Blackstone’s Schwarzman received over $1 billion in pay, dividends in 2022 By Reuters

By Rhea Binoy and Jose Joseph

(Reuters) -Blackstone Inc Chief Government Officer Steve Schwarzman took residence about $1.26 billion in pay and dividends for 2022, a regulatory submitting confirmed.

Schwarzman acquired greater than $1 billion in dividends from his Blackstone (NYSE:) shares and $253.1 million in compensation, submitting confirmed on Friday.

Goldman Sachs Group Inc (NYSE:) slashed compensation for CEO David Solomon by 29% to $25 million for 2022, whereas JPMorgan Chase & Co (NYSE:) CEO Jamie Dimon’s complete compensation was unchanged at $34.5 million.

Schwarzman, who was amongst Wall Road’s largest contributors to Donald Trump’s 2020 re-election marketing campaign, stated in November that he is not going to again Trump in 2024.

Increased rates of interest, inflation, recession worries and geopolitical tensions from the Russia-Ukraine battle have prevented non-public fairness corporations like Blackstone from promoting belongings for prime greenback.

Blackstone’s web revenue from asset gross sales fell sharply by 55% to $366.9 million through the fourth quarter, down from $817.5 million a yr earlier.

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

“In 2022, Blackstone delivered document distributable earnings, $226 billion in inflows, and realized plenty of probably the most worthwhile fund investments in our historical past,” a Blackstone spokesperson stated in an emailed assertion to Reuters.

Schwarzman owns about 230 million shares in Blackstone based on a submitting from February, and the corporate paid $4.40 in annual dividend, filings confirmed.

The world’s largest non-public fairness agency has been coping with rising redemptions at its flagship actual property revenue belief (BREIT), prompting it to train its proper to dam investor withdrawals at 5% of the quarterly web asset worth of the fund.

Blackstone ended the quarter with $974.7 billion of complete belongings underneath administration and declared a quarterly dividend of 91 cents per share. Blackstone had set a goal of reaching $1 trillion in belongings by the top of 2022, an ambition it had introduced ahead from 2026.