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 June 30, 2012. The report discloses equity securities held by the institutional investment manager and includes holdings for one other included manager, GSO Capital Partners LP. The report was signed by John G. Finley on August 14, 2012.
Key Financial Metrics
As this is a Form 13F filing, it 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: $8,224,372 (in thousands), totaling approximately $8.22 billion.
- Total Number of Holdings: 36 entries.
- Top Holdings by Value:
- Freescale Semiconductor, Ltd.: $2,010,403 (in thousands)
- Kosmos Energy Ltd: $1,395,728 (in thousands)
- Nielsen Holdings N.V.: $1,332,110 (in thousands)
- General Growth Properties Inc: $921,018 (in thousands)
- TRW Automotive Holdings Corp: $716,394 (in thousands)
- Debt and Liquidity: The filing text does not provide data on the firm's debt, liquidity, or operating margins.
Material Changes and Portfolio Composition
The filing lists specific equity positions and voting authority but does not provide comparative data against the prior quarter (March 31, 2012) to determine material changes in holdings. Notable portfolio characteristics include:
- Voting Authority: Most positions are held with "Sole" voting discretion, though several significant holdings (e.g., Beazer Homes, Clear Channel Outdoor, Dish Network) are listed with "Shared-Other" discretion.
- Derivatives: The portfolio includes call and put options on specific issuers such as Dish Network Corp, KeyCorp, and SPDR Series Trust.
- Complex Structures: Several holdings involve complex ownership structures, including limited partnership interests (Freescale LP) and co-investment entities (Blackstone GGP Principal Transaction Partners L.P.).
Guidance, Risks, and Unusual Items
The filing text does not contain management commentary, forward-looking guidance, or specific risk factors regarding the firm's operations. However, the footnotes highlight specific structural nuances:
- Control and Discretion: Certain shares (e.g., Cumulus Media, Kosmos Energy, Nielsen Holdings) are not under the direct investment discretion of The Blackstone Group L.P. but are controlled by funds where Stephen A. Schwarzman is a controlling person or by specific family GPs.
- Co-Investments: Holdings in General Growth Properties, Howard Hughes Corp, and Rouse Properties include shares owned by co-investment entities.
Investor Verification Checklist
- Verify the distinction between holdings under the direct discretion of The Blackstone Group L.P. versus those controlled by affiliated funds or Mr. Schwarzman personally.
- Confirm the valuation of the top five holdings (Freescale, Kosmos, Nielsen, General Growth, TRW) which represent a significant portion of the reported $8.22 billion total.
- Review the specific terms of the call and put options held on Dish Network, KeyCorp, and SPDR ETFs to understand potential leverage or hedging strategies.
- Note that this filing does not reflect the financial performance of Blackstone Inc. (the public company) but rather the portfolio of the investment manager.