Blackstone’s Schwarzman received more than $1 billion in remuneration, dividends, in 2022

Feb. 25 (Reuters) – Chief Executive Officer of Blackstone Inc (BX.N), Steve Schwarzman, took home about $1.26 billion in wages and dividends for 2022, a filing showed.

Schwarzman received more than $1 billion in dividends from his Blackstone stock and $253.1 million in compensation, the filing showed Friday.

Goldman Sachs Group Inc (GS.N) cut compensation for CEO David Solomon by 29% to $25 million for 2022, while JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon’s total compensation remained unchanged at $34.5 million.

Schwarzman, who was one of Wall Street’s biggest contributors to Donald Trump’s 2020 reelection campaign, said in November that he will not support Trump in 2024.

Higher interest rates, inflation, recession worries and geopolitical tensions stemming from the Russia-Ukraine conflict have kept private equity firms like Blackstone from selling assets for top dollar.

Blackstone’s net profit from asset sales fell sharply 55% to $366.9 million in the fourth quarter, compared to $817.5 million a year earlier.

The company posted distributable earnings of $6.6 billion in 2022, up 7% year-over-year.

“In 2022, Blackstone delivered record distributable earnings, $226 billion inflows and realized some of the most profitable fund investments in our history,” a Blackstone spokesperson said in an emailed statement to Reuters.

Schwarzman owns about 230 million shares of Blackstone stock, according to a February filing, and the company paid $4.40 in annual dividends, the filing showed.

The world’s largest private equity firm has faced rising redemptions at its flagship Real Estate Income Trust (BREIT), leading it to exercise its right to block investor withdrawals at 5% of its quarterly net asset value fund.

Blackstone ended the quarter with total assets under management of $974.7 billion and announced a quarterly dividend of 91 cents per share. Blackstone had set a goal of reaching $1 trillion in assets by the end of 2022, an ambition it had pushed forward as of 2026.

Reporting by Rhea Binoy and Jose Joseph in Bengaluru; additional reporting by Shivani Tanna; Edited by Sandra Maler

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