苏世民又涨薪了

Core Insights - Blackstone's performance in 2025 has set new records in fundraising and exits, leading to significant increases in executive compensation, particularly for CEO Stephen Schwarzman and President Joe Gray [4][6][8]. Fundraising and Exits - In 2025, Blackstone achieved a total fundraising amount of $239.4 billion, a 40% increase year-over-year, with Q4 alone contributing $71.5 billion, the highest in three and a half years [5]. - The total exit amount for Blackstone in 2025 reached $125.6 billion, marking a 44% increase from the previous year, driven by a resurgence in capital market activities [5]. Financial Performance - Blackstone's GAAP total revenue for 2025 was approximately $14.45 billion, a 9.2% increase year-over-year, while GAAP net profit was around $6 billion, reflecting an 11.2% growth [6]. - The distributable earnings, a key indicator of profitability and shareholder returns, reached $7.1 billion, up nearly 20% year-over-year, marking a historical record [6][7]. Executive Compensation - Stephen Schwarzman earned a total income of $1.24 billion in 2025, a 20% increase from 2024, maintaining his position as the highest-paid executive in finance [2][10]. - Joe Gray, Blackstone's President, earned $302.6 million in 2025, significantly surpassing other Wall Street executives, with his income primarily derived from dividends and performance-based compensation [12][13]. Unique Compensation Structure - Blackstone's executives, including Schwarzman and Gray, benefit from a unique compensation structure that relies heavily on dividends and performance distributions rather than traditional salary and bonuses [10][17]. - Schwarzman's income included $1.1 billion from dividends, reflecting his 20% ownership stake in Blackstone, while Gray's income was largely from dividends and performance fees from funds [10][13]. Market Context - Despite Blackstone's strong performance, the company's stock price has declined over 20% in 2025, leading to a significant drop in Schwarzman's net worth, raising concerns about the disconnect between executive compensation and shareholder returns [19][20].