BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2018

Carrying Value and Fair Value of Blackstone Issued Notes

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.

	June 30, 2018				December 31, 2017
Senior Notes	Carrying Value		Fair Value (a)		Carrying Value		Fair Value (a)
5.875%, Due 3/15/2021	$	398,727	$	425,360	$	398,514	$	438,320
4.750%, Due 2/15/2023		394,645		418,840		394,137		434,200
2.000%, Due 5/19/2025		346,136		369,728		355,425		385,433
1.000%, Due 10/5/2026		691,478		677,906		709,871		711,440
3.150%, Due 10/2/2027		296,557		284,700		296,399		295,320
6.250%, Due 8/15/2042		238,119		294,700		238,019		328,200
5.000%, Due 6/15/2044		488,640		526,000		488,536		574,100
4.450%, Due 7/15/2045		343,981		337,260		343,925		372,575
4.000%, Due 10/2/2047		290,075		266,400		289,989		296,940
	$	3,488,358	$	3,600,894	$	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.

Partnership's Borrowings Through Consolidated CLO Vehicles

Borrowings through the consolidated CLO vehicles consisted of the following:

	June 30, 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	$	6,533,425		3.83	%		3.2	$	10,689,240		2.35	%		4.1
Subordinated Notes		331,735		(a	)		N/A		894,367		(a)			N/A
	$	6,865,160						$	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.

Components of Senior Secured Notes and Subordinated Notes

Senior Secured Notes and Subordinated Notes comprise the following amounts:

	June 30, 2018						December 31, 2017
	Fair Value		Amounts Due to Non- Consolidated Affiliates				Fair Value		Amounts Due to Non- Consolidated Affiliates
			Borrowing Outstanding		Fair Value				Borrowing Outstanding		Fair Value
Senior Secured Notes	$	6,531,595	$	3,250	$	3,269	$	10,595,652	$	1,000	$	996
Subordinated Notes		239,179		111,659		63,279		743,554		53,400		40,390
	$	6,770,774	$	114,909	$	66,548	$	11,339,206	$	54,400	$	41,386

Scheduled Principal Payments for Borrowings

Scheduled principal payments for borrowings as of June 30, 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		3,151,560		6,865,160		10,016,720
	$	3,551,560	$	6,867,979	$	10,419,539