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Blackstone chief Stephen Schwarzman took home more than $ 1 billion in 2024 after private capital Titan without his income increased due to a response to investment activity in the world’s largest investment group, according to the company’s annual report released on Friday.
Schwarzman’s revenue raised a 9 percent increase by a year ago, fully driven by the increase in dividend payments from its large Blackstone shares. Blackstone co -founder owns 19 percent of the New York -based investment group and has received hundreds of millions of dollars a year on dividends paid by its profits.
Blackstone increased its dividend payments for shareholders by about 18 percent in 2024 as the so -called distributed profits, a metric analysts favors as a representative for money flows, increased to a similar measure. Blackstone historically pays at least 85 percent of such profits for all its shareholders, which include Schwarzman and many other senior executives, such as President Jonathan Gray.
In general, Schwarzman received $ 916 million in dividends and compensation of $ 84 million, with the largest part of what came from performance fees “carried by interest” Blackstone wins when selling profit investment. In 2023, it received about $ 900 million, a decrease against the previous two years when it received $ 1.1bn and 1.3bn $, respectively.
Gray took home $ 247 million, with about 69 percent coming from dividend revenue in his shares. Main financial officer Michael Chae and Joseph Bararatta, the head of Blackstone’s private capital, took home $ 48.9 million and $ 60.1 million, respectively.
Leaders in Blackstone can get huge income in good years because the group traditionally pays almost all its profits for dividend shareholders. Rivals like KKR and Apollo Global have more sustainable dividend policies and keep some of their profits to finance future enlargement.
In 2024, Blackstone sold more than $ 87 billion in wealth, an increase of 33 percent a year earlier, promoting performance -based revenue that in turn paid for shareholders. Its finances were also strengthened by a recovery in the financial markets, which helped Blackstone raise $ 171 billion in investor money and invest $ 134BN. Both digits were close to the quantities of registration for the group.
“Blackstone has a performance -driven compensation model built on long -term approximation with our investors,” one spokesman said.
Wealth within Blackstone has increased in recent years, driven by its assessment of its shares after being included in the S&P 500 popular index in 2023.
Blackstone’s best executives saw their shares increased by $ 13.5 billion in 2024 as its market value increased almost 50 percent to $ 214BN before falling little this year.
Share shares have created stock billions of dollars for an expanded group of executives beyond Schwarzman and Gray, which holds shares worth $ 37 billion and $ 7 billion, respectively. Chae and Barata only last year saw their shares exceeding $ 1 billion in value. They each currently hold shares worth about $ 1.1 billion, according to securities records.
