2013 Q4 Form 10-Q Financial Statement

#000119312513435224 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $2.709B $1.217B $1.223B
YoY Change 122.61% -0.51% -1085.73%
Cost Of Revenue $718.1M $168.4M $199.6M
YoY Change 338.67% -15.63% -297.82%
Gross Profit $1.991B $1.049B $1.024B
YoY Change 89.04% 2.44% -505.83%
Gross Profit Margin 73.5% 86.17% 83.68%
Selling, General & Admin $584.7M $591.7M $632.7M
YoY Change -16.04% -6.48% 0.75%
% of Gross Profit 29.36% 56.43% 61.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.40M $24.80M $30.60M
YoY Change 10.92% -18.95% -27.83%
% of Gross Profit 1.33% 2.37% 2.99%
Operating Expenses $584.7M $591.7M $632.7M
YoY Change -16.05% -6.48% 0.75%
Operating Profit $1.407B $456.8M $390.8M
YoY Change 294.12% 16.89% -144.4%
Interest Expense $157.8M $26.27M $19.07M
YoY Change -192.93% 37.72% 38.37%
% of Operating Profit 11.22% 5.75% 4.88%
Other Income/Expense, Net $206.0M $87.95M -$136.0M
YoY Change -242.79% -164.69% -58.72%
Pretax Income $1.585B $518.4M $235.7M
YoY Change 746.79% 119.9% -123.71%
Income Tax $91.10M $57.48M $39.24M
% Of Pretax Income 5.75% 11.09% 16.64%
Net Earnings $621.3M $171.2M $128.8M
YoY Change 483.81% 32.87% -146.92%
Net Earnings / Revenue 22.93% 14.07% 10.53%
Basic Earnings Per Share $1.05 $0.29 $0.24
Diluted Earnings Per Share $1.04 $0.29 $0.24
COMMON SHARES
Basic Shares Outstanding 485.7M shares 589.6M shares 544.7M shares
Diluted Shares Outstanding 592.9M shares 546.9M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.878B $2.012B $1.636B
YoY Change -11.16% 22.98% -1.45%
Cash & Equivalents $832.0M $888.9M $833.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.080B $855.0M $499.0M
Other Receivables $0.00 $954.0M $877.0M
Total Short-Term Assets $3.958B $3.821B $3.012B
YoY Change 2.22% 26.86% 5.87%
LONG-TERM ASSETS
Property, Plant & Equipment $137.1M $138.4M
YoY Change -3.72%
Goodwill $1.787B $1.787B $1.704B
YoY Change 4.92% 4.92%
Intangibles
YoY Change
Long-Term Investments $3.310B $2.964B $2.430B
YoY Change 28.17% 21.97% -83.84%
Other Assets $1.209B $1.279B $1.215B
YoY Change -5.99% 5.27% -17.23%
Total Long-Term Assets $25.72B $24.21B $24.79B
YoY Change 2.64% -2.32% 28.95%
TOTAL ASSETS
Total Short-Term Assets $3.958B $3.821B $3.012B
Total Long-Term Assets $25.72B $24.21B $24.79B
Total Assets $29.68B $28.03B $27.80B
YoY Change 2.58% 0.84% 25.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $872.0M $1.115B $825.0M
YoY Change -16.07% 35.15% 18.03%
Accrued Expenses $2.133B $1.633B $1.296B
YoY Change 69.96% 26.0% 25.22%
Deferred Revenue
YoY Change
Short-Term Debt $316.0M $69.00M $69.00M
YoY Change 122.54% 0.0% -67.3%
Long-Term Debt Due $76.00M $102.0M $105.0M
YoY Change -66.37% -2.86% -46.43%
Total Short-Term Liabilities $4.834B $4.729B $4.083B
YoY Change 3.62% 15.82% -0.05%
LONG-TERM LIABILITIES
Long-Term Debt $10.47B $10.80B $12.88B
YoY Change -19.8% -16.11% 36.8%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.47B $10.80B $12.88B
YoY Change -19.8% -16.11% 36.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.834B $4.729B $4.083B
Total Long-Term Liabilities $10.47B $10.80B $12.88B
Total Liabilities $15.30B $15.53B $16.96B
YoY Change -13.64% -8.42% -5.45%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.307B $5.672B $5.367B
YoY Change
Total Liabilities & Shareholders Equity $29.68B $28.03B $27.80B
YoY Change 2.58% 0.84% 25.97%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $621.3M $171.2M $128.8M
YoY Change 483.81% 32.87% -146.92%
Depreciation, Depletion And Amortization $26.40M $24.80M $30.60M
YoY Change 10.92% -18.95% -27.83%
Cash From Operating Activities $815.2M $1.392B $10.10M
YoY Change 259.44% 13683.17% -97.38%
INVESTING ACTIVITIES
Capital Expenditures -$7.000M -$4.000M -$6.100M
YoY Change -30.0% -34.43% -30.68%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$146.2M $2.500M
YoY Change -100.32% -5948.0% -600.0%
Cash From Investing Activities -$7.000M -$150.1M -$3.500M
YoY Change -83.09% 4188.57% -62.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -865.5M -1.015B 414.3M
YoY Change 179.73% -344.87% -289.78%
NET CHANGE
Cash From Operating Activities 815.2M 1.392B 10.10M
Cash From Investing Activities -7.000M -150.1M -3.500M
Cash From Financing Activities -865.5M -1.015B 414.3M
Net Change In Cash -57.30M 227.5M 420.9M
YoY Change -53.79% -45.95% 166.22%
FREE CASH FLOW
Cash From Operating Activities $815.2M $1.392B $10.10M
Capital Expenditures -$7.000M -$4.000M -$6.100M
Free Cash Flow $822.2M $1.396B $16.20M
YoY Change 247.21% 8517.9% -95.89%

Facts In Submission

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14613000
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dei Trading Symbol
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BX
dei Entity Registrant Name
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BLACKSTONE GROUP L.P.
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dei Document Type
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10-Q
