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 March 31, 2010. The report was signed by Robert L. Friedman on May 17, 2010. The filing covers investment holdings managed by The Blackstone Group L.P. and includes two other institutional investment managers: Blackstone Capital Partners V L.P. and GSO Capital Partners LP.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Blackstone Inc. itself.
- Total Reported Value: $3,484,979,000 (approx. $3.48 billion).
- Total Number of Holdings: 32 entries.
- Largest Holdings by Value:
- TRW Automotive Holdings Corp: $1,029,507,000
- Team Health Holdings, Inc: $744,014,000
- Republic Services Inc: $626,129,000
- Graham Packaging Holdings Company: $505,709,000
- Orbitz Worldwide Inc: $391,381,000
- Debt and Liquidity: The filing text does not provide a clear value for the company's debt or liquidity positions.
Material Changes and Portfolio Composition
The filing lists 32 equity positions, including common stock, ADRs, and ETFs. Notable holdings include significant stakes in private equity portfolio companies such as Team Health Holdings and Graham Packaging. The portfolio includes derivatives, specifically put options on the SPDR S&P 500 ETF and the iShares Russell 2000 ETF.
Discretionary Authority Notes:
- Shares of Orbitz Worldwide Inc. are under the investment discretion of Blackstone LR Associates (Cayman) V Ltd., not The Blackstone Group L.P. directly.
- Shares of Republic Services Inc. are under the investment discretion of Mr. Stephen A. Schwarzman.
Guidance, Risks, and Unusual Items
The filing text does not provide management commentary, forward-looking guidance, or specific risk factors regarding the firm's operations. The primary disclosure relates to the separation of investment discretion for specific holdings (Orbitz and Republic Services) as noted in the explanatory footnotes.
Investor Verification Checklist
- Verify the distinction between holdings under the direct discretion of The Blackstone Group L.P. versus those managed by affiliates (Blackstone LR Associates) or individuals (Stephen A. Schwarzman).
- Confirm the total aggregate value of $3.48 billion represents only the equity holdings reported in this specific 13F filing and does not reflect the firm's total assets under management (AUM).
- Review the specific CUSIPs for the large positions in TRW Automotive and Team Health to understand the nature of the exposure (e.g., pre-IPO or public market).
- Note that this filing does not contain data on the firm's own profitability, leverage, or cash flow.