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Blackstone Inc. Chief Executive Steve Schwarzman’s total pay and dividends for 2023 amounted to $896.7 million, marking a notable 29% decrease from his record earnings in 2022.
The figures were revealed in a regulatory filing released on Friday.
Breakdown of Schwarzman’s Earnings:
In 2022, Schwarzman’s earnings soared to over $1.26 billion, propelled by substantial dividends from his shares in Blackstone, the renowned private equity giant.
However, for 2023, dividend payouts accounted for $777 million of Schwarzman’s total earnings, with an additional $119.8 million in compensation.
This compensation package represented a stark 53% decline from the previous year’s $253.1 million, as indicated in the filing.
Ownership and Dividend Structure:
Schwarzman’s substantial ownership stake in Blackstone, totaling approximately 231.9 million shares, underscores his significant influence within the company.
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The filing revealed that Blackstone disbursed an annual dividend of $3.35 per share, contributing to Schwarzman’s dividend income for the year.
Blackstone’s Response and Financial Performance:
As of the reporting time, Blackstone had not responded to a Reuters request for clarification or additional information regarding Schwarzman’s compensation.
However, recent financial disclosures from the company showcased a 4% increase in fourth-quarter distributable earnings.
This growth was attributed to strategic asset liquidation across various sectors, including real estate, credit, and hedge funds.
Distributable earnings for the final quarter of 2023 reached nearly $1.4 billion, compared to $1.3 billion in the corresponding period of the previous year.
