Business Context and Reporting Period
This filing is a Form 13F-HR submitted by Blackstone Group L.P. for the quarter ended June 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 August 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: $12,091,310,000 (reported in thousands).
- Number of Holdings Reported: 35 entries.
- Number of Other Included Managers: 1.
Note: Revenue, profit, margins, debt, and liquidity metrics for Blackstone Group L.P. are not provided in this filing.
Material Changes and Portfolio Composition
The filing details specific holdings and voting authority nuances rather than period-over-period changes in aggregate value. Notable holdings and conditions 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 shares, representing voting authority over 196,136,895 shares.
- Knight Capital Group Inc: Excludes 35,461 restricted stock units.
- Kosmos Energy Ltd: Includes 2,299,722 shares under the discretion of Blackstone Family GP L.L.C. (controlled by Schwarzman), 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.
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 scope of investment discretion:
- Several holdings are explicitly noted as being under the discretion of entities controlled by Stephen A. Schwarzman rather than Blackstone Group L.P. directly.
- The filing includes standard SEC disclaimers that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the distinction between holdings under Blackstone Group L.P.'s direct discretion versus those under funds controlled by Stephen A. Schwarzman (e.g., Cumulus Media, Kosmos Energy, Nielsen Holdings).
- Confirm the voting authority implications for complex structures like Freescale Semiconductor and Nielsen Holdings.
- Note that the total value ($12.09 billion) represents only the reported equity holdings and does not reflect the firm's total assets under management or private equity portfolio value.
- Check for subsequent filings to track changes in the 35 reported positions.