According to a recent 13G filing with the US Securities and Exchange Commission, billionaire David Abrams‘ Abrams Capital Management has increased its stake in Northstar Asset Management Group Inc. (NYSE:NSAM) to 10.31 million common shares, which amass 5.45% of the company’s outstanding stock. Previously, the fund held 7.91 million shares of Northstar Asset Management Group (NYSE:NSAM), as reported in its latest 13F filing, for the end of March.
NorthStar Asset Management Group, as the name denotes, is an asset management company, that offers professional services in the area of real estate and other investment platforms. At the beginning of June, the company announced a merger with Colony Capital Inc (NYSE:CLNY) and Northstar Realty Finance Corp (NYSE:NRF) to form Colony Northstar, a bigger and more diversified investment management and real estate platform. The deal is expected to close in the first quarter of 2017. Over the last 12 months, NorthStar Asset Management Group’s stock is down by 46.11%. For the first quarter of 2016, the company reported earnings per share of $0.09 and revenue of $106.43 million, which compares to earnings per share of $0.11 and revenue of $91.70 million for the same quarter of the previous year.
As per our database, there were 53 investors long Northstar Asset Management Group (NYSE:NSAM) at the end of March. Among them, the largest position was held by Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management, worth close to $145 million, while the second-most valuable position was disclosed by Abrams Capital Management. Remaining investors with similar optimism encompass Robert Pohly’s Samlyn Capital and Phill Gross and Robert Atchinson’s Adage Capital Management.
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
We may use your email to send marketing emails about our services. Click here to read our privacy policy.
Among the biggest new investors in the company in the first quarter were Thomas Ellis and Todd Hammer’s North Run Capital, which initiated a position worth $24.1 million. Some other investment firms which added Northstar Asset Management Group (NYSE:NSAM) to their portfolios during the quarter were Malcolm Fairbairn’s Ascend Capital, John Lykouretzos’ Hoplite Capital Management, and Michael Kaine’s Numina Capital.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Abrams Capital | 0 | 10,309,545 | 0 | 10,309,545 | 10,309,545 | 5.16% |
Follow David Abrams's Abrams Capital Management
We may use your email to send marketing emails about our services. Click here to read our privacy policy.
Page 1 of 4 – SEC Filing
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ||
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
| Northstar Asset Management Group Inc. |
(Name of Issuer)
| Common Stock, par value $0.01 per share |
(Title of Class of Securities)
| 66705Y104 |
(CUSIP Number)
| June 24, 2016 |
| (Date of Event which Requires Filing of this Statement) |
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. Beneficial ownership information contained herein is given as of the date listed above.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
We may use your email to send marketing emails about our services. Click here to read our privacy policy.
Page 2 of 4 – SEC Filing
| 1 | Names of Reporting Persons. Abrams Capital, LLC Abrams Capital Management, LLC Abrams Capital Management, L.P. David Abrams |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Abrams Capital, LLC – Delaware Abrams Capital Management, LLC – Delaware Abrams Capital Management, L.P. – Delaware David Abrams – United States |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power Abrams Capital, LLC – 0 shares Abrams Capital Management, LLC – 0 shares Abrams Capital Management, L.P. – 0 shares David Abrams – 0 shares |
| 6 Shared Voting Power Abrams Capital, LLC – 9,764,861 shares Abrams Capital Management, LLC – 10,309,545 shares Abrams Capital Management, L.P. – 10,309,545 shares David Abrams – 10,309,545 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power Abrams Capital, LLC – 0 shares Abrams Capital Management, LLC – 0 shares Abrams Capital Management, L.P. – 0 shares David Abrams – 0 shares | |
| 8 Shared Dispositive Power Abrams Capital, LLC – 9,764,861 shares Abrams Capital Management, LLC – 10,309,545 shares Abrams Capital Management, L.P. – 10,309,545 shares David Abrams – 10,309,545 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person Abrams Capital, LLC – 9,764,861 shares Abrams Capital Management, LLC – 10,309,545 shares Abrams Capital Management, L.P. – 10,309,545 shares David Abrams – 10,309,545 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11 | Percent of Class Represented by Amount in Row (9) Abrams Capital, LLC – 5.16% Abrams Capital Management, LLC – 5.45% Abrams Capital Management, L.P. – 5.45% David Abrams – 5.45% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) Abrams Capital, LLC – OO (Limited Liability Company) Abrams Capital Management, LLC – OO (Limited Liability Company) Abrams Capital Management, L.P. – OO (Limited Partnership) David Abrams – IN |
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
We may use your email to send marketing emails about our services. Click here to read our privacy policy.
