Blackstone Inc BX CEO Steve Schwarzman, the top of the biggest non-public fairness agency on the planet, acquired report earnings in 2022.
Schwarzman took residence greater than $1.27 billion final yr in compensation and dividends, reviews Bloomberg.
He acquired practically $1 billion in dividends and $253.1 million in compensation.
In line with the Bloomberg Billionaire Index, his internet value is $30.6 billion.
Schwarzman owns 20% of Blackstone shares and is now considered one of Wall Road’s highest earners.
“I personal plenty of inventory, and I put money into all of our funds, so the agency is my household workplace,” Bloomberg quoted Schwarzman as saying.
In the meantime, Blackstone President Jon Grey acquired $479.2 million as earnings in 2022. That included $182.7 million from dividends tied to a roughly 3% stake within the agency. That is a rise from the prior yr, per Bloomberg.
“Blackstone has a performance-driven compensation mannequin constructed on long-term alignment with our traders,” Blackstone’s spokesman stated in a press release.
The spokesman stated the agency delivered report distributable earnings and realized a few of its most worthwhile fund investments final yr.
Additionally Learn: Blackstone CEO Says Apprehensive Traders Behind REIT Redemptions
In 2022, the corporate’s shares had been hit onerous after Blackstone restricted investor redemptions from a $71 billion actual property fund, reviews the Monetary Occasions.
In line with the report, traders pulled cash attributable to issues in regards to the long-term well being of the property market and a necessity to lift money.
Nonetheless, regardless of Blackstone’s unstable situations, its profitability helped its prime executives take residence hefty incomes.
“Important parts of our most senior executives’ listed compensation relate to 2021 efficiency that, because of the timing of awards, was paid the next yr,” FT quoted Blackstone saying.
The corporate added that incentive-based pay got here from the primary half of 2022, when the agency recorded “the very best interval for realizations in our historical past,” referring to asset gross sales.
Blackstone has outperformed the market over the previous 15 years by 5.0% yearly, producing a median annual return of 12.51%.
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