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<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>1.</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>ORGANIZATION</b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Blackstone Group L.P., together with its subsidiaries, (&#x201C;Blackstone&#x201D; or the &#x201C;Partnership&#x201D;) is a leading global manager of private capital and provider of financial advisory services. The alternative asset management business includes the management of private equity funds, real estate funds, real estate investment trusts (&#x201C;REITs&#x201D;), funds of hedge funds, credit-focused funds, collateralized loan obligation (&#x201C;CLO&#x201D;) vehicles, collateralized debt obligation (&#x201C;CDO&#x201D;) vehicles, separately managed accounts and registered investment companies (collectively referred to as the &#x201C;Blackstone Funds&#x201D;). Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Blackstone&#x2019;s business is organized into five segments: private equity, real estate, hedge fund solutions, credit and financial advisory.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Partnership was formed as a Delaware limited partnership on March&#xA0;12, 2007. The Partnership is managed and operated by its general partner, Blackstone Group Management L.L.C., which is in turn wholly-owned and controlled by one of Blackstone&#x2019;s founders, Stephen A. Schwarzman (the &#x201C;Founder&#x201D;), and Blackstone&#x2019;s other senior managing directors. The activities of the Partnership are conducted through its holding partnerships: Blackstone Holdings&#xA0;I&#xA0;L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, &#x201C;Blackstone Holdings&#x201D;, &#x201C;Blackstone Holdings Partnerships&#x201D; or the &#x201C;Holding Partnerships&#x201D;). The Partnership, through its wholly-owned subsidiaries, is the sole general partner in each of these Holding Partnerships.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Generally, holders of the limited partner interests in the four Holding Partnerships may, four times each year, exchange their limited partnership interests (&#x201C;Partnership Units&#x201D;) for Blackstone Common Units, on a one-to-one basis, exchanging one Partnership Unit in each of the four Holding Partnerships for one Blackstone Common Unit.</font></p> </div>
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FairValueMeasurementTransfersBetweenMeasurementLevelsOneAndTwoTableTextblock
<div> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The following table summarizes the fair value transfers between Level I and Level II for positions that existed as of September&#xA0;30, 2013 and 2012, respectively:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Three&#xA0;Months&#xA0;Ended<br /> September&#xA0;30,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Nine Months Ended<br /> September&#xA0;30,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2013&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2013&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Transfers from Level I into Level II (a)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">288</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">31</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">45,440</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Transfers from Level II into Level I (b)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">41,155</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">45</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,308</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">846</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> </table> <p style="BORDER-BOTTOM: #000000 0.5pt solid; LINE-HEIGHT: 8px; MARGIN-TOP: 0px; WIDTH: 10%; MARGIN-BOTTOM: 2px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(a)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Transfers out of Level I represent those financial instruments for which restrictions exist and adjustments were made to an otherwise observable price to reflect fair value at the reporting date.</font></td> </tr> </table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(b)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Transfers into Level I represent those financial instruments for which an unadjusted quoted price in an active market became available for the identical asset.</font></td> </tr> </table> </div>
CY2012Q3 bx Performance Fee Compensation Unrealized Carried Interest
PerformanceFeeCompensationUnrealizedCarriedInterest
128863000
CY2012Q3 bx Performance Fee Compensation Realized Carried Interest
PerformanceFeeCompensationRealizedCarriedInterest
22023000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-13000
us-gaap Interest Expense
InterestExpense
47365000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
586073000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
115432000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
1881719000
bx Transfers From Level Two To Level One
TransfersFromLevelTwoToLevelOne
1308000
