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 September 30, 2016. The document discloses the investment manager's holdings of equity securities and certain other financial instruments as required by the Securities and Exchange Commission. It does not contain financial performance data for Blackstone Inc. itself, but rather a snapshot of its managed portfolio.
Key Financial Metrics and Portfolio Composition
The filing lists specific holdings with values, share counts, and voting authority. Key portfolio characteristics include:
- Top Holdings by Value: The largest disclosed position is Hilton Worldwide Holdings Inc. with a value of approximately $452.8 million (452,791,323 shares). Other significant positions include Vivint Solar Inc. ($82.4 million), Kosmos Energy Ltd. ($96.6 million), and Michaels Cos Inc. ($50.4 million).
- Asset Classes: The portfolio consists primarily of common stock ("COM"), with notable holdings in preferred stock ("PRN") and warrants ("W").
- Derivatives: The filing discloses positions in options, including Call options on Valeant Pharmaceuticals Intl and Put options on SPDR S&P 500 ETF Trust, SPDR Series Trust, and Weatherford Intl PLC.
- Voting Authority: Voting authority is categorized as "Sole," "Shared," or "None." Blackstone holds "Sole" voting authority for major positions such as Hilton Worldwide, Hudson Pacific Properties, and La Quinta Holdings.
Material Changes and Comparisons
The filing text does not provide a clear value for material changes versus the prior comparable period. Form 13F filings are point-in-time snapshots and do not inherently include comparative data or percentage changes from the previous quarter within the text provided.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, or contingencies. This document is a statutory disclosure of holdings and does not contain narrative sections regarding future strategy or risk factors.
Important Facts for Investor Verification
- Concentration Risk: Verify the impact of the $452.8 million position in Hilton Worldwide Holdings, which represents a significant portion of the disclosed equity value.
- Derivative Exposure: Confirm the risk profile associated with the Put options held on broad market ETFs (SPDR S&P 500) and specific equities like Weatherford Intl.
- Private vs. Public: Note that this filing only covers publicly traded securities; it does not reflect Blackstone's private equity, real estate, or credit funds.
- Warrant Holdings: Review the exposure to warrants in companies like Eastman Kodak Co. and Halcon Res Corp, which may indicate speculative positions or specific restructuring plays.