UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
STRATUS PROPERTIES INC.
-----------------------
(Name of Issuer)
Common Stock, $.01 par value per share
-------------------------------------------
(Title of Class of Securities)
863167201
-----------------
(CUSIP Number)
December 31, 2007
----------------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[ ] 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.
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).
Continued on following pages
Page 1 of 12 Pages
SCHEDULE 13G
CUSIP No.: 863167201 Page 2 of 12 Pages
................................................................................
1. Names of Reporting Persons.
CLIFFWOOD PARTNERS LLC
I.R.S. Identification Nos. of above persons (entities only): 95-4648555
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [x]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
5. Sole Voting Power None
.........................................................
Number of Shares
Beneficially Owned 6. Shared Voting Power 590,884
by Each Reporting .........................................................
Person With
7. Sole Dispositive Power None
.........................................................
8. Shared Dispositive Power 590,884
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
590,884
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
7.83% based on 7,543,952 shares outstanding as of September 30, 2007.
................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 863167201 Page 3 of 12 Pages
................................................................................
1. Names of Reporting Persons.
CLIFFWOOD VALUE EQUITY FUND, L.P.
I.R.S. Identification Nos. of above persons (entities only): 95-4817104
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [x]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
5. Sole Voting Power None
.........................................................
Number of Shares
Beneficially Owned 6. Shared Voting Power 590,884
by Each Reporting .........................................................
Person With
7. Sole Dispositive Power None
.........................................................
8. Shared Dispositive Power 590,884
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
590,884
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
7.83% based on 7,543,952 shares outstanding as of September 30, 2007.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 863167201 Page 4 of 12 Pages
................................................................................
1. Names of Reporting Persons.
CLIFFWOOD VALUE PLUS FUND, L.P.
I.R.S. Identification Nos. of above persons (entities only): [ ]
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [x]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
5. Sole Voting Power None
.........................................................
Number of Shares
Beneficially Owned 6. Shared Voting Power 590,884
by Each Reporting .........................................................
Person With
7. Sole Dispositive Power None
.........................................................
8. Shared Dispositive Power 590,884
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
590,884
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
7.83% based on 7,543,952 shares outstanding as of September 30, 2007.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 863167201 Page 5 of 12 Pages
................................................................................
1. Names of Reporting Persons.
CLIFFWOOD ABSOLUTE RETURN STRATEGY LTD.
I.R.S. Identification Nos. of above persons (entities only): N/A
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [x]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Cayman Islands, British West Indies
................................................................................
5. Sole Voting Power None
.........................................................
Number of Shares
Beneficially Owned 6. Shared Voting Power 590,884
by Each Reporting .........................................................
Person With
7. Sole Dispositive Power None
.........................................................
8. Shared Dispositive Power 590,884
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
590,884
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
7.83% based on 7,543,952 shares outstanding as of September 30, 2007.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 863167201 Page 6 of 12 Pages
................................................................................
1. Names of Reporting Persons.
CLIFFWOOD ABSOLUTE RETURN STRATEGY, L.P.
I.R.S. Identification Nos. of above persons (entities only): 95-4789951
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [x]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
5. Sole Voting Power None
.........................................................
Number of Shares
Beneficially Owned 6. Shared Voting Power 590,884
by Each Reporting .........................................................
Person With
7. Sole Dispositive Power None
.........................................................
8. Shared Dispositive Power 590,884
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
590,884
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
7.83% based on 7,543,952 shares outstanding as of September 30, 2007.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 863167201 Page 7 of 12 Pages
................................................................................
1. Names of Reporting Persons.
CLIFFWOOD VALUE EQUITY/WB FUND, L.P.
I.R.S. Identification Nos. of above persons (entities only): 20-3036834
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [x]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
5. Sole Voting Power None
.........................................................
Number of Shares
Beneficially Owned 6. Shared Voting Power 590,884
by Each Reporting .........................................................
Person With
7. Sole Dispositive Power None
.........................................................
8. Shared Dispositive Power 590,884
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
590,884
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
7.83% based on 7,543,952 shares outstanding as of September 30, 2007.
................................................................................
12. Type of Reporting Person:
PN
Page 8 of 12 Pages
Item 1(a). Name of Issuer:
Stratus Properties Inc. (the "Issuer)
Item 1(b). Address of Issuer's Principal Executive Offices:
98 San Jacinto Boulevard
Suite 220
Austin, TX 78701.
Item 2(a). Name of Person Filing:
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Cliffwood Partners LLC ("Cliffwood Partners");
ii) Cliffwood Value Equity Fund, L.P. ("Cliffwood Value
Equity Fund");
iii) Cliffwood Value Plus Fund, L.P. ("Cliffwood Value Plus
Fund");
iv) Cliffwood Absolute Return Strategy Ltd. ("Cliffwood
Absolute Return Strategy (Cayman)");
v) Cliffwood Absolute Return Strategy, L.P. ("Cliffwood
Absolute Return Strategy"); and
vi) Cliffwood Value Equity / WB Fund, L.P. ("Cliffwood Value
Equity / WB Fund").
This Statement relates to Shares (as defined herein) that
were held for the accounts of Cliffwood Value Equity Fund, Cliffwood Value Plus
Fund, Cliffwood Absolute Return Strategy (Cayman), Cliffwood Absolute Return
Strategy, Cliffwood Value Equity / WB Fund, Oregon Public Employee's Retirement
Fund, Swarthmore College, The Common Fund and Guggenheim Trust Company.
Cliffwood Partners serves as the general partner for each of Cliffwood Value
Equity Fund, Cliffwood Value Plus Fund, Cliffwood Absolute Return Strategy
(Cayman), Cliffwood Absolute Return Strategy and Cliffwood Value Equity / WB
Fund.
