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, 2013. The report discloses equity securities held by the institutional investment manager. The filing includes holdings for one other included manager, GSO Capital Partners LP. The report was signed by John G. Finley on May 15, 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 Inc. itself. Key metrics from the filing include:
- Total Reported Value: $9,809,618 (in thousands), totaling approximately $9.81 billion.
- Total Number of Holdings: 42 entries.
- Top Holdings by Value:
- Freescale Semiconductor Ltd: $2,920,478 (thousands)
- Nielsen Holdings N V: $1,536,194 (thousands)
- Kosmos Energy Ltd: $1,266,730 (thousands)
- PBF Energy Inc: $1,259,220 (thousands)
- General Growth Properties Inc: $465,824 (thousands)
- Debt and Liquidity: Not applicable; this form does not report the manager's corporate debt or liquidity positions.
Material Changes and Voting Authority
The filing provides a snapshot of holdings at the end of the quarter and does not explicitly detail changes versus the prior period within the text provided. However, it distinguishes between voting authority types:
- Sole Discretion: Significant holdings in entities such as BankUnited Inc, Capital Trust Inc, and DiamondRock Hospitality Co are reported under sole discretion.
- Shared Discretion: Many holdings, including Advanced Micro Devices Inc and Cheniere Energy Partners LP, are reported under shared discretion.
- Derivatives: The portfolio includes put options on SPDR Series Trust and SPDR S&P 500 ETF TR, as well as call options on Beazer Homes USA Inc and MBIA Inc.
Management Commentary and Risks
The filing contains explanatory notes regarding the structure of certain holdings rather than forward-looking guidance or risk commentary:
- Control Structure: The Blackstone Group L.P. is managed by Blackstone Group Management L.L.C., controlled by Stephen A. Schwarzman.
- Complex Ownership: Several large positions (e.g., Freescale Semiconductor, Nielsen Holdings, Kosmos Energy) involve complex structures where shares are held by affiliated funds, limited partnerships, or entities where Mr. Schwarzman is a controlling person, sometimes outside the direct investment discretion of the reporting manager.
- Unusual Items: The report includes non-voting convertible preferred stock for BankUnited Inc and restricted stock units for Knight Capital Group Inc.
Investor Verification Checklist
- Verify the distinction between holdings under "Sole" versus "Shared" discretion to understand the manager's direct control.
- Review the explanatory notes (a through i) to confirm the actual beneficial ownership percentage in complex structures like Freescale LP and Nielsen Holdings.
- Confirm the total value of $9.81 billion represents only the specific equity securities reported and excludes other asset classes (e.g., private equity, real estate) not covered by Form 13F.
- Note that this filing does not provide data on Blackstone's own operating revenue, earnings, or debt levels.