4.	INVESTMENTS

Investments consists of the following:


	June 30, 2015		December 31, 2014
Investments of Consolidated Blackstone Funds	$	4,566,724	$	11,375,407
Equity Method Investments		3,162,211		3,240,825
Blackstone’s Treasury Cash Management Strategies		1,699,912		1,666,061
Performance Fees		6,328,235		6,337,045
Other Investments		162,728		146,251

	$	15,919,810	$	22,765,589

Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $522.5 million and $704.9 million at June 30, 2015 and December 31, 2014, 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 June 30,					Six Months Ended June 30,
	2015			2014		2015		2014
Realized Gains	$	60,473		$	20,226	$	127,512	$	33,939
Net Change in Unrealized Gains (Losses)		(2,190	)		68,333		1,743		41,119

Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds		58,283			88,559		129,255		75,058
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds		23,732			50,026		46,315		133,682

Other Income — Net Gains from Fund
Investment Activities	$	82,015		$	138,585	$	175,570	$	208,740

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 six months ended June 30, 2015 and 2014, 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 $19.5 million and $135.8 million for the three months ended June 30, 2015 and 2014, respectively. The Partnership recognized net gains related to its equity method investments of $181.6 million and $233.0 million for the six months ended June 30, 2015 and 2014, 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 June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
Realized Gains (Losses)	$	(3,442	)	$	1,071	$	(3,603	)	$	4,165
Net Change in Unrealized Gains (Losses)		(15,049	)		7,122		(3,938	)		16,092

	$	(18,491	)	$	8,193	$	(7,541	)	$	20,257

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, 2014	$	2,215,584		$	3,721,751		$	15,031		$	384,679		$	6,337,045
Performance Fees Allocated as a Result of Changes in Fund Fair Values		1,190,791			836,288			32,205			87,621			2,146,905
Foreign Exchange Loss		—			(20,380	)		—			—			(20,380	)
Fund Distributions		(922,310	)		(1,149,900	)		(12,526	)		(50,599	)		(2,135,335	)

Performance Fees, June 30, 2015	$	2,484,065		$	3,387,759		$	34,710		$	421,701		$	6,328,235

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Realized Gains (Losses)	$	(30	)	$	(695	)	$	(8	)	$	5,612
Net Change in Unrealized Gains (Losses)		(825	)		13			(454	)		(6,491	)

	$	(855	)	$	(682	)	$	(462	)	$	(879	)