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Investments | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments | 4. Investments Investments consist of the following:
|  | March 31, |  | December 31,
|  | 2024 |  | 2023
Investments of Consolidated Blackstone Funds |  | $ | 3,458,911 |  |  | $ | 4,319,483 |
Equity Method Investments |  |  |  |  |  |  |  |
Partnership Investments |  |  | 6,100,640 |  |  |  | 5,924,275 |
Accrued Performance Allocations |  |  | 11,163,116 |  |  |  | 10,775,355 |
Corporate Treasury Investments |  |  | 197,976 |  |  |  | 803,870 |
Other Investments |  |  | 5,001,647 |  |  |  | 4,323,639 |
|  | $ | 25,922,290 |  |  | $ | 26,146,622 |
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $241.1 million and $1.0 billion at March 31, 2024 and December 31, 2023, respectively. Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 8. “Fair Value Measurements of Financial Instruments.” 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 (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Realized Gains (Losses) |  | $ | (58,412 | ) |  | $ | 17,155 |
Net Change in Unrealized Gains (Losses) |  |  | 35,125 |  |  |  | (17,154 | )
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds |  |  | (23,287 | ) |  |  | 1 |
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds |  |  | 5,520 |  |  |  | 71,063 |
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities |  | $ | (17,767 | ) |  | $ | 71,064 |
Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended March 31, 2024 and 2023, no individual equity method investment held by Blackstone met the significance criteria. Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $156.0 million and $69.2 million for the three months ended March 31, 2024 and 2023, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows:
|  | Real |  | Private |  | Credit & |  | Multi-Asset |  |
|  | Estate |  | Equity |  | Insurance |  | Investing |  | Total
Accrued Performance Allocations, December 31, 2023 |  | $ | 2,990,602 |  |  | $ | 6,707,244 |  |  | $ | 599,779 |  |  | $ | 477,730 |  |  | $ | 10,775,355 |
Performance Allocations as a Result of Changes in Fund Fair Values |  |  | 83,357 |  |  |  | 690,844 |  |  |  | 120,988 |  |  |  | 155,775 |  |  |  | 1,050,964 |
Foreign Exchange Loss |  |  | (5,711 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,711 | )
Fund Distributions |  |  | (183,108 | ) |  |  | (348,875 | ) |  |  | (50,449 | ) |  |  | (75,060 | ) |  |  | (657,492 | )
Accrued Performance Allocations, March 31, 2024 |  | $ | 2,885,140 |  |  | $ | 7,049,213 |  |  | $ | 670,318 |  |  | $ | 558,445 |  |  | $ | 11,163,116 |
Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Realized Gains (Losses) |  | $ | (1,621 | ) |  | $ | 2,374 |
Net Change in Unrealized Gains (Losses) |  |  | (1,260 | ) |  |  | 7,795 |
|  | $ | (2,881 | ) |  | $ | 10,169 |
Other Investments Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in non-consolidated CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $333.9 million as of March 31, 2024. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 8. “Fair Value Measurements of Financial Instruments” for additional detail. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Realized Gains |  | $ | 2,467 |  |  | $ | 1,924 |
Net Change in Unrealized Gains (Losses) |  |  | 455,800 |  |  |  | (313,153 | )
|  | $ | 458,267 |  |  | $ | (311,229 | )

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480524/946-210-50-12 + Details
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