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 December 31, 2016. The document discloses the equity securities held by the investment manager at the end of the quarter. It does not contain financial performance data (revenue, profit, cash flow) for Blackstone Inc. itself, but rather a snapshot of its investment portfolio.
Key Financial Metrics and Portfolio Composition
The filing lists 38 distinct holdings across various sectors, including real estate, energy, consumer discretionary, and technology. Key portfolio characteristics include:
- Total Disclosed Positions: 38 issuers.
- Largest Holding by Value: Hilton Worldwide Holdings Inc. ($397,586,895).
- Significant Equity Positions: Vivint Solar Inc. ($82.4M), Kosmos Energy Ltd ($96.6M), Michaels Cos Inc ($38.4M), and Performance Food Group Co ($36.9M).
- Debt/Note Holdings: The portfolio includes significant fixed-income positions, notably Solarcity Corp Notes ($133.6M) and Sandridge Energy Inc Notes ($22.0M).
- Voting Authority: Blackstone exercised "Sole" discretion for major holdings like Hilton, Hudson Pacific Properties, and La Quinta Holdings, while "Other" (shared) discretion was noted for positions like Amaya Inc. and Cheniere Energy Partners.
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 static snapshots of holdings at a specific date and do not inherently contain 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 regulatory disclosure of holdings and does not include forward-looking statements, management discussion, or risk factors associated with Blackstone's operations or the specific securities held.
Important Facts for Investor Verification
- Concentration Risk: Hilton Worldwide Holdings represents the single largest position by value ($397.6M), significantly outweighing other individual holdings.
- Fixed Income Exposure: The portfolio holds substantial debt instruments, specifically the $133.6M Solarcity Corp note and $22.0M Sandridge Energy note, indicating exposure to credit risk in the energy and solar sectors.
- Distressed/Complex Assets: Holdings include Eastman Kodak Co (common stock and warrants) and Sandridge Energy Inc, which may indicate exposure to companies undergoing restructuring or financial stress.
- Discretionary Control: Blackstone holds "Sole" voting authority for its largest real estate and hospitality positions, suggesting direct control over corporate governance for those specific investments.