Page 3 of 4 – SEC Filing
SCHEDULE 13G
| Item 1 |
| (a) | Name of Issuer |
| Northstar Asset Management Group Inc. | |
| (b) | Address of Issuer’s Principal Executive Offices |
| 399 Park Avenue, 18th Floor, New York, New York 10022 |
| Item 2 |
| (a) | Name of Person Filing |
| Abrams Capital, LLC Abrams Capital Management, LLC Abrams Capital Management, L.P. David Abrams | |
| (b) | Address of Principal Business Office or, if none, Residence |
| Abrams Capital, LLC Abrams Capital Management, LLC Abrams Capital Management, L.P. David Abrams c/o Abrams Capital Management, L.P. 222 Berkeley Street, 21st Floor Boston, MA 02116 | |
| (c) | Citizenship |
| Abrams Capital, LLC – Delaware Abrams Capital Management, LLC – Delaware Abrams Capital Management, L.P. – Delaware David Abrams – United States | |
| (d) | Title of Class of Securities |
| Common Stock, par value $0.01 per share | |
| (e) | CUSIP Number |
| 66705Y104 |
| Item 3 | If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | [ ] | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); |
| (b) | [ ] | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); |
| (c) | [ ] | Insurance Company as defined in Section 3(a)(19) of the Act; |
| (d) | [ ] | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); |
| (e) | [ ] | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); |
| (f) | [ ] | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); |
| (g) | [ ] | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); |
| (h) | [ ] | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); |
| (i) | [ ] | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); |
| (j) | [ ] | A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J); |
| (k) | [ ] | Group, in accordance with §240.13d-1(b)(1)(ii)(K). |
If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
| Item 4 | Ownership The percentages reported herein are calculated based upon the statement in the Issuer’s Quarterly Report on Form 10-Q, as filed with the SEC on May 10, 2016, that there were 189,058,628 shares of Common Stock of the Issuer outstanding as of May 5, 2016. |
| Item 4(a) | Amount Beneficially Owned** |
| Abrams Capital, LLC – 9,764,861 shares Abrams Capital Management, LLC – 10,309,545 shares Abrams Capital Management, L.P. – 10,309,545 shares David Abrams – 10,309,545 shares |
| Item 4(b) | Percent of Class |
| Abrams Capital, LLC – 5.16% Abrams Capital Management, LLC – 5.45% Abrams Capital Management, L.P. – 5.45% David Abrams – 5.45% |
| Item 4(c) | Number of shares as to which each such person has voting and dispositive power: |
| (i) | Abrams Capital, LLC – 0 shares Abrams Capital Management, LLC – 0 shares Abrams Capital Management, L.P. – 0 shares David Abrams – 0 shares |
| (ii) | shared power to vote or to direct the vote |
| Abrams Capital, LLC – 9,764,861 shares Abrams Capital Management, LLC – 10,309,545 shares Abrams Capital Management, L.P. – 10,309,545 shares David Abrams – 10,309,545 shares | |
| (iii) | sole power to dispose or to direct the disposition of |
| Abrams Capital, LLC – 0 shares Abrams Capital Management, LLC – 0 shares Abrams Capital Management, L.P. – 0 shares David Abrams – 0 shares | |
| (iv) | shared power to dispose or to direct the disposition of |
| Abrams Capital, LLC – 9,764,861 shares Abrams Capital Management, LLC – 10,309,545 shares Abrams Capital Management, L.P. – 10,309,545 shares David Abrams – 10,309,545 shares |
Shares reported herein for Abrams Capital, LLC (“Abrams Capital”) represent shares beneficially owned by private investment funds for which Abrams Capital serves as general partner. Shares reported herein for Abrams Capital Management, L.P. (“Abrams CM LP”) and Abrams Capital Management, LLC (“Abrams CM LLC”) represent the above-referenced shares beneficially owned by Abrams Capital and shares beneficially owned by another private investment fund for which Abrams CM LP serves as investment manager. Abrams CM LLC is the general partner of Abrams CM LP. Shares reported herein for Mr. Abrams represent the above referenced shares reported for Abrams Capital and Abrams CM LLC. Mr. Abrams is the managing member of Abrams Capital and Abrams CM, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
| Item 5 | Ownership of Five Percent or Less of a Class |
| Not applicable. | |
| Item 6 | Ownership of More than Five Percent on Behalf of Another Person |
| Not applicable. | |
| Item 7 | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company |
| Not applicable. | |
| Item 8 | Identification and Classification of Members of the Group |
| Not applicable. | |
| Item 9 | Notice of Dissolution of Group |
| Not applicable. | |
| Item 10 | Certification |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
| Exhibits | Exhibit |
| 99.1 | Joint Filing Agreement by and among the Reporting Persons, incorporated by reference to Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on July 5, 2016. |
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
We may use your email to send marketing emails about our services. Click here to read our privacy policy.
Page 4 of 4 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: July 5, 2016
| ABRAMS CAPITAL, LLC | |
| By: /s/ David Abrams | |
| David Abrams, Managing Member | |
| ABRAMS CAPITAL MANAGEMENT, L.P. | |
| By: Abrams Capital Management, LLC, | |
| its General Partner | |
| By: /s/ David Abrams | |
| David Abrams, Managing Member | |
| ABRAMS CAPITAL MANAGEMENT, LLC | |
| By: /s/ David Abrams | |
| David Abrams, Managing Member | |
| DAVID ABRAMS | |
| By: /s/ David Abrams | |
| David Abrams, individually |
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
Follow Northstar Asset Management Group Inc. (NYSE:NSAM)
We may use your email to send marketing emails about our services. Click here to read our privacy policy.
