Business Context and Reporting Period
This filing is a Form 13F-HR submitted by Blackstone Group L.P. for the quarter ended March 31, 2014. The report discloses equity securities held by the institutional investment manager and includes holdings for one other included manager, GSO Capital Partners LP.
Key Financial Metrics
As a Form 13F filing, this document reports portfolio holdings rather than the operating financial performance (revenue, profit, cash flow) of Blackstone Inc. itself.
- Total Portfolio Value: $33,071,363,000 (reported in thousands).
- Total Number of Holdings: 35 entries.
- Number of Included Managers: 1 (GSO Capital Partners LP).
Material Changes and Portfolio Composition
The filing details specific ownership structures and voting authorities for several significant positions:
- Freescale Semiconductor Ltd: Blackstone-affiliated funds hold 48.02% of Class A limited partnership interests in Freescale LP, representing voting authority over 196,136,895 shares.
- Kosmos Energy Ltd: Includes 2,299,722 shares under the discretion of Blackstone Family GP L.L.C. (controlled by Stephen A. Schwarzman), with total voting authority over 112,100,012 shares.
- Nielsen Holdings N V: Represents a proportional interest in 95,224,724 shares held via Valcon Acquisition Holding (Luxembourg) S.a.r.l.
- Orbitz Worldwide Inc: Shares are under the discretion of Blackstone LR Associates (Cayman) V Ltd., not Blackstone Group L.P. directly.
- Derivatives and Convertibles: The portfolio includes put options for J.C. Penney, call options for Sears Holdings and YPF Sociedad Anonima, and exchangeable units for PBF Energy.
Guidance, Outlook, and Risks
This filing type does not contain management commentary, forward-looking guidance, or risk factors regarding the company's future operations. It is a statutory disclosure of current equity holdings.
Key Facts for Investor Verification
- Verify the distinction between shares held directly by Blackstone Group L.P. versus those held by affiliated entities or family offices (e.g., Blackstone Family GP L.L.C.).
- Note that the reported value ($33.07 billion) represents the aggregate value of the reported equity securities, not the total assets under management of the firm.
- Confirm the specific voting authority percentages for complex holdings like Freescale Semiconductor and Nielsen Holdings, as these differ from simple share counts.
- Check the inclusion of GSO Capital Partners LP as an "Other Included Manager" to understand the scope of the reported portfolio.