Cliffwood Partners also serves as the investment manager to
each of Cliffwood Value Equity Fund, Cliffwood Value Plus Fund, Cliffwood
Absolute Return Strategy (Cayman), Cliffwood Absolute Return Strategy,
Cliffwood Value Equity / WB Fund, Oregon Public Employee's Retirement Fund,
Swarthmore College, The Common Fund and Guggenheim Trust Company. In such
capacities, Cliffwood Partners may be deemed to have voting and dispositive
power over the shares held for the accounts of each of Cliffwood Value Equity
Fund, Cliffwood Value Plus Fund, Cliffwood Absolute Return Strategy (Cayman),
Cliffwood Absolute Return Strategy, Cliffwood Value Equity / WB Fund, Oregon
Public Employee's Retirement Fund, Swarthmore College, The Common Fund and
Guggenheim Trust Company.
Item 2(b). Address of Principal Business Office or, if None, Residence
The address of the principal business office of each of
Cliffwood Partners, Cliffwood Value Equity Fund, Cliffwood Value Plus Fund,
Cliffwood Absolute Return Strategy and Cliffwood
Page 9 of 12 Pages
Value Equity / WB Fund is 11726 San Vicente Boulevard, Suite 600, Los Angeles,
CA 90049. The address of the principal business office of Cliffwood Absolute
Return Strategy (Cayman) is c/o CITCO Fund Services (Cayman Islands) Limited,
P.O. Box 31106 SMB, Regatta Office Park, West Bay Road, Grand Cayman, Cayman
Islands.
Item 2(c). Citizenship
i) Cliffwood Partners is a Delaware limited liability
company;
ii) Cliffwood Value Equity Fund is a Delaware limited
partnership;
iii) Cliffwood Value Plus Fund is a Delaware limited
liability partnership;
iv) Cliffwood Absolute Return Strategy (Cayman) is a Cayman
Islands exempted company;
v) Cliffwood Absolute Return Strategy is a Delaware limited
liability partnership; and
vi) Cliffwood Value Equity / WB Fund is a Delaware limited
liability partnership.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share (the "Shares")
Item 2(e). CUSIP Number:
863167201
Item 3. If This Statement is Filed Pursuant to ss.ss.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
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange
Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of
the Exchange Act.
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act.
(e) [X] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the definition of
an investment company under Section 3(c)(14) of the
Investment Company Act.
(g) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Page 10 of 12 Pages
Item 4. Ownership:
Cliffwood Partners LLC
Cliffwood Value Equity Fund, L.P.
Cliffwood Value Plus Fund, L.P.
Cliffwood Absolute Return Strategy Ltd.
Cliffwood Absolute Return Strategy, L.P.
Cliffwood Value Equity / WB Fund, L.P.
Oregon Public Employees' Retirement Fund
Swarthmore College
The Common Fund
Guggenheim Trust Fund.
(a) Amount beneficially owned: Cliffwood Value Equity Fund,
L.P. beneficially owns 87,645 shares of common stock; Cliffwood Value Plus
Fund, L.P. beneficially owns 13,600 shares of common stock; Cliffwood Absolute
Return Strategy Ltd. beneficially owns 43,349 shares of common stock; Cliffwood
Absolute Return Strategy, L.P. beneficially owns 276,230 shares of common
stock; Cliffwood Value Equity / WB Fund, L.P. beneficially owns 39,320 shares
of common stock; Oregon Public Employees' Retirement Fund beneficially owns
59,802 shares of common stock; Swarthmore College beneficially owns 8,702
shares of common stock; The Common Fund beneficially owns 12,990 shares of
common stock; Guggenheim Trust Fund beneficially owns 49,246 shares of common
stock.
(b) Percent of class: 7.83% of the aggregate outstanding
shares of that class based upon information provided by Stratus Properties Inc.
in its most recently filed quarterly report on form 10-Q which stated that
there were approximately 7,543,952 common shares of beneficial interest
outstanding as of September 30, 2007.
The sole power to vote or direct the vote of the entire
shareholding and the sole power to dispose of or direct the disposal of the
entire shareholding has been delegated to Cliffwood Partners LLC for each of
Cliffwood Value Equity Fund, L.P., Cliffwood Value Plus Fund, L.P., Cliffwood
Absolute Return Strategy Ltd., Cliffwood Absolute Return Strategy, L.P.,
Cliffwood Value Equity / WB Fund, L.P., Oregon Public Employees' Retirement
Fund's managed account, Swarthmore College's managed account, The Common Fund's
managed account and Guggenheim Trust Company's managed account.
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:
Page 11 of 12 Pages
Not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies
that, to the best of their 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.
Page 12 of 12 Pages
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.
February 14, 2008
-----------------------------------------------
Date
/s/ Carl B. Tash
----------------------
Carl B. Tash
CLIFFWOOD PARTNERS LLC
/s/ Carl B. Tash
----------------------
Carl B. Tash, CEO
CLIFFWOOD VALUE EQUITY FUND, L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
----------------------
Carl B. Tash, CEO
CLIFFWOOD VALUE PLUS FUND, L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
----------------------
Carl B. Tash, CEO
CLIFFWOOD ABSOLUTE RETURN
STRATEGY LTD.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
----------------------
Carl B. Tash, CEO
CLIFFWOOD ABSOLUTE RETURN
STRATEGY, L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
----------------------
Carl B. Tash, CEO
CLIFFWOOD VALUE EQUITY / WB FUND,
L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
----------------------
Carl B. Tash, CEO