INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Investments

Investments consist of the following:

	December  31, 2012		December  31, 2011
Investments of Consolidated Blackstone Funds	$	14,026,745	$	10,306,795
Equity Method Investments		2,582,504		2,218,103
Blackstone’s Treasury Cash Management Strategies		1,411,680		685,859
Performance Fees		2,780,217		1,889,152
Other Investments		46,124		28,390
	$	20,847,270	$	15,128,299

Realized and Net Change in Unrealized Gains (Losses) on Investments

The following table presents the realized and net change in unrealized gains (losses) on investments held by the consolidated Blackstone Funds:

	Year Ended December 31,
	2012			2011			2010
Realized Gains (Losses)	$	(3,502	)	$	226,427		$	(51,158	)
Net Change in Unrealized Gains (Losses)		58,602			(308,364	)		453,692
	$	55,100		$	(81,937	)	$	402,534

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Condensed Consolidated Statements of Operations

The following reconciles the Realized and Net Change in Unrealized Gains (Losses) from Blackstone Funds presented above to Other Income (Loss)—Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations:

	Year Ended December 31,
	2012		2011			2010
Realized and Net Change in Unrealized Gains (Losses) from Blackstone Funds	$	55,100	$	(81,937	)	$	402,534
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds		201,045		96,872			99,460
Other Income—Net Gains from Fund Investment Activities	$	256,145	$	14,935		$	501,994

Summarized Financial Information of Partnership's Equity Method Investments

The summarized financial information of the Partnership’s equity method investments for December 31, 2012 are as follows:

	December 31, 2012 and the Year Then Ended
	Private Equity			Real Estate			Hedge Fund Solutions			Credit			Other (a)			Total
Statement of Financial Condition
Assets
Investments	$	31,308,915		$	40,230,098		$	8,193,041		$	11,066,214		$	22,345		$	90,820,613
Other Assets		1,289,961			1,714,990			1,173,627			2,516,388			46,178			6,741,144
Total Assets	$	32,598,876		$	41,945,088		$	9,366,668		$	13,582,602		$	68,523		$	97,561,757
Liabilities and Partners’ Capital
Debt	$	1,478,929		$	1,336,305		$	65,103		$	1,043,595		$	972		$	3,924,904
Other Liabilities		91,519			703,412			642,925			1,401,910			20,192			2,859,958
Total Liabilities		1,570,448			2,039,717			708,028			2,445,505			21,164			6,784,862
Partners’ Capital		31,028,428			39,905,371			8,658,640			11,137,097			47,359			90,776,895
Total Liabilities and Partners’ Capital	$	32,598,876		$	41,945,088		$	9,366,668		$	13,582,602		$	68,523		$	97,561,757
Statement of Income
Interest Income	$	350,153		$	128,624		$	194		$	712,490		$	—		$	1,191,461
Other Income		13,255			294,105			36,797			7,283			76,809			428,249
Interest Expense		(23,060	)		(39,103	)		(1,024	)		(60,082	)		—			(123,269	)
Other Expenses		(48,926	)		(64,569	)		(60,114	)		(101,451	)		(48,744	)		(323,804	)
Net Realized and Unrealized Gain from Investments		3,916,697			4,979,027			798,892			1,362,351			1,014			11,057,981
Net Income	$	4,208,119		$	5,298,084		$	774,745		$	1,920,591		$	29,079		$	12,230,618

(a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.

The summarized financial information of the Partnership’s equity method investments for December 31, 2011 are as follows:

	December 31, 2011 and the Year Then Ended
	Private Equity			Real Estate			Hedge Fund Solutions			Credit			Other (a)			Total
Statement of Financial Condition
Assets
Investments	$	25,788,678		$	29,856,855		$	6,322,821		$	8,887,081		$	5,018		$	70,860,453
Other Assets		321,271			1,736,245			1,167,162			2,355,318			51,153			5,631,149
Total Assets	$	26,109,949		$	31,593,100		$	7,489,983		$	11,242,399		$	56,171		$	76,491,602
Liabilities and Partners’ Capital
Debt	$	863,672		$	1,384,867		$	123,925		$	444,313		$	979		$	2,817,756
Other Liabilities		194,873			334,175			461,854			848,534			25,740			1,865,176
Total Liabilities		1,058,545			1,719,042			585,779			1,292,847			26,719			4,682,932
Partners’ Capital		25,051,404			29,874,058			6,904,204			9,949,552			29,452			71,808,670
Total Liabilities and Partners’ Capital	$	26,109,949		$	31,593,100		$	7,489,983		$	11,242,399		$	56,171		$	76,491,602
Statement of Income
Interest Income	$	116		$	82,166		$	89		$	581,090		$	2		$	663,463
Other Income		516,729			159,400			19,275			26,760			66,456			788,620
Interest Expense		(14,826	)		(19,142	)		(172	)		(24,672	)		—			(58,812	)
Other Expenses		(50,591	)		(54,907	)		(51,063	)		(78,427	)		(25,040	)		(260,028	)
Net Realized and Unrealized Gain (Loss) from Investments		1,510,622			4,086,549			(71,790	)		380,609			—			5,905,990
Net Income (Loss)	$	1,962,050		$	4,254,066		$	(103,661	)	$	885,360		$	41,418		$	7,039,233

(a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.

The summarized financial information of the Partnership’s equity method investments for December 31, 2010 are as follows:

	December 31, 2010 and the Year Then Ended
	Private Equity			Real Estate			Hedge Fund Solutions			Credit			Other (a)			Total
Statement of Financial Condition
Assets
Investments	$	23,494,720		$	20,695,822		$	6,041,012		$	8,369,228		$	3,914		$	58,604,696
Other Assets		140,862			1,035,183			1,085,175			1,088,159			24,173			3,373,552
Total Assets	$	23,635,582		$	21,731,005		$	7,126,187		$	9,457,387		$	28,087		$	61,978,248
Liabilities and Partners’ Capital
Debt	$	392,786		$	582,278		$	33,000		$	1,152,253		$	978		$	2,161,295
Other Liabilities		103,471			221,449			909,513			360,510			20,505			1,615,448
Total Liabilities		496,257			803,727			942,513			1,512,763			21,483			3,776,743
Partners’ Capital		23,139,325			20,927,278			6,183,674			7,944,624			6,604			58,201,505
Total Liabilities and Partners’ Capital	$	23,635,582		$	21,731,005		$	7,126,187		$	9,457,387		$	28,087		$	61,978,248
Statement of Income
Interest Income	$	76		$	35,312		$	274		$	485,648		$	3		$	521,313
Other Income		202,872			118,512			33,885			129,894			65,523			550,686
Interest Expense		(8,642	)		(7,257	)		(6,418	)		(90,077	)		—			(112,394	)
Other Expenses		(42,565	)		(73,353	)		(43,226	)		(69,265	)		(38,953	)		(267,362	)
Net Realized and Unrealized Gain from Investments		5,182,506			8,630,374			661,045			1,041,801			—			15,515,726
Net Income	$	5,334,247		$	8,703,588		$	645,560		$	1,498,001		$	26,573		$	16,207,969

(a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies

The following table presents the realized and net change in unrealized gains (losses) on investments held by Blackstone’s Treasury cash management strategies:

	Year Ended December 31,
	2012			2011		2010
Realized Gains (Losses)	$	9,095		$	9,738	$	7,497
Net Change in Unrealized Gains (Losses)		(502	)		641		4,185
	$	8,593		$	10,379	$	11,682

Performance Fees Allocated to Funds

Performance Fees allocated to the general partner in respect of performance of certain Carry Funds, funds of hedge funds and credit-focused funds were as follows:

	Private Equity			Real Estate			Hedge  Fund Solutions			Credit			Total
Performance Fees, December 31, 2011	$	620,359		$	943,859		$	1,858		$	323,076		$	1,889,152
Performance Fees Allocated as a Result of Changes in Fund Fair Values		264,407			863,277			30,308			310,650			1,468,642
Foreign Exchange Gain		—			2,288			—			—			2,288
Fund Distributions		(104,292	)		(176,145	)		(25,952	)		(273,476	)		(579,865	)
Performance Fees, December 31, 2012	$	780,474		$	1,633,279		$	6,214		$	360,250		$	2,780,217

Realized and Net Change in Unrealized Gains (Losses), Other Investments

The following table presents Blackstone’s realized and net change in unrealized gains (losses) in other investments:

	Year Ended December 31,
	2012			2011			2010
Realized Gains	$	743		$	948		$	977
Net Change in Unrealized Gains (Losses)		(371	)		(21,968	)		2,429
	$	372		$	(21,020	)	$	3,406