bx Investment Income Loss Realized
InvestmentIncomeLossRealized
137350000
bx Net Realized Gains Losses On Investments Funds Related
NetRealizedGainsLossesOnInvestmentsFundsRelated
-1017481000
bx Net Change In Unrealized Gains Losses Held By Consolidated Funds
NetChangeInUnrealizedGainsLossesHeldByConsolidatedFunds
-36855000
bx Comprehensive Income Attributable To Non Controlling Interests In Partnerships
ComprehensiveIncomeAttributableToNonControllingInterestsInPartnerships
664556000
bx General Partner Capital Funding Commitments
GeneralPartnerCapitalFundingCommitments
1500000000
bx Total Consolidation Adjustments And Reconciling Items For Economic Net Income To Income Loss Before Provision For Taxes
TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes
449104000
bx Net Settlement Of Vested Common Units And Repurchase Of Common And Partnership Units
NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits
20532000
bx Performance Fee Compensation Unrealized Carried Interest
PerformanceFeeCompensationUnrealizedCarriedInterest
250221000
bx Performance Fee Compensation Realized Carried Interest
PerformanceFeeCompensationRealizedCarriedInterest
37860000
bx Partnership Units Weighted Average Service Period
PartnershipUnitsWeightedAverageServicePeriod
P2Y1M6D
bx Due To Affiliates From Non Cash Financing Activities Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
DueToAffiliatesFromNonCashFinancingActivitiesExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings
24908000
bx Performance Fees Allocated As Result Of Changes In Fund Fair Values
PerformanceFeesAllocatedAsResultOfChangesInFundFairValues
-1578628000
bx Cash Saving In Tax Receivable Agreements
CashSavingInTaxReceivableAgreements
0.85 pure
bx Realized Gains Losses Held By Consolidated Funds
RealizedGainsLossesHeldByConsolidatedFunds
95403000
bx Net Settlement Of Vested Common Units
NetSettlementOfVestedCommonUnits
60732000
bx Increase Decrease In Cash Of Discontinued Operations
IncreaseDecreaseInCashOfDiscontinuedOperations
-136524000
bx Change Of Parent Ownership Interest
ChangeOfParentOwnershipInterest
-1798000
bx Phantom Units Weighted Average Service Period
PhantomUnitsWeightedAverageServicePeriod
P1Y8M12D
bx Changes In Unrealized Gains Losses On Investments Allocable To Parent And Funds Related
ChangesInUnrealizedGainsLossesOnInvestmentsAllocableToParentAndFundsRelated
253445000
bx Transfers From Level One To Level Two
TransfersFromLevelOneToLevelTwo
31000
bx Non Cash Performance Fees
NonCashPerformanceFees
588894000
bx Non Cash Performance Fee Compensation
NonCashPerformanceFeeCompensation
695120000
bx Provision For Cash Clawback
ProvisionForCashClawback
442700000
bx Performance Fees Unrealized Carried Interest
PerformanceFeesUnrealizedCarriedInterest
924105000
bx Performance Fees Realized Incentive Fees
PerformanceFeesRealizedIncentiveFees
130729000
bx Fund Expenses Added In Consolidation
FundExpensesAddedInConsolidation
21703000
bx Deferred Tax Asset Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
DeferredTaxAssetExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings
113040000
bx Weighted Average Unvested Deferred Restricted Common Units
WeightedAverageUnvestedDeferredRestrictedCommonUnits
3191542 shares
bx Net Income Loss Attributable To Non Controlling Interests In Partnerships
NetIncomeLossAttributableToNonControllingInterestsInPartnerships
-664556000
bx Repayment Of Loans Payable
RepaymentOfLoansPayable
1547497000
bx Performance Fees Realized Carried Interest
PerformanceFeesRealizedCarriedInterest
660112000
bx Fund Distributions
FundDistributions
655672000
bx Net Gains Losses From Fund Investment Activities Consolidated Funds
NetGainsLossesFromFundInvestmentActivitiesConsolidatedFunds
400412000
bx Increase Decrease In Cash Held By Funds And Other
IncreaseDecreaseInCashHeldByFundsAndOther
-212350000
bx Transfers From Level Two To Level One
TransfersFromLevelTwoToLevelOne
846000
bx Investment Income Loss Realized
InvestmentIncomeLossRealized
40652000
bx Net Realized Gains Losses On Investments Funds Related
NetRealizedGainsLossesOnInvestmentsFundsRelated
-215711000
bx Net Change In Unrealized Gains Losses Held By Consolidated Funds
NetChangeInUnrealizedGainsLossesHeldByConsolidatedFunds
235368000
bx Segment Reconciliation Amortization Of Intangible Assets
SegmentReconciliationAmortizationOfIntangibleAssets
77504000
bx Net Activities Related To Capital Transactions Of Consolidated Funds
NetActivitiesRelatedToCapitalTransactionsOfConsolidatedFunds
-1145000
bx Performance Fee Compensation Unrealized Incentive Fees
PerformanceFeeCompensationUnrealizedIncentiveFees
58646000
CY2012Q3 bx Net Gains Losses From Fund Investment Activities Consolidated Funds
NetGainsLossesFromFundInvestmentActivitiesConsolidatedFunds
-135960000
CY2012Q3 bx Transfers From Level Two To Level One
TransfersFromLevelTwoToLevelOne
45000
bx Comprehensive Income Attributable To Non Controlling Interests In Partnerships
ComprehensiveIncomeAttributableToNonControllingInterestsInPartnerships
