Blackstone’s Schwarzman earned more than $1 billion in dividends in 2022

Feb. 25 (Reuters) – Blackstone (BX.N) CEO Steve Schwarzman earned $1.26 billion in 2022 salary and earnings, a regulatory filing showed.

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

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

Schwarzman, who was among the largest Wall Street contributors to Donald Trump’s 2020 re-election campaign, said in November that he would not support Trump in 2024.

High interest rates, inflation, recession fears and geopolitical tensions from the Russia-Ukraine conflict have prevented private equity firms such as Blackstone from selling assets for top dollar.

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

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The company reported a distributable profit of $6.6 billion in 2022, which was up 7% year-over-year.

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

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

The world’s largest private equity firm is dealing with mounting redemptions in its leading real estate income fund (BREIT), prompting it to exercise its right to block investor withdrawals of 5% of the fund’s quarterly net asset value.

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Blackstone finished the quarter with $974.7 billion in total assets under management and reported 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 has advanced from 2026.

Additional reporting by Ria Benoy and Jose Joseph in Bengaluru; Additional reporting by Shivani Tanna. Editing by Sandra Mahler

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