2013 Form 10-K Financial Statement

#000119312514077145 Filed on February 28, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q3
Revenue $6.613B $1.217B $1.223B
YoY Change 64.53% 33.0% -1085.73%
Cost Of Revenue $1.413B $163.7M $199.6M
YoY Change 72.86% -297.82%
Gross Profit $5.200B $1.053B $1.024B
YoY Change -13.58% -505.83%
Gross Profit Margin 78.63% 86.55% 83.68%
Selling, General & Admin $2.346B $696.4M $632.7M
YoY Change -26.42% -8.45% 0.75%
% of Gross Profit 45.11% 66.11% 61.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.60M $23.80M $30.60M
YoY Change -1.18% -71.26% -27.83%
% of Gross Profit 0.65% 2.26% 2.99%
Operating Expenses $2.346B $696.5M $632.7M
YoY Change -26.42% -8.43% 0.75%
Operating Profit $2.855B $356.9M $390.8M
YoY Change -22.14% -144.4%
Interest Expense $108.0M -$169.8M $19.07M
YoY Change 48.17% -443.72% 38.37%
% of Operating Profit 3.78% -47.58% 4.88%
Other Income/Expense, Net $402.1M -$144.3M -$136.0M
YoY Change 56.99% -121.79% -58.72%
Pretax Income $3.149B $187.2M $235.7M
YoY Change 210.23% -73.48% -123.71%
Income Tax $255.6M $65.70M $39.24M
% Of Pretax Income 8.12% 35.1% 16.64%
Net Earnings $1.171B $106.4M $128.8M
YoY Change 435.78% -569.26% -146.92%
Net Earnings / Revenue 17.71% 8.74% 10.53%
Basic Earnings Per Share $2.00 $0.19 $0.24
Diluted Earnings Per Share $1.98 $0.19 $0.24
COMMON SHARES
Basic Shares Outstanding 587.0M shares 423.8M shares 544.7M shares
Diluted Shares Outstanding 590.5M shares 546.9M shares

Balance Sheet

Concept 2013 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.878B $2.114B $1.636B
YoY Change -11.16% 42.84% -1.45%
Cash & Equivalents $832.0M $709.5M $833.5M
Short-Term Investments
Other Short-Term Assets $61.00M
YoY Change -24.69%
Inventory
Prepaid Expenses
Receivables $888.0M $1.758B $499.0M
Other Receivables $1.192B $0.00 $877.0M
Total Short-Term Assets $4.019B $3.872B $3.012B
YoY Change 1.67% 40.95% 5.87%
LONG-TERM ASSETS
Property, Plant & Equipment $137.0M $142.4M
YoY Change -3.52% -4.88%
Goodwill $1.704B $1.704B
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $21.88B $2.583B $2.430B
YoY Change 3.72% 16.43% -83.84%
Other Assets $1.209B $1.286B $1.215B
YoY Change -5.99% 2.14% -17.23%
Total Long-Term Assets $25.66B $25.06B $24.79B
YoY Change 2.73% 30.78% 28.95%
TOTAL ASSETS
Total Short-Term Assets $4.019B $3.872B $3.012B
Total Long-Term Assets $25.66B $25.06B $24.79B
Total Assets $29.68B $28.93B $27.80B
YoY Change 2.58% 32.05% 25.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $286.0M $1.039B $825.0M
YoY Change -45.32% 25.33% 18.03%
Accrued Expenses $2.133B $1.255B $1.296B
YoY Change 69.96% 38.98% 25.22%
Deferred Revenue
YoY Change
Short-Term Debt $316.0M $142.0M $69.00M
YoY Change 122.54% 39.22% -67.3%
Long-Term Debt Due $76.00M $226.0M $105.0M
YoY Change -66.37% 56.94% -46.43%
Total Short-Term Liabilities $4.248B $4.665B $4.083B
YoY Change 2.56% 23.12% -0.05%
LONG-TERM LIABILITIES
Long-Term Debt $10.47B $13.05B $12.88B
YoY Change -19.8% 47.17% 36.8%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.47B $13.05B $12.88B
YoY Change -19.8% 47.17% 36.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.248B $4.665B $4.083B
Total Long-Term Liabilities $10.47B $13.05B $12.88B
Total Liabilities $23.37B $17.72B $16.96B
YoY Change -0.4% 39.98% -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 $5.467B $5.367B
YoY Change
Total Liabilities & Shareholders Equity $29.68B $28.93B $27.80B
YoY Change 2.58% 32.05% 25.97%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $1.171B $106.4M $128.8M
YoY Change 435.78% -569.26% -146.92%
Depreciation, Depletion And Amortization $33.60M $23.80M $30.60M
YoY Change -1.18% -71.26% -27.83%
Cash From Operating Activities $3.548B $226.8M $10.10M
YoY Change 508.4% -33.53% -97.38%
INVESTING ACTIVITIES
Capital Expenditures $25.64M -$10.00M -$6.100M
YoY Change -30.75% -4.76% -30.68%
Acquisitions $146.1M
YoY Change -22.4%
Other Investing Activities -$140.3M -$31.40M $2.500M
YoY Change -24.57% -600.0%
Cash From Investing Activities -$165.9M -$41.40M -$3.500M
YoY Change -25.6% 294.29% -62.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $16.78M
YoY Change -49.42%
Cash From Financing Activities -3.260B -309.4M 414.3M
YoY Change 704.03% 83.29% -289.78%
NET CHANGE
Cash From Operating Activities 3.548B 226.8M 10.10M
Cash From Investing Activities -165.9M -41.40M -3.500M
Cash From Financing Activities -3.260B -309.4M 414.3M
