Business Context and Reporting Period
This filing is a Form 13F-HR submitted by Blackstone Group L.P. for the quarter ended June 30, 2014. 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, 2014.
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.
- Total Portfolio Value: $31,628,308,000 (reported in thousands).
- Total Number of Holdings: 47 entries.
- Number of Other Included Managers: 1 (GSO Capital Partners LP).
Material Changes and Portfolio Composition
The filing details specific ownership structures and voting authorities for several significant positions:
- Freescale Semiconductor Ltd: Blackstone-affiliated funds hold 48.02% of Class A limited partnership interests in Freescale LP, 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. (controlled by Stephen A. Schwarzman), with total voting authority over 112,100,012 shares.
- Nielsen Holdings N V: Represents a proportionate interest in 74,085,666 shares held via Valcon Acquisition Holding (Luxembourg) S.a.r.l.
- Orbitz Worldwide Inc: Shares are under the discretion of Blackstone LR Associates (Cayman) V Ltd., not Blackstone Group L.P. directly.
- PBF Energy Inc: Holdings consist of Series A Units exchangeable for Class A common stock on a one-for-one basis.
- Derivatives: The portfolio includes put options on J.C. Penney Co. Inc. and call options on YPF Sociedad Anonima.
Note: This filing does not provide comparative data against the prior quarter to determine material changes in position size or value.
Guidance, Risks, and Contingencies
This document is a regulatory disclosure of holdings and does not contain management guidance, outlook, or commentary on future performance. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the distinction between shares held directly by Blackstone Group L.P. versus those held by affiliated entities (e.g., Blackstone Family GP L.L.C., Blackstone LR Associates) which may have different investment discretion.
- Confirm the voting authority percentages for complex holdings like Freescale Semiconductor and Nielsen Holdings, as these differ from direct share counts.
- Review the specific terms of the PBF Energy exchangeable units to understand conversion mechanics.
- Check the separate 13F filing for GSO Capital Partners LP (File No. 28-12332) to understand the full scope of the combined report.