Blackstone Inc. — Director's Dealing 2014

Apr 14, 2014

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: FS Investment Corp III (NONE)
CIK: 0001579412
Period of Report: 2014-04-02

Reporting Person: GSO CAPITAL PARTNERS LP (10% Owner)
Reporting Person: GSO Advisor Holdings L.L.C. (10% Owner)
Reporting Person: Blackstone Holdings I L.P. (10% Owner)
Reporting Person: Blackstone Holdings I/II GP Inc (10% Owner)
Reporting Person: Blackstone Group L.P. (10% Owner)
Reporting Person: Blackstone Group Management L.L.C. (10% Owner)
Reporting Person: Ostrover Douglas I (10% Owner)
Reporting Person: Goodman Bennett J (10% Owner)
Reporting Person: Smith J Albert III (10% Owner)
Reporting Person: SCHWARZMAN STEPHEN A (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	555556	Indirect

Footnotes

F1: Reflects shares of Common Stock, $0.001 par value per share ("Common Stock") of FS Investment Corporation III (the "Issuer"), in which GSO FSIC III Holdings LLC holds a direct beneficial interest. GSO Capital Partners LP serves as a managing member of GSO FSIC III Holdings LLC. The general partner of GSO Capital Partners LP is GSO Advisor Holdings L.L.C. The managing member of GSO Advisor Holdings L.L.C. is Blackstone Holdings I L.P. Blackstone Holdings I/II GP Inc. is the general partner of Blackstone Holdings I L.P. The Blackstone Group L.P. is the controlling shareholder of Blackstone Holdings I/II GP Inc.

F2: Blackstone Holdings III L.P. holds 100% of the economic membership interests in GSO FSIC III Holdings LLC.

F3: The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P. The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group L.P. The general partner of The Blackstone Group L.P. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Steven A. Schwarzman. In addition, each of Bennett J. Goodman, J. Albert Smith III and Douglas I. Ostrover may be deemed to have shared investment control with respect to the Common Stock held by GSO FSIC III Holdings LLC.

F4: Due to the limitations of the Securities and Exchange Commission's EDGAR system, GSO FSIC III Holdings LLC , Blackstone Holdings III L.P., Blackstone Holdings III GP L.P. and Blackstone Holdings III GP Management L.L.C. are filing a separate Form 3.

F5: Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.

F6: Each of the Reporting Persons (other than GSO FSIC III Holdings LLC to the extent it directly holds securities reported herein), disclaims beneficial ownership of the securities held by GSO FSIC III Holdings LLC, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than GSO FSIC III Holdings LLC to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.