Business Context and Reporting Period
This Form 13F-HR filing reports the equity holdings of The Blackstone Group L.P. for the quarter ended March 31, 2012. The report was filed on May 15, 2012, and includes holdings managed by GSO Capital Partners LP as an included manager. The filing discloses securities in which the manager has sole, shared, or disinterested voting authority.
Key Financial Metrics
The filing provides aggregate portfolio values rather than operational financial metrics such as revenue, profit, or cash flow.
- Total Portfolio Value: $9,784,649,000 (reported in thousands).
- Total Number of Holdings: 25 entries.
- Top Holdings by Value:
- Freescale Semiconductor Holding Shares: $3,018,547,000
- Kosmos Energy Ltd: $1,673,310,000
- Nielsen Holdings N.V.: $1,531,266,000
- General Growth Properties Inc: $860,194,000
- TRW Automotive Holdings Corp: $905,237,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data for the prior period (December 31, 2011); therefore, material changes in holdings or values cannot be calculated from this document alone. The portfolio is heavily concentrated in private equity-backed public companies and real estate entities. Notable structural details include:
- Voting Authority: Significant portions of holdings (e.g., Freescale, Nielsen, Orbitz) involve shared voting authority or are held through affiliated entities where Blackstone does not have sole discretion.
- Derivatives: The portfolio includes put options on the SPDR S&P 500 ETF Trust valued at $1,408,000.
Guidance, Risks, and Unusual Items
As a Form 13F, this document does not contain management guidance, outlook, or risk factors regarding the operating performance of Blackstone or its portfolio companies. However, the footnotes disclose specific ownership structures that may impact control:
- Control Structures: Several holdings (Freescale, Kosmos, Nielsen, Orbitz) are held through complex structures involving general partners or Luxembourg holding companies where Stephen A. Schwarzman is a controlling person, but voting authority may be split or held by other affiliated entities.
- Co-Investment: Certain holdings in General Growth Properties, Howard Hughes Corporation, and Rouse Properties include shares owned by co-investment entities.
Investor Verification Checklist
- Verify the total portfolio value of approximately $9.78 billion against the firm's broader asset management disclosures.
- Confirm the extent of voting control versus economic interest in major holdings like Freescale Semiconductor and Nielsen Holdings.
- Review the specific terms of the SPDR S&P 500 ETF put options to understand hedging strategies.
- Check subsequent filings to determine if the large positions in Kosmos Energy and General Growth Properties were maintained or liquidated.