237809000
bx Total Consolidation Adjustments And Reconciling Items For Economic Net Income To Income Loss Before Provision For Taxes
TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes
527256000
bx Net Settlement Of Vested Common Units And Repurchase Of Common And Partnership Units
NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits
20762000
bx Due To Affiliates From Non Cash Financing Activities Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
DueToAffiliatesFromNonCashFinancingActivitiesExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings
73051000
bx Realized Gains Losses Held By Consolidated Funds
RealizedGainsLossesHeldByConsolidatedFunds
-4279000
bx Transfer Of Interests To Non Controlling Interest Holders
TransferOfInterestsToNonControllingInterestHolders
-1010000
bx Interest From Loans To Affiliates
InterestFromLoansToAffiliates
2700000
bx Total Consolidation Adjustments And Reconciling Items
TotalConsolidationAdjustmentsAndReconcilingItems
196128000
bx Net Settlement Of Vested Common Units
NetSettlementOfVestedCommonUnits
100041000
bx Increase Decrease In Cash Of Discontinued Operations
IncreaseDecreaseInCashOfDiscontinuedOperations
-46330000
bx Economic Income
EconomicIncome
2012752000
bx Total Realized Gains Losses And Net Change In Unrealized Gains Losses Held By Consolidated Funds
TotalRealizedGainsLossesAndNetChangeInUnrealizedGainsLossesHeldByConsolidatedFunds
58548000
bx Change Of Parent Ownership Interest
ChangeOfParentOwnershipInterest
-1475000
bx Changes In Unrealized Gains Losses On Investments Allocable To Parent And Funds Related
ChangesInUnrealizedGainsLossesOnInvestmentsAllocableToParentAndFundsRelated
107763000
bx Transfers From Level One To Level Two
TransfersFromLevelOneToLevelTwo
45440000
bx Non Cash Performance Fees
NonCashPerformanceFees
704852000
bx Non Cash Performance Fee Compensation
NonCashPerformanceFeeCompensation
349802000
bx Partners Capital Account Period Increase Decrease Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
PartnersCapitalAccountPeriodIncreaseDecreaseExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings
88132000
bx Unrealized Depreciation Appreciation On Investments Allocable To Non Controlling Interests In Consolidated Entities Funds Related
UnrealizedDepreciationAppreciationOnInvestmentsAllocableToNonControllingInterestsInConsolidatedEntitiesFundsRelated
452478000
bx Performance Fees Unrealized Carried Interest
PerformanceFeesUnrealizedCarriedInterest
786551000
bx Performance Fees Realized Incentive Fees
PerformanceFeesRealizedIncentiveFees
28497000
bx Fund Expenses Added In Consolidation
FundExpensesAddedInConsolidation
31040000
bx Deferred Tax Asset Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
DeferredTaxAssetExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings
89464000
bx Weighted Average Unvested Deferred Restricted Common Units
WeightedAverageUnvestedDeferredRestrictedCommonUnits
5810614 shares
bx Net Income Loss Attributable To Non Controlling Interests In Partnerships
NetIncomeLossAttributableToNonControllingInterestsInPartnerships
-237809000
bx Repayment Of Loans Payable
RepaymentOfLoansPayable
613000000
bx Performance Fees Realized Carried Interest
PerformanceFeesRealizedCarriedInterest
153254000
bx Segment Reconciliation Amortization Of Intangible Assets
SegmentReconciliationAmortizationOfIntangibleAssets
123661000
bx Net Activities Related To Capital Transactions Of Consolidated Funds
NetActivitiesRelatedToCapitalTransactionsOfConsolidatedFunds
-5370000
bx Performance Fee Compensation Unrealized Incentive Fees
PerformanceFeeCompensationUnrealizedIncentiveFees
47437000
bx Number Of Times Holders Of Interest Can Exchange Their Limited Partnership Interest Per Year
NumberOfTimesHoldersOfInterestCanExchangeTheirLimitedPartnershipInterestPerYear
4 Times
bx Economic Income
EconomicIncome
1354994000
bx Total Realized Gains Losses And Net Change In Unrealized Gains Losses Held By Consolidated Funds
TotalRealizedGainsLossesAndNetChangeInUnrealizedGainsLossesHeldByConsolidatedFunds
231089000
bx Transfer Of Interests To Non Controlling Interest Holders
TransferOfInterestsToNonControllingInterestHolders
-4444000
bx Total Equity Based Awards Weighted Average Service Period
TotalEquityBasedAwardsWeightedAverageServicePeriod
P2Y2M12D
bx Performance Fees Unrealized Incentive Fees
PerformanceFeesUnrealizedIncentiveFees
144449000
bx Partners Capital Account Period Increase Decrease Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
PartnersCapitalAccountPeriodIncreaseDecreaseExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings
16413000
bx Unrealized Depreciation Appreciation On Investments Allocable To Non Controlling Interests In Consolidated Entities Funds Related
UnrealizedDepreciationAppreciationOnInvestmentsAllocableToNonControllingInterestsInConsolidatedEntitiesFundsRelated
546221000
bx Interest From Loans To Affiliates
InterestFromLoansToAffiliates
3300000
bx Total Consolidation Adjustments And Reconciling Items
