SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
This filing is a Form 13F Holdings Report submitted by The Blackstone Group L.P. for the quarter ended September 30, 2009. The report covers the equity holdings of the reporting manager and three other included managers: Blackstone Capital Partners V L.P., Blackstone Kailix Advisors L.L.C., and GSO Capital Partners LP. The report was signed by Robert L. Friedman on November 16, 2009.
Key Financial Metrics
As this is a Form 13F filing, it reports portfolio holdings rather than the operating financial performance (revenue, profit, cash flow) of Blackstone Inc. itself.
- Total Reported Value: $2,038,414,000 (approx. $2.04 billion).
- Total Number of Holdings: 33 entries.
- Top Holdings by Value:
- TRW Automotive Holdings Corp: $771,510,000
- Republic Services Inc: $573,268,000
- Orbitz Worldwide Inc: $284,412,000
- Alliance Data Systems Corp: $175,165,000
- Standard Parking Corp (Common Stock): $94,838,000
- Debt/Liquidity: Not applicable; this form does not report the manager's balance sheet or liquidity position.
Material Changes and Unusual Items
The filing does not provide comparative data against the prior period (June 30, 2009) to determine material changes in holdings. However, several unusual items and specific investment discretion notes are disclosed:
- Investment Discretion Exceptions: Significant portions of holdings in Centennial Communications Corp, Orbitz Worldwide Inc, and Republic Services Inc are reported but are under the investment discretion of Mr. Stephen A. Schwarzman or Blackstone LR Associates, not The Blackstone Group L.P. directly.
- Distressed Asset Disposition: Holdings in Standard Parking Corp (both common stock and notes) were obtained by lenders in satisfaction of loan obligations. These shares are subject to mandatory disposition requirements as outlined in a Schedule 13D filed in May 2009.
- Derivatives: The portfolio includes call options on Eastman Kodak Co and put options on Southwest Airlines Co and SPDR Trust Unit Ser 1.
- Zero Holdings: Blackstone Kailix Advisors L.L.C. had no reportable positions in Section 13(f) securities as of the reporting date.
Guidance, Outlook, and Risks
This filing type does not contain management commentary, forward-looking guidance, or risk factors regarding the future performance of Blackstone Inc. or its funds. The primary risk disclosed within the text relates to the mandatory disposition of Standard Parking Corp shares held by lenders.
Key Facts for Investor Verification
- Verify the distinction between holdings managed by The Blackstone Group L.P. versus those managed directly by Stephen A. Schwarzman or affiliates (Orbitz, Republic Services, Centennial).
- Confirm the status of the Standard Parking Corp holdings, as they are distressed assets subject to forced sale requirements.
- Note that the reported value ($2.04 billion) represents only the Section 13(f) securities held by the specific managers listed, not the total assets under management of the entire Blackstone organization.
- Check for subsequent filings to track the disposition of the Standard Parking Corp shares and changes in the large positions in TRW Automotive and Republic Services.