Net Change In Cash 122.4M -124.0M 420.9M
YoY Change -370.63% -176.59% 166.22%
FREE CASH FLOW
Cash From Operating Activities $3.548B $226.8M $10.10M
Capital Expenditures $25.64M -$10.00M -$6.100M
Free Cash Flow $3.522B $236.8M $16.20M
YoY Change 544.95% -32.67% -95.89%

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CY2013Q4 bx Investment By Founder Senior Managing Directors And Employees
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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2013Q4 bx Liabilities Of Consolidated Clo Vehicles Subordinated Notes Fair Value Disclosures
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CY2013Q4 bx Equity Method Investment Summarized Financial Information Debt
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CY2013Q4 bx After Tax Net Present Value Discount Rate Assumption For Tax Receivable Agreements
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CY2013Q4 bx Primarily Interest Bearing Advances Made On Behalf Of Certain Non Controlling Interest Holders And Company Employees For Investments In Company Funds
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CY2013Q4 bx Leases With Security
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CY2013Q4 bx Loans And Bonds Contractual Payment Past Due Number Days
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CY2013Q4 bx Units Expected To Vest For Total Equity Based Awards
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CY2013Q4 bx Expected Future Payments Under Tax Receivable Agreements In Years
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CY2013Q4 bx Partnership And Llc Interests Total Fair Value
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CY2013Q4 bx Gross And Net Amounts Of Assets Presented In The Statement Of Financial Condition
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CY2013Q4 bx Vie Carrying Amount Of Investments Unconsolidated Vie
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CY2013Q4 bx Total Outstanding Unvested Phantom Units
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CY2013Q4 bx Uncollected Principal Balance On Financial Instruments That Exceeded Fair Value Total
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CY2013Q4 bx Fair Value Of Clo Assets
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CY2013Q4 bx Assets Of Consolidated Clo Vehicles Corporate Loans Fair Value Disclosure
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CY2013Q4 bx Units Expected To Vest For Partnership Units
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CY2013Q4 bx Due To Certain Non Controlling Interest Holders In Connection With Tax Receivable Agreements
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CY2013Q4 bx Accrual For Potential Clawback Of Previously Distributed Interest
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CY2011 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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InterestExpense
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CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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ProceedsFromMinorityShareholders
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CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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AmortizationOfIntangibleAssets
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CY2011 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2011 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2011 us-gaap Depreciation
Depreciation
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CY2011 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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CY2011 us-gaap Labor And Related Expense
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CY2011 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
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CY2011 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2013 dei Trading Symbol
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NonCashPerformanceFees
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CY2011 bx Repayment Of Loans Payable
RepaymentOfLoansPayable
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CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Entity Registrant Name
EntityRegistrantName
BLACKSTONE GROUP L.P.
