Feb 25 (Portal) – Blackstone Inc (BX.N) chief executive officer Steve Schwarzman took home about $1.26 billion in salaries and dividends for 2022, a regulatory filing showed.
Schwarzman received more than $1 billion in dividends from his Blackstone stock and $253.1 million in compensation, Friday’s filing showed.
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 remained unchanged at 34 $.5 million remained.
Schwarzman, who was among Wall Street’s biggest contributors to Donald Trump’s 2020 re-election campaign, said in November that he would not support Trump in 2024.
Higher interest rates, inflation, recession concerns and geopolitical tensions over the Russia-Ukraine conflict have prevented private equity firms like Blackstone from selling assets for premium prices.
Blackstone’s net income from asset sales declined significantly by 55% to $366.9 million in the fourth quarter, compared to $817.5 million a year earlier.
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The company reported distributable earnings of $6.6 billion in 2022, up 7% year over year.
“In 2022, Blackstone delivered record distributable earnings, $226 billion in inflows and realized a series of the most profitable fund investments in our history,” a Blackstone spokesman said in a statement emailed to Portal.
Schwarzman owns about 230 million shares of Blackstone, according to a February filing, and the company paid $4.40 in annual dividends, the filings showed.
The world’s largest private equity firm has been grappling with surging redemptions at its flagship Real Estate Income Trust (BREIT), prompting it to exercise its right to block investor withdrawals at 5% of the fund’s quarterly net asset value.
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 wealth by the end of 2022, a goal it had brought forward from 2026.
reporting by Rhea Binoy and Jose Joseph in Bengaluru; additional reporting by Shivani Tanna; Edited by Sandra Painter
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