5,340,725 |
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Total
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$ |
2,822,470 |
|
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$ |
3,488,343 |
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$ |
6,310,813 |
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