Steve Schwarzman, Chief Executive Officer of Blackstone Inc., earned $1.24 billion in 2025, marking one of the highest annual payouts of his career and just below his record $1.27 billion compensation in 2022.
According to the firm’s annual filing, Schwarzman received $1.1 billion in dividends from his nearly 20% stake in the world’s largest alternative asset manager. He also earned $125.6 million through incentive fees and carried interest—the share of profits investment managers receive from successful deals.
The latest payout further cements Schwarzman’s position among the world’s wealthiest individuals. With an estimated net worth of $44.2 billion, as per the Bloomberg Billionaires Index, the 79-year-old co-founder has built Blackstone into a global investment powerhouse over four decades.
The substantial earnings highlight how major alternative asset managers have navigated a challenging private equity environment. Firms like Blackstone have diversified beyond traditional buyouts into credit, real estate, and infrastructure, helping shield revenues during market slowdowns.
A revival in dealmaking also boosted performance. As the US Federal Reserve began cutting interest rates, long-dormant transaction markets showed signs of recovery. Blackstone exited more investments in 2025 compared to the previous year, benefiting from improved liquidity and investor sentiment.
President Jon Gray, widely seen as Schwarzman’s successor, earned $302.6 million last year. His compensation included $206.5 million in dividends and $96.1 million from carried interest and stock awards. Gray has projected that 2026 could be the “year of the IPO,” signaling expectations of stronger capital markets activity.
While Schwarzman remains firmly at the helm, Gray is steering Blackstone toward becoming a diversified investment platform serving both institutional and retail investors.
The near-record compensation underscores the resilience and scale of Blackstone’s business model as global markets regain momentum.
Blackstone CEO Steve Schwarzman Earns Near-Record $1.24 Billion in 2025
