4.	INVESTMENTS

Investments consist of the following:


	March 31, 2016		December 31, 2015
Investments of Consolidated Blackstone Funds	$	4,885,584	$	4,613,944
Equity Method Investments		3,116,125		3,110,810
Blackstone’s Treasury Cash Management Strategies		1,588,194		1,682,259
Performance Fees		4,782,046		4,757,932
Other Investments		253,083		159,152

	$	14,625,032	$	14,324,097

Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $405.9 million and $451.9 million at March 31, 2016 and December 31, 2015, 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,
	2016			2015
Realized Gains	$	13,382		$	67,039
Net Change in Unrealized Gains (Losses)		(25,241	)		3,933

Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds		(11,859	)		70,972
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds		31,001			22,583

Other Income — Net Gains from Fund Investment Activities	$	19,142		$	93,555

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, 2016 and 2015, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present separate financial statements for any of its equity method investments.

The Partnership recognized net gains related to its equity method investments of $17.6 million and $162.1 million for the three months ended March 31, 2016 and 2015, 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 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 advisers. 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,
	2016			2015
Realized Losses	$	(18,609	)	$	(161	)
Net Change in Unrealized Gains		1,783			11,111

	$	(16,826	)	$	10,950

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, 2015	$	1,479,443		$	3,101,688		$	9,747		$	167,054		$	4,757,932
Performance Fees Allocated as a Result of Changes in Fund Fair Values		104,602			179,842			(891	)		(4	)		283,549
Foreign Exchange Gain		—			18,631			—			—			18,631
Fund Distributions		(29,345	)		(222,978	)		(6,363	)		(19,380	)		(278,066	)

Performance Fees, March 31, 2016	$	1,554,700		$	3,077,183		$	2,493		$	147,670		$	4,782,046

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,
	2016			2015
Realized Gains	$	4,733		$	22
Net Change in Unrealized Gains (Losses)		(6,235	)		371

	$	(1,502	)	$	393