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 as indicated by the Interest Payment Dates.


	March 31, 2018				December 31, 2017
Senior Notes	Carrying Value		Fair Value (a)		Carrying Value		Fair Value (a)
5.875%, Due 3/15/2021	$	398,620	$	429,480	$	398,514	$	438,320
4.750%, Due 2/15/2023		394,389		422,080		394,137		434,200
6.250%, Due 8/15/2042		238,069		314,100		238,019		328,200
5.000%, Due 6/15/2044		488,588		551,700		488,536		574,100
4.450%, Due 7/15/2045		343,953		358,610		343,925		372,575
2.000%, Due 5/19/2025		364,305		392,099		355,425		385,433
1.000%, Due 10/5/2026		727,645		720,657		709,871		711,440
3.150%, Due 10/2/2027		296,477		286,590		296,399		295,320
4.000%, Due 10/2/2047		290,031		286,710		289,989		296,940

	$	3,542,077	$	3,762,026	$	3,514,815	$	3,836,528

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

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, 2018							December 31, 2017
	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	$	5,615,425		3.41	%		5.4	$	10,689,240		2.35	%		4.1
Subordinated Notes		284,735		(a	)		N/A		894,367		(a)			N/A

	$	5,900,160						$	11,583,607

(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, 2018						December 31, 2017
	Fair Value		Amounts Due to Non- Consolidated Affiliates				Fair Value		Amounts Due to Non- Consolidated Affiliates
	Fair Value		Borrowing Outstanding		Fair Value		Fair Value		Borrowing Outstanding		Fair Value
Senior Secured Notes	$	5,615,419	$	3,250	$	3,269	$	10,595,652	$	1,000	$	996
Subordinated Notes		215,554		111,659		65,334		743,554		53,400		40,390

	$	5,830,973	$	114,909	$	68,603	$	11,339,206	$	54,400	$	41,386

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, 2018 and December 31, 2017, the fair value of the consolidated CLO assets was $6.8 billion and $13.4 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities.

Scheduled principal payments for borrowings as of March 31, 2018 were as follows:


	Operating Borrowings		Blackstone Fund Facilities/CLO Vehicles		Total Borrowings
2018	$	—	$	2,819	$	2,819
2019		—		—		—
2020		—		—		—
2021		400,000		—		400,000
2022		—		—		—
Thereafter		3,207,000		5,900,160		9,107,160

	$	3,607,000	$	5,902,979	$	9,509,979