12.

BORROWINGS

The following table presents the general characteristics of each of our Notes, as well as their carrying value and fair value. The Notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the Notes were issued at a discount. All of the Notes accrue interest from the Issue Date and all pay interest in arrears on a semi-annual basis or annual basis.


	March 31, 2016				December 31, 2015
Senior Notes	Carrying Value		Fair Value (a)		Carrying Value		Fair Value (a)
6.625%, Due 8/15/2019 (b)	$	613,047	$	667,485	$	614,996	$	665,438
5.875%, Due 3/15/2021	$	397,814	$	459,880	$	397,720	$	458,680
4.750%, Due 2/15/2023	$	392,452	$	436,560	$	392,224	$	430,560
6.250%, Due 8/15/2042	$	237,692	$	297,200	$	237,648	$	297,575
5.000%, Due 6/15/2044	$	488,204	$	510,750	$	488,119	$	515,050
4.450%, Due 7/15/2045	$	343,737	$	330,365	$	343,689	$	332,640
2.000%, Due 5/19/2025	$	334,697	$	351,977	$	322,664	$	327,465

(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.

Included within Loans Payable and Due to Affiliates within the Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following:


	March 31, 2016							December 31, 2015
	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	$	3,786,464		1.94	%		5.5	$	3,687,976		1.93	%		5.4
Subordinated Notes		234,071		(a	)		N/A		226,350		(a	)		N/A

	$	4,020,535						$	3,914,326

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

Senior Secured Notes and Subordinated Notes comprise the following amounts:


	March 31, 2016						December 31, 2015
			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	$	3,467,956	$	—	$	—	$	3,225,064	$	—	$	—
Subordinated Notes	$	86,063	$	10,000	$	8,164	$	98,371	$	10,000	$	8,231

The Loans Payable of the consolidated CLO vehicles are collateralized by assets held by each respective CLO vehicle and assets of one vehicle may not be used to satisfy the liabilities of another. As of March 31, 2016 and December 31, 2015, the fair value of the consolidated CLO assets was $4.1 billion and $3.9 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds, other securities and receivables.

Scheduled principal payments for borrowings as of March 31, 2016 were as follows:


	Operating Borrowings		Blackstone Fund Facilities/CLO Vehicles		Total Borrowings
2016	$	—	$	4,253	$	4,253
2017		—		538,555		538,555
2018		—		—		—
2019		585,000		—		585,000
2020		—		—		—
Thereafter		2,240,140		3,481,980		5,722,120

Total	$	2,825,140	$	4,024,788	$	6,849,928