SEC Filing Summary: Blackstone Inc. Form 13F
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Blackstone Inc. for the reporting period ending March 31, 2018. The document discloses the equity securities held by the investment manager at the end of the quarter. It does not contain financial statements regarding Blackstone's own operational performance, revenue, or cash flow.
Key Financial Metrics and Portfolio Composition
The filing details a portfolio of equity securities, including common stock, preferred stock, warrants, and exchange-traded funds (ETFs). Voting authority is categorized as Sole, Shared, or None. Key portfolio characteristics include:
- Top Holdings by Value: The largest disclosed positions by value include Gates Industrial Corporation Plc (~$244M), Invitation Homes Inc. (~$220M), Cheniere Energy Partners LP (~$203M), and Vivint Solar Inc. (~$82M).
- Asset Classes: The portfolio is heavily weighted toward real estate (e.g., Invitation Homes, Blackstone Mortgage Trust), energy (e.g., Cheniere Energy, Sanchez Energy), and technology/media (e.g., Baidu, iQiyi, Dropbox).
- Derivatives: The filing lists several Put options on ETFs (e.g., iShares China Large-Cap ETF, SPDR S&P 500 ETF) and warrants on various issuers (e.g., Eastman Kodak, FGL Holdings).
- Liquidity and Debt: This form does not report Blackstone's corporate debt, liquidity, or cash flow metrics.
Material Changes Versus Prior Period
The provided text contains only the snapshot of holdings as of March 31, 2018. It does not include the prior quarter's data or a comparative table. Therefore, material changes versus the prior comparable period cannot be determined from this specific document.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy. No specific risk factors or contingencies regarding the portfolio are detailed in this table.
Important Facts for Investor Verification
- Scope Limitation: This document lists only equity securities; it excludes fixed income, private equity, real estate private funds, or other non-equity assets held by Blackstone.
- Voting Authority: Investors should note the distinction between "Sole," "Shared," and "None" voting authority, as this indicates the level of control Blackstone exercises over specific holdings.
- Valuation Basis: The "Value" column represents the approximate market value of the securities at the end of the quarter, not the cost basis or current market value.
- Missing Financials: Investors seeking Blackstone's own profitability, leverage ratios, or cash flow must refer to Form 10-Q or 10-K filings, not Form 13F.