4.	INVESTMENTS

Investments consists of the following:


	March 31, 2014		December 31, 2013
Investments of Consolidated Blackstone Funds	$	12,521,552	$	12,521,248
Equity Method Investments		3,291,797		3,309,879
Blackstone’s Treasury Cash Management Strategies		996,806		1,104,800
Performance Fees		4,979,453		4,674,792
Other Investments		116,242		118,804

	$	21,905,850	$	21,729,523

Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $758.8 million and $487.8 million at March 31, 2014 and December 31, 2013, respectively.

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 — Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
	2014			2013
Realized Gains	$	13,713		$	67,788
Net Change in Unrealized Gains (Losses)		(27,214	)		(42,495	)

Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds		(13,501	)		25,293
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds		83,656			41,917

Other Income — Net Gains from Fund Investment Activities	$	70,155		$	67,210

Equity Method Investments

Blackstone’s equity method investments include its investments in private equity funds, real estate funds, funds of hedge funds and credit-focused funds and other proprietary investments, which are not consolidated but in which the Partnership exerts significant influence.

Blackstone evaluates each of its equity method investments 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, 2014 and 2013, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present summarized financial information for any of its equity method investments.

The Partnership recognized net gains related to its equity method investments of $97.2 million and $107.9 million for the three months ended March 31, 2014 and 2013, respectively.

Blackstone’s Treasury Cash Management Strategies

The portion of Blackstone’s Treasury Cash Management Strategies included in Investments represents the Partnership’s liquid investments in government, other investment and non-investment grade securities and other investments. These strategies are primarily managed by third party institutions. The following table presents the realized and net change in unrealized gains (losses) on investments held by Blackstone’s Treasury Cash Management Strategies:


	Three Months Ended March 31,
	2014		2013
Realized Gains	$	3,094	$	3,911
Net Change in Unrealized Gains (Losses)		8,970		(971	)

	$	12,064	$	2,940

Performance Fees

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, 2013	$	971,860		$	3,268,606		$	9,468		$	424,858		$	4,674,792
Performance Fees Allocated as a Result of Changes in Fund Fair Values		286,726			335,470			23,259			74,214			719,669
Foreign Exchange Gain		—			454			—			—			454
Fund Distributions		(118,775	)		(209,887	)		(15,681	)		(71,119	)		(415,462	)

Performance Fees, March 31, 2014	$	1,139,811		$	3,394,643		$	17,046		$	427,953		$	4,979,453

Other Investments

Other Investments consist primarily of proprietary investment securities held by Blackstone. The following table presents Blackstone’s realized and net change in unrealized gains (losses) in other investments:


	Three Months Ended March 31,
	2014			2013
Realized Gains (Losses)	$	6,307		$	(648	)
Net Change in Unrealized Gains (Losses)		(6,504	)		5,204

	$	(197	)	$	4,556