DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments

The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.

	March 31, 2016								December 31, 2015
	Assets				Liabilities				Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value		Notional		Fair Value		Notional		Fair Value
Net Investment Hedges
Foreign Currency Contracts	$	6,087	$	9	$	53,191	$	1,677	$	53,627	$	319	$	138	$	1
Freestanding Derivatives
Blackstone
Interest Rate Contracts		603,327		900		724,087		5,765		1,681,533		2,212		1,054,465		4,288
Foreign Currency Contracts		163,031		2,902		127,891		1,063		158,684		2,088		271,891		2,042
Credit Default Swaps		2,275		12		—		—		—		—		19,250		2,411
Investments of Consolidated Blackstone Funds
Foreign Currency Contracts		197,087		11,562		26,253		2,846		124,595		1,400		92,094		6,490
Credit Default Swaps		—		—		122,682		7,647		—		—		108,786		6,275
		965,720		15,376		1,000,913		17,321		1,964,812		5,700		1,546,486		21,506
Total	$	971,807	$	15,385	$	1,054,104	$	18,998	$	2,018,439	$	6,019	$	1,546,624	$	21,507

Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations

The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:

	Three Months Ended March 31,
	2016			2015
Net Investment Hedges — Foreign Currency Contracts
Hedge Ineffectiveness	$	129		$	240
Freestanding Derivatives
Realized Gains (Losses)
Interest Rate Contracts	$	(7,358	)	$	(3,735	)
Foreign Currency Contracts		(4,310	)		12,064
Credit Default Swaps		(3,811	)		1,826
Total	$	(15,479	)	$	10,155
Freestanding Derivatives
Net Change in Unrealized Gains (Losses)
Interest Rate Contracts	$	(2,666	)	$	(746	)
Foreign Currency Contracts		15,322			(11,024	)
Credit Default Swaps		(4,276	)		(2,922	)
Total	$	8,380		$	(14,692	)