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001393818
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
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CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
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CY2013 dei Amendment Flag
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false
CY2013 dei Entity Filer Category
EntityFilerCategory
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CY2013 us-gaap Earnings Per Share Basic
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CY2013 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.&#xA0;&#xA0;&#xA0;&#xA0;ORGANIZATION</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; 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, capital markets 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-BOTTOM: 0px; MARGIN-TOP: 12px; 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-BOTTOM: 0px; MARGIN-TOP: 12px; 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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CY2013 us-gaap Earnings Per Share Diluted
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable and that it has made all necessary adjustments (consisting of only normal recurring items) so that the consolidated financial statements are presented fairly. Actual results could differ from those estimates and such differences could be material.</font></p> </div>
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CY2013 us-gaap Number Of Operating Segments
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CY2013 us-gaap Revenues
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CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2013 bx Limited Partnership To Common Stock Conversion Ratio
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CY2013 bx Economic Net Income
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CY2013 bx Fair Value Measurement Transfers Between Measurement Levels One And Two Table Textblock
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%"> <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 December&#xA0;31, 2013 and 2012, respectively:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="70%"></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" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Year Ended<br /> December&#xA0;31,</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>2013</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>2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">28,670</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15,928</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="MARGIN-LEFT: 1em; TEXT-INDENT: -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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,308</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">588</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> </table> <p style="MARGIN-BOTTOM: 2px; BORDER-BOTTOM: #000000 0.5pt solid; MARGIN-TOP: 0px; LINE-HEIGHT: 8px; WIDTH: 10%"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <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" cellspacing="0" cellpadding="0" width="100%" border="0"> <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>
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CY2013 bx Ipo And Acquisition Related Charges
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CY2013 bx Proceeds From Loans Payable
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CY2013 bx Cash And Cash Equivalent Maturity Period Maximum
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CY2013 bx Transaction Related Other Income
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4891000
CY2013 bx Number Of Company Founders Managing Partnership
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7733000
CY2013 bx Management And Advisory Fees From Affiliates
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CY2013 bx Contingent Obligations Currently Anticipated To Expire End
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CY2013 bx Deferred Tax Assets Amortization Period For Tax Basis Intangibles
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CY2013 bx Percentage Of Repurchase Of Notes On Principal Amount Of Notes
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CY2013 bx Annual Maximum Eligible Plan Partnership Contributions
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CY2013 bx Unrecognized Tax Benefits Exchange Rate Fluctuation
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608000
CY2013 bx Deferred Tax Asset Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
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CY2013 bx Weighted Average Unvested Deferred Restricted Common Units
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CY2013 bx Net Income Loss Attributable To Non Controlling Interests In Partnerships
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CY2013 bx Repayment Of Loans Payable
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CY2013 bx Increase Decrease In Cash Held By Funds And Other
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CY2013 bx Transfers From Level Two To Level One
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1308000
CY2013 bx Investment Income Loss Realized
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188644000
CY2013 bx Non Controlling Interest Expiration Period Maximum
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P3Y
CY2013 bx Net Realized Gains Losses On Investments Funds Related
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CY2013 bx Net Change In Unrealized Gains Losses Held By Consolidated Funds
