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, 2009. The report discloses equity securities held by the institutional investment manager and includes holdings for three other included managers: Blackstone Capital Partners V L.P., Blackstone Kailix Advisors L.L.C., and GSO Capital Partners LP. The report was signed by Robert L. Friedman on August 14, 2009.
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.
- Total Reported Value: $1,592,727,000 (approx. $1.59 billion).
- Total Number of Holdings: 27 entries.
- Largest Holdings by Value:
- Republic Services Inc.: $526,665,000
- TRW Automotive Holdings Corp: $520,481,000
- Standard Parking Corp: $123,508,000
- Alliance Data Systems Corp: $118,125,000
- Orbitz Worldwide Inc: $87,441,000
- Debt/Liquidity Metrics: Not applicable; the filing does not disclose the manager's own debt or liquidity positions.
Material Changes and Unusual Items
The filing does not provide comparative data against the prior quarter to calculate material changes in holdings. However, several unusual items and specific conditions regarding voting authority and investment discretion are noted:
- Investment Discretion Exceptions: Shares of Centennial Communications Corp. and Republic Services Inc. are under the discretion of Mr. Stephen A. Schwarzman, not The Blackstone Group L.P. Shares of Orbitz Worldwide Inc. are under the discretion of Blackstone LR Associates (Cayman) V Ltd.
- Distressed Asset/Loan Satisfaction: The Standard Parking Corp. position ($123.5 million) was obtained by Lenders in satisfaction of loan obligations. These shares are subject to mandatory disposition requirements as outlined in a separate Schedule 13D filing.
- Derivatives: The portfolio includes a Put position in SPDR Trust Unit Ser 1 valued at $137,925,000.
- Zero Holdings: Blackstone Kailix Advisors L.L.C. had no reportable positions in Section 13(f) securities as of the reporting date.
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, or specific risk factors regarding future performance. The primary risk disclosed within the text relates to the mandatory disposition of the Standard Parking Corp. shares acquired through loan satisfaction.
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 (Orbitz, Centennial, Republic Services).
- Confirm the status and timeline for the mandatory sale of Standard Parking Corp. shares as required by the Schedule 13D filing.
- Note that this report reflects only Section 13(f) securities (equities) and does not represent the full asset base or private equity holdings of the Blackstone Group.
- Check for subsequent filings to track the disposition of the distressed Standard Parking position.