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, 2009. The report discloses equity holdings in Section 13(f) securities. The filing includes holdings for three other included managers: Blackstone Capital Partners V L.P., Blackstone Kailix Advisors L.L.C., and GSO Capital Partners LP. Notably, Blackstone Kailix Advisors L.L.C. held no reportable positions as of the reporting date.
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. The key metrics provided relate to the reported equity portfolio:
- Total Reported Value: $831,089,000 (reported in thousands).
- Total Number of Holdings: 24 entries.
- Largest Holdings by Value:
- Republic Services Inc.: $370,024,000
- TRW Automotive Holdings Corp: $148,314,000
- Alliance Data Systems Corp: $105,965,000
- Orbitz Worldwide Inc: $59,368,000
- SPDR Gold Trust: $54,168,000
- Debt and Liquidity: The filing text does not provide a clear value for the company's corporate debt or liquidity positions, as Form 13F focuses solely on long-only equity securities.
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (December 31, 2008) to determine material changes in holdings or values. The portfolio is heavily concentrated in a few large positions, with the top five holdings accounting for approximately 80% of the total reported value. The portfolio includes significant exposure to industrial services (Republic Services, TRW Automotive), technology/data services (Alliance Data), and commodities (SPDR Gold Trust).
Management Commentary, Risks, and Unusual Items
Investment Discretion and Control: Several significant holdings are reported but are not under the direct investment discretion of The Blackstone Group L.P. Instead, they are controlled by specific individuals or affiliates:
- Centennial Communications Corp: Under the discretion of Mr. Stephen A. Schwarzman.
- Orbitz Worldwide Inc: Under the discretion of Blackstone LR Associates (Cayman) V Ltd., controlled by Mr. Stephen A. Schwarzman.
- Republic Services Inc: Under the discretion of Mr. Stephen A. Schwarzman.
Risks and Contingencies: The filing text does not contain specific risk factors, management commentary on market outlook, or details on contingencies beyond the standard representation that the information is true and correct.
Key Facts for Investor Verification
- Verify the distinction between holdings managed by The Blackstone Group L.P. versus those managed directly by Stephen A. Schwarzman or affiliated entities, as this impacts the assessment of the firm's active management strategy.
- Confirm the total portfolio value of approximately $831 million represents only a subset of the firm's total assets under management, as Form 13F excludes non-equity assets and certain private holdings.
- Note the significant concentration risk, with Republic Services and TRW Automotive comprising over 60% of the reported equity value.
- Check subsequent filings to determine if the holdings in Orbitz and Republic Services were divested or retained, given the specific attribution of discretion noted in the explanatory notes.