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 calendar quarter ended December 31, 2011. The report discloses equity securities held by the institutional investment manager. The filing also includes holdings for one other included manager: GSO Capital Partners LP (File Number 28-12332). The report was signed by John G. Finley on February 14, 2012.
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. Key portfolio metrics include:
- Total Portfolio Value: $9,729,155,000 (reported in thousands).
- Total Number of Holdings: 32 entries.
- Largest Holdings by Value:
- Freescale Semiconductor Holdings I, Ltd.: $2,601,744,000
- Nielsen Holdings N.V.: $1,635,781,000
- Kosmos Energy Ltd: $1,548,563,000
- General Growth Properties Inc: $755,293,000
- Team Health Holdings, Inc: $783,630,000
- Debt and Liquidity: The filing does not provide data on the manager's corporate debt or liquidity. It does list specific debt securities held within the portfolio, including CEMEX SA Euro Medium Term Notes and MGIC Invt Corp Warrants.
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of the period end. It does not contain comparative data against the prior quarter to determine material changes in position size. Notable structural details include:
- Voting Authority: The report distinguishes between "Sole," "Shared," and "None" voting authority. Several significant positions (e.g., AMR Corp, Beazer Homes USA Inc, CEMEX SA) are listed with "Shared" or "Other" discretion, often involving call options or specific fund structures.
- Complex Structures: Many holdings involve complex ownership structures, such as limited partnership interests (Freescale LP), holding companies (Valcon Acquisition Holding), and co-investment entities (Blackstone GGP Principal Transaction Partners L.P.).
- Derivatives: The portfolio includes call options on several issuers, including AMR Corp, Beazer Homes USA Inc, Pulte Group Inc, and Standard Pac Corp New.
Guidance, Risks, and Contingencies
This filing type does not contain management guidance, forward-looking outlooks, or risk factor disclosures regarding the manager's future operations. However, the footnotes highlight specific contingencies regarding control and discretion:
- Control Limitations: Certain shares (e.g., Cumulus Media, Kosmos Energy, Nielsen Holdings) are held by funds where Mr. Stephen A. Schwarzman is a controlling person, but voting authority may reside with other entities (e.g., Blackstone Family GP L.L.C. or Blackstone LR Associates).
- Non-Discretionary Holdings: Some shares are explicitly noted as not being under the investment discretion of The Blackstone Group L.P.
Investor Verification Checklist
- Verify the distinction between holdings under "Sole" discretion versus those under "Shared" or "Other" discretion, as this impacts the manager's direct control over the assets.
- Confirm the nature of large positions held through intermediate entities (e.g., Freescale LP, Luxco) to understand the actual economic exposure versus voting rights.
- Note that this filing reflects equity holdings only and does not represent the total assets under management (AUM) of Blackstone, which includes private equity, real estate, and credit funds not reported on Form 13F.
- Review footnotes (a) through (k) for details on option series and co-investment structures that may alter the effective position size.