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CY2013 bx Comprehensive Income Attributable To Non Controlling Interests In Partnerships
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1339845000
CY2013 bx General Partner Capital Funding Commitments
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CY2013 bx Total Consolidation Adjustments And Reconciling Items For Economic Net Income To Income Loss Before Provision For Taxes
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447478000
CY2013 bx Partnership Units Weighted Average Service Period
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P1Y10M24D
CY2013 bx Due To Affiliates From Non Cash Financing Activities Exchange Of Founders And Senior Managing Directors Interests In Partnership Holdings
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33177000
CY2013 bx Performance Fees Allocated As Result Of Changes In Fund Fair Values
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-2981757000
CY2013 bx Cash Saving In Tax Receivable Agreements
CashSavingInTaxReceivableAgreements
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CY2013 bx Issuance Of New Units
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42400000
CY2013 bx Predecessor Owners And Selected Advisors Received Units Under Reorganization
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CY2013 bx Realized Gains Losses Held By Consolidated Funds
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205741000
CY2013 bx Reversal Of Tax Receivable Agreement Liability
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20469000
CY2013 bx Net Settlement Of Vested Common Units
NetSettlementOfVestedCommonUnits
153522000
CY2013 bx Net Assets Related To Consolidation Of Certain Fund Entities
NetAssetsRelatedToConsolidationOfCertainFundEntities
659001000
CY2013 bx Equity Method Investment Summarized Financial Information Interest Expense
EquityMethodInvestmentSummarizedFinancialInformationInterestExpense
158673000
CY2013 bx Increase Decrease In Cash Of Discontinued Operations
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CY2013 bx Change Of Parent Ownership Interest
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>12.&#xA0;&#xA0;&#xA0;&#xA0;OFFSETTING OF ASSETS AND LIABILITIES</b></font></p> <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 December&#xA0;31,&#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="50%"></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 and 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 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 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; 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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">148,984</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">148,394</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" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" 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;&#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">590</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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">159,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">151,419</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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">582</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7,326</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> <tr> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="8"></td> <td height="16" colspan="4"></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 and Net<br /> Amounts&#xA0;of&#xA0;Liabilities<br /> Presented in the<br /> Statement of</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Financial</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,282</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,025</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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,257</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" 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;&#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">316,352</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">316,352</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" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" 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;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" 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;&#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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">320,634</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">319,377</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">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,257</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" 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;&#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> <p style="MARGIN-TOP: 0px; 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 and 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" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" 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;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" 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;&#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; 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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. See Note&#xA0;11. &#x201C;Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities&#x201D; for the components of Other Assets.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Statements of Financial Condition and are not a significant component thereof.</font></p> </div>
