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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
)