1/8 BPS black hole composites

We show that the 1/8 BPS condition for composite stationary black holes can be rewritten as a first order system of differential equations associated to the nilpotent orbit in which lie the Noether charges of the black holes. Solving these equations, we prove that the most general 1/8 BPS black hole composites are solutions of the N=2 truncation of the theory associated to the quaternions. This system of first order differential equations generalises to the non-BPS solutions with a vanishing central charge at the horizon in N=2, 4 supergravity theories with a symmetric moduli space. We solve these equations for the exceptional N=2 supergravity associated to the octonions.