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253900000
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PledgedAssetsSeparatelyReportedSecuritiesPledgedAsCollateralAtFairValue
141931000
CY2012Q4 us-gaap Goodwill
Goodwill
1703602000
CY2012Q4 us-gaap Fair Value Of Securities Received As Collateral That Have Been Resold Or Repledged
FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged
141900000
CY2012Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
45329000
CY2012Q4 us-gaap Investments
Investments
20847270000
CY2012Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
EquityMethodInvestmentSummarizedFinancialInformationAssets
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CY2012Q4 us-gaap Due From Related Parties
DueFromRelatedParties
259196000
CY2012Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1285611000
CY2012Q4 us-gaap Equity Method Investments
EquityMethodInvestments
2582504000
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
300105000
CY2012Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
97140000
CY2012Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
6137000
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
142390000
CY2012Q4 us-gaap Assets
Assets
28931552000
CY2012Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
11281064000
CY2012Q4 us-gaap Variable Interest Entity Nonconsolidated Carrying Amount Assets
VariableInterestEntityNonconsolidatedCarryingAmountAssets
479280000
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
709502000
CY2012Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
598535000
CY2012Q4 us-gaap Other Assets
OtherAssets
376372000
CY2012Q4 us-gaap Due From Affiliates
DueFromAffiliates
1120067000
CY2012Q4 us-gaap Advances To Affiliate
AdvancesToAffiliate
6577000
CY2012Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
638164000
CY2012Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
74900000
CY2012Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2012Q4 us-gaap Securities For Reverse Repurchase Agreements
SecuritiesForReverseRepurchaseAgreements
248018000
CY2012Q4 us-gaap Other Investments
OtherInvestments
46124000
CY2012Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
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CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Total Share Based Liabilities Paid
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTotalShareBasedLiabilitiesPaid
400000
CY2012Q4 bx Deferred Tax Liabilities Depreciation And Amortization
DeferredTaxLiabilitiesDepreciationAndAmortization
143000
CY2012Q4 bx Deferred Tax Assets Fund Management Fees
DeferredTaxAssetsFundManagementFees
16719000
CY2012Q4 bx Vie Carrying Amount Of Receivables Unconsolidated Vie
VieCarryingAmountOfReceivablesUnconsolidatedVie
1885000
CY2012Q4 bx Distributions Received On Behalf Of Certain Non Controlling Interest Holders And Company Employees
DistributionsReceivedOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployees
12506000
CY2012Q4 bx Payments Made By Non Consolidated Entities
PaymentsMadeByNonConsolidatedEntities
10236000
CY2012Q4 bx Variable Interest Entity Consolidated Carrying Amount Due To Affiliates
VariableInterestEntityConsolidatedCarryingAmountDueToAffiliates
2657000
CY2012Q4 bx Loans And Receivables Fair Value
LoansAndReceivablesFairValue
30663000
CY2012Q4 bx Potential Clawback Obligation Of Non Consolidated Vie
PotentialClawbackObligationOfNonConsolidatedVie
36040000
CY2012Q4 bx Money Market Funds Fair Value
MoneyMarketFundsFairValue
129549000
CY2012Q4 bx Gross Amount Of Financial And Derivative Assets Not Offset In The Statement Of Financial Condition Financial Instruments
GrossAmountOfFinancialAndDerivativeAssetsNotOffsetInTheStatementOfFinancialConditionFinancialInstruments
252001000
CY2012Q4 bx Liabilities Of Consolidated Clo Vehicles Foreign Currency Contracts Fair Value Disclosure
LiabilitiesOfConsolidatedCloVehiclesForeignCurrencyContractsFairValueDisclosure
17101000
CY2012Q4 bx Equity Method Investment Summarized Financial Information Other Assets
EquityMethodInvestmentSummarizedFinancialInformationOtherAssets
6741144000
CY2012Q4 bx Accounts Payable For Unsettled Purchases
AccountsPayableForUnsettledPurchases
352300000
CY2012Q4 bx Investments In Treasury Cash Management Strategies
InvestmentsInTreasuryCashManagementStrategies
1411680000
CY2012Q4 bx Assets Of Consolidated Clo Vehicles Other Fair Value Disclosure
AssetsOfConsolidatedCloVehiclesOtherFairValueDisclosure
18285000
CY2012Q4 bx Payments Made On Behalf Of Non Consolidated Entities
PaymentsMadeOnBehalfOfNonConsolidatedEntities
150317000
CY2012Q4 bx Variable Interest Entity Consolidated Carrying Amount Due From Affiliates
VariableInterestEntityConsolidatedCarryingAmountDueFromAffiliates
112686000
CY2012Q4 bx Fair Value Of Financial Instruments More Than One Day Past Due
FairValueOfFinancialInstrumentsMoreThanOneDayPastDue
36153000
CY2012Q4 bx Performance Fees Receivable
PerformanceFeesReceivable
2780217000
CY2012Q4 bx Non Controlling Interest In Partnerships
NonControllingInterestInPartnerships
2748356000
CY2012Q4 bx Notes Acquired Not Retired
NotesAcquiredNotRetired
15000000
CY2012Q4 bx Non Controlling Interests In Consolidated Entities
NonControllingInterestsInConsolidatedEntities
1443559000
CY2012Q4 bx Accounts Payable Accrued Liabilities And Other Liabilities For Redemption To Investors
AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesForRedemptionToInvestors
170400000
CY2012Q4 bx Deferred Tax Asset Unrealized Gains From Investments
DeferredTaxAssetUnrealizedGainsFromInvestments
-58499000
CY2012Q4 bx Cash Collateral Received
CashCollateralReceived
36748000

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