BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2015

Carrying Value and Fair Value of Blackstone Issued Notes

The carrying value and fair value of the Blackstone issued notes, included in Loans Payable within the Condensed Consolidated Statements of Financial Condition, were:

	June 30, 2015				December 31, 2014
	Carrying Value		Fair Value (a)		Carrying Value (c)		Fair Value (a)
Blackstone Issued 6.625%, $600 Million Par, Notes Due 8/15/2019 (b)	$	618,812	$	678,776	$	622,552	$	684,158
Blackstone Issued 5.875%, $400 Million Par, Notes Due 3/15/2021	$	397,536	$	460,960	$	397,357	$	462,360
Blackstone Issued 4.750%, $400 Million Par, Notes Due 2/15/2023	$	391,775	$	428,840	$	391,344	$	436,240
Blackstone Issued 6.250%, $250 Million Par, Notes Due 8/15/2042	$	237,564	$	290,850	$	237,487	$	307,125
Blackstone Issued 5.000%, $500 Million Par, Notes Due 6/15/2044	$	488,066	$	497,900	$	487,966	$	527,500
Blackstone Issued 4.450%, $350 Million Par, Notes Due 7/15/2045	$	343,952	$	318,780	$	—	$	—
Blackstone Issued 2.000%, €300 Million Par, Notes Due 5/19/2025	$	331,929	$	329,293	$	—	$	—

(a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

(b) The carrying and fair values are determined using the original $600 million par amount less $15 million attributable to these notes which were acquired but not retired by Blackstone during 2012.

(c) The carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct deduction from the related liability for all periods presented in accordance with amended guidance on simplifying the presentation of such costs.

Partnership's Borrowings Through Consolidated CLO Vehicles

Borrowings through the consolidated CLO vehicles consisted of the following:

	June 30, 2015							December 31, 2014
	Borrowing Outstanding		Weighted- Average Interest Rate			Weighted- Average Remaining Maturity in Years		Borrowing Outstanding		Weighted- Average Interest Rate			Weighted- Average Remaining Maturity in Years
Senior Secured Notes	$	2,912,753		1.94	%		4.5	$	6,594,266		1.27	%		3.8
Subordinated Notes		181,480		(a	)		N/A		740,050		(a	)		N/A
	$	3,094,233						$	7,334,316

(a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Components of Senior Secured Notes and Subordinated Notes

Senior Secured Notes and Subordinated Notes comprise the following amounts:

	June 30, 2015						December 31, 2014
			Amounts Due to Non- Consolidated Affiliates						Amounts Due to Non- Consolidated Affiliates
	Fair Value		Borrowing Outstanding		Fair Value		Fair Value		Borrowing Outstanding		Fair Value
Senior Secured Notes	$	2,912,753	$	—	$	—	$	6,448,352	$	2,500	$	2,504
Subordinated Notes	$	119,577	$	10,000	$	9,616	$	348,752	$	24,200	$	14,377

Scheduled Principal Payments for Borrowings

Scheduled principal payments for borrowings as of June 30, 2015 were as follows:

	Operating Borrowings		Blackstone Fund Facilities/CLO Vehicles		Total Borrowings
2015	$	—	$	4,166	$	4,166
2016		—		69		69
2017		—		392,436		392,436
2018		—		—		—
2019		585,000		—		585,000
Thereafter		2,237,080		2,701,797		4,938,877
Total	$	2,822,080	$	3,098,468	$	5,920,548