TotalConsolidationAdjustmentsAndReconcilingItems
400412000
bx Performance Fees Unrealized Incentive Fees
PerformanceFeesUnrealizedIncentiveFees
155011000
bx Securities Sold Not Yet Purchased
SecuritiesSoldNotYetPurchased
33413000
bx Founders Other Senior Managing Directors And Employees Share Of Net Income Attributable To Redeemable Non Controlling And Non Controlling Interests In Consolidated Entities
FoundersOtherSeniorManagingDirectorsAndEmployeesShareOfNetIncomeAttributableToRedeemableNonControllingAndNonControllingInterestsInConsolidatedEntities
90200000
bx Comprehensive Income Attributable To Redeemable Non Controlling Interests In Consolidated Entities
ComprehensiveIncomeAttributableToRedeemableNonControllingInterestsInConsolidatedEntities
78447000
bx Non Cash Distributions To Non Controlling Interest Holders
NonCashDistributionsToNonControllingInterestHolders
-6803000
bx Securities Sold Not Yet Purchased
SecuritiesSoldNotYetPurchased
119741000
bx Non Cash Contributions From Non Controlling Interest Holders
NonCashContributionsFromNonControllingInterestHolders
6803000
bx Debt Issue Costs Incurred But Not Yet Paid
DebtIssueCostsIncurredButNotYetPaid
4788000
bx Management And Advisory Fees Net From Affiliates
ManagementAndAdvisoryFeesNetFromAffiliates
153100000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
78771000
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-13665000
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
279970000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-181604000
us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
-32397000
us-gaap Partners Capital Account Redemptions
PartnersCapitalAccountRedemptions
2017000
bx Founders Other Senior Managing Directors And Employees Share Of Net Income Attributable To Redeemable Non Controlling And Non Controlling Interests In Consolidated Entities
FoundersOtherSeniorManagingDirectorsAndEmployeesShareOfNetIncomeAttributableToRedeemableNonControllingAndNonControllingInterestsInConsolidatedEntities
144500000
bx Deferred Restricted Common Units And Options Weighted Average Service Period
DeferredRestrictedCommonUnitsAndOptionsWeightedAverageServicePeriod
P2Y6M
bx Comprehensive Income Attributable To Redeemable Non Controlling Interests In Consolidated Entities
ComprehensiveIncomeAttributableToRedeemableNonControllingInterestsInConsolidatedEntities
135870000
bx Offsetting Of Assets And Liabilities Disclosure Textblock
OffsettingOfAssetsAndLiabilitiesDisclosureTextblock
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>11.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>OFFSETTING OF ASSETS AND LIABILITIES</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The following tables present the offsetting of assets and liabilities as of September&#xA0;30,&#xA0;2013:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross&#xA0;and&#xA0;Net<br /> Amounts&#xA0;of&#xA0;Assets<br /> Presented in the<br /> Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Condition</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross Amounts Not Offset</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>in the Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial Condition</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Instruments</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Cash&#xA0;Collateral<br /> Received</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net&#xA0;Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Assets</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Freestanding Derivatives</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">46,035</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,629</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">30,743</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Reverse Repurchase Agreements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">95,977</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">95,761</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">216</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 5em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">142,012</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">98,390</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">30,743</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12,879</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="55%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross&#xA0;and&#xA0;Net<br /> Amounts&#xA0;of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Liabilities<br /> Presented&#xA0;in&#xA0;the<br /> Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Condition</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross Amounts Not Offset</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>in the Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial Condition</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net&#xA0;Amount</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Instruments</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Cash&#xA0;Collateral<br /> Pledged</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liabilities</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Freestanding Derivatives</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,605</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,629</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7,976</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Repurchase Agreements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">68,505</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">68,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">56</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 5em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">79,110</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">71,078</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7,976</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">56</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The following tables present the offsetting of assets and liabilities as of December&#xA0;31, 2012:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="52%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross&#xA0;and&#xA0;Net<br /> Amounts&#xA0;of&#xA0;Assets<br /> Presented in the<br /> Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Condition</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross Amounts Not Offset</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>in the Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial Condition</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Instruments</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Cash&#xA0;Collateral<br /> Received</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net&#xA0;Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Assets</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Freestanding Derivatives</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">55,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,983</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">36,748</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Reverse Repurchase Agreements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">248,018</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">248,018</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 5em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">303,362</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">252,001</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">36,748</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="56%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross&#xA0;and&#xA0;Net<br /> Amounts of<br /> Liabilities<br /> Presented&#xA0;in&#xA0;the<br /> Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Condition</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gross Amounts Not Offset</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>in the Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial Condition</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial<br /> Instruments</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Cash&#xA0;Collateral<br /> Pledged</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net&#xA0;Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liabilities</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Freestanding Derivatives</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,197</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,983</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">214</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Reverse Repurchase Agreements and Repurchase Agreements are presented separately on the Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Statements of Financial Condition. 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MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Furniture, Equipment and Leasehold Improvements, Net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">138,433</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">142,390</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Prepaid Expenses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">50,933</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">81,498</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Other Assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">76,994</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">97,140</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Freestanding Derivatives</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">46,035</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">55,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">312,395</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">376,372</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-TOP: 12px; 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ManagementAndAdvisoryFeesNetFromAffiliates
169000000
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EarningsPerShareBasic
0.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.42
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
532702872 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.144 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
356350000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
526892258 shares
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
125400000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26973000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-2341000
us-gaap Performance Fees
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1123313000
us-gaap Increase Decrease In Other Financial Instruments Used In Operating Activities
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-33904000
us-gaap Increase Decrease In Financial Instruments Used In Operating Activities
IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities
2306256000
us-gaap Unrealized Gain Loss On Derivatives
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-2173000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
502399000
us-gaap Income Taxes Paid
IncomeTaxesPaid
23105000
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
27181000
us-gaap Profit Loss
ProfitLoss
708411000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-62117000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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699619000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-358417000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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827738000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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156972000
us-gaap Proceeds From Sale And Maturity Of Other Investments
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1767080000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-465817000
bx Investment Income Loss Unrealized
InvestmentIncomeLossUnrealized
181906000
bx Economic Net Income
EconomicNetIncome
827738000
bx Net Assets Related To Consolidation Of Clo Vehicles
NetAssetsRelatedToConsolidationOfCloVehicles
233541000
bx Ipo And Acquisition Related Charges
IpoAndAcquisitionRelatedCharges
762012000
us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
2017000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
400412000
bx Performance Fee Compensation Realized Incentive Fees
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14284000
bx Comprehensive Income Attributable To Non Controlling Interest In Consolidated Entities
ComprehensiveIncomeAttributableToNonControllingInterestInConsolidatedEntities
271733000
bx Proceeds From Loans Payable
ProceedsFromLoansPayable
16284000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
27347000
bx Management And Advisory Fees From Affiliates
ManagementAndAdvisoryFeesFromAffiliates
153089000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
48000
us-gaap Change In Unrealized Gain Loss On Hedged Item In Fair Value Hedge1
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-22599000
us-gaap Payments Of Dividends Minority Interest
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167473000
us-gaap Increase Decrease Due From Affiliates
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86496000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
4894341000
us-gaap Interest Paid
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78750000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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827738000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-8792000
us-gaap Increase Decrease In Accounts Receivable
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-2286000
us-gaap Other Income
OtherIncome
443000
us-gaap Revenues
Revenues
2802328000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
111630000
us-gaap Gain Loss On Investments
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222558000
us-gaap Other Noncash Income Expense
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-91612000
us-gaap Gain Loss On Sale Of Derivatives
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-1368000
us-gaap Gain Loss On Components Excluded From Assessment Of Interest Rate Fair Value Hedge Effectiveness
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-938000
us-gaap Conversion Of Stock Amount Issued1
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112726000
us-gaap Investment Advisory Fees
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1428833000
us-gaap Net Income Loss
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112185000
us-gaap Gain Loss On Interest Rate Fair Value Hedge Ineffectiveness
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548000
us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
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22941000
us-gaap Increase Decrease In Accrued Salaries
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167451000
us-gaap Salaries And Wages
SalariesAndWages
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