Get out those reading glasses!
When I speak to various groups, I always note that reading a K or Q isn’t quite the same thing as curling up with a juicy novel or even a riveting non-fiction book. But after looking at Blackstone’s (BX) very first Q filed yesterday, I may have to change my tune. That’s because at 906 pages — remember, this is a Q, not a K — it’s about 150 pages longer than the latest Harry Potter tome. Throw in the fact that they also released earnings and did a conference call at 11 am that attracted over 500 people (Dan Primack over at PEHub provides a nice summary) and this was clearly a case of information overload. One of the big questions on the call is what happens if the tax laws change. The impact on Blackstone is well-covered in this Bloomberg piece.
Part of the reason the Q was so hefty were the 21 exhibits, many of which seemed to replicate exhibits filed in earlier S-1s. I did a quick test by closely scanning Stephen Schwarzman’s founding member agreement in the Q with the one filed back on June 14. While it was pretty interesting, especially the part about what happens when Schwarzman leaves the Blackstone nest, I didn’t notice any differences between the agreement and the earlier version. Of course, there’s still 20 other exhibits to dig through and given all the other information that Blackstone put out yesterday, it’s hard to believe that anyone but the most dedicated digger — and one with a strong pair of reading glasses, no less — would be willing to dig in.