Business Context and Reporting Period
This filing is a Form 13F-HR submitted by Blackstone Group L.P. for the quarter ended September 30, 2013. The report discloses equity holdings under the investment discretion of the manager and includes one other included manager, GSO Capital Partners LP (File Number 28-12332). The report was signed by John G. Finley on November 14, 2013.
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 Group L.P. itself.
- Total Portfolio Value: $11,731,922,000 (reported in thousands).
- Number of Holdings: 33 entries in the Information Table.
- Number of Other Included Managers: 1.
Note: The filing text does not provide values for revenue, profit, margins, debt, or liquidity for Blackstone Group L.P. as an operating entity.
Material Changes and Portfolio Composition
The filing details specific holdings and voting authority nuances rather than period-over-period changes in aggregate value. Notable portfolio characteristics include:
- BankUnited Inc.: Excludes 5,415,794 shares of Series A Nonvoting Convertible Preferred Stock.
- Cumulus Media Inc.: Shares are not under Blackstone's direct discretion but under funds controlled by Stephen A. Schwarzman.
- Freescale Semiconductor Ltd.: Held via Freescale LP; Blackstone-affiliated funds hold 48.02% of Class A interests and 25% of the General Partner, 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., with voting authority over 112,100,012 shares.
- Nielsen Holdings N.V.: Represents a proportional interest in 195,463,201 shares held by a Luxembourg entity.
- Orbitz Worldwide Inc.: Held under the discretion of Blackstone LR Associates (Cayman) V Ltd.
- PBF Energy Inc.: Reported as Series A Units exchangeable for Class A common stock.
- United States Steel Corp.: Includes put options; disclosure revised to reflect underlying securities.
Guidance, Risks, and Contingencies
This filing type does not contain management guidance, outlook, or risk factors regarding the company's future operations. The primary disclosure relates to the accuracy of the reported holdings and the specific investment discretion arrangements for certain securities, noting that some holdings are controlled by affiliates or funds where Stephen A. Schwarzman is a controlling person rather than directly by Blackstone Group L.P.
Investor Verification Checklist
- Verify the distinction between holdings under direct Blackstone discretion versus those under funds controlled by Stephen A. Schwarzman (e.g., Cumulus Media, Kosmos Energy, Orbitz).
- Confirm the voting authority calculations for complex structures like Freescale Semiconductor and Nielsen Holdings.
- Review the exclusion of BankUnited convertible preferred stock to understand the full exposure to that issuer.
- Note that the $11.7 billion figure represents the value of reported holdings, not the total assets under management